A House committee has begun working on a bill aimed at lowering the corporate income tax. The corporate income tax stands at 6-and-a-quarter percent, and the Legislature is being asked to lower that rate to 5-and-a-quarter percent. Representative Shannon Cooper of Clinton, the House Sponsor, says there’s a price tag attached to this, but it will pay off in the end. And, the state’s business community is on board. Ray McCarty with the Missouri Chamber of Commerce says this should help atract new businesses as well as keep existing businesses in the state. The lowering of the corporate tax rate isn’t just something coming from the Legislature. Governor Bob Holden is recommending it as part of his plan for economic revival.
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