Missouri House Passes Tax Cuts for Small Businesses

April 4, 2023

Now the ball is in the Senate’s court to cut taxes in the Show Me State

Missouri House Passes Tax Cuts for Small Businesses

The House of Representatives approved tax cuts at the end of March, reducing both the income and corporate tax rates for Missourians. Under HB 816 and HB 660, the top individual rate would be lowered from 4.95 percent to 4.5 percent and the corporate rate would be cut in half to 2 percent. Local job creators in particular will benefit from the reduced income tax rate, as most small businesses are organized as pass-through entities, meaning owners pay taxes at the individual rather than the corporate rate. Now the ball is in the Senate’s court to cut taxes in the Show Me State. We’ll continue working with lawmakers in the General Assembly to make it easier to do business in Missouri. Tell your Senator to support tax cuts for Missouri small business owners HERE.

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Missouri

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