State Lawmakers Approve Income Tax Cut

 missouri capitol

State lawmakers have given final approval to an income tax cut for individuals and business owners.  However, Governor Jay Nixon may veto the proposed measure.  The Governor rejected a tax cut last year and has voiced concerns that this year’s legislation could jeopardize funding for public schools and services.  The bill would gradually cut the state’s individual income tax rate from 6 percent to 5-point-5 percent and phase in a new 25 percent deduction for business income reported on personal tax returns.  The tax cuts would begin in 2017, but only if state revenues rise by at least $150-million dollars.

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