Legislature Eyes Business, Individual Tax Cuts

Date: January 31, 2014

The state Senate is expected to begin debate soon on a bill easing the tax burden on both businesses and individuals. A similar bill is pending in the House.

Both the House and Senate Ways and Means committees met and heard several bills over the last couple of weeks which would reduce the tax burden on Missouri businesses and individuals. 

Both committees combined those bills into one piece of legislation. In the House, it's called HB 1253&1297; the Senate version is SB 509&496.

The House bill addresses the corporate income tax and tax on business income much like HB 253 from last year.

The Senate bill addresses the personal income tax and business income. 

"The bills aren't identical, but they both address the reduction of taxes on sole proprietors, partners, LLC’s and S corporations, basically, any pass-through entity," said Brad Jones, state director of NFIB/Missouri.

Jones said NFIB supports both bills, although the Senate bill, in its current form, doesn't include language that would help some small-business owners. Jones, however, is hopeful lawmakers will combine the best of both bills into a single piece of legislation that the governor would sign.

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