Mo. House panel pares back tax cut proposal
Thursday, April 18, 2013
JEFFERSON CITY, Mo. (AP) — A House committee has pared back a proposed income tax cut passed by the Missouri Senate and added a sales tax dedicated to transportation.
The House Ways and Means Committee this week endorsed a bill to gradually reduce the individual income tax rate by two-thirds of a percentage point instead of the three-quarters passed previously by the Senate.
The House committee supported a six-tenths of a cent sales tax increase, with two-tenths directed to roads and mental health facilities. The Senate version had a one-half cent sales tax increase with no earmarks.
Republicans hope the tax package will make Missouri more competitive with Kansas, which recently cut its income taxes.
The House plan would let the tax changes kick in only if state revenues grow by at least $100 million.
Tax plan is SB26.
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