AG Schmitt Part of National Effort to Keep Small Business Taxes Low
Today, NFIB, or the National Federation of Independent Business here in Missouri, thanks Eric Schmitt, Missouri’s Attorney General, for his efforts to make sure small business owners across Missouri are able to take advantage of the tax cuts that lawmakers are considering right now during Missouri’s legislative session.
Attorneys general from states across the country are questioning Treasury Secretary Janet Yellen over part of the $1.9 trillion American Rescue Plan (ARP) Act that prevents states from using the funds they receive from the law to offset tax cuts. This week, Hunter was one of 21 attorneys general to sign the letter to Yellen, calling the provision “unclear, but potentially breathtaking.” You can read the letter here.
In Missouri, legislators have introduced SB 313, a bill that would reduce the top income tax rate in 0.1% increments. That’s only if the general revenue collections from the previous year exceed the baseline net general revenue collections of $10.3 billion. An additional 0.1% reduction would be given for every additional $100 million of net general revenue collections.
“NFIB has been working with legislators to make sure this important tax cuts is passed this session. High taxes are a major concern for our small business owners. According to our most recent survey of small business owners across the state, 4 of the top 10 concerns have to do with taxes. SB 313 would provide real relief to our small business owners that are still trying to dig out from the devastating impacts of the pandemic. The ARP Act jeopardizes Missouri lawmakers plans to pass important tax legislation,” said Brad Jones, NFIB State Director in Missouri.
The ARP Act, which was approved by Congress earlier this month, includes $195 billion for states. Also signing onto the letter were Arizona, Georgia, West Virginia. Alabama, Arkansas, Florida, Idaho, Kansas, Kentucky, Louisiana, Mississippi, Montana, Nebraska, South Carolina, South Dakota, Texas, Utah and Wyoming.