Business groups launch campaign for income tax cut

JEFFERSON CITY, Mo. (AP) — Political activist Rex Sinquefield has contributed $1.3 million to a business coalition that supports an income tax cut.

The contribution reported Thursday on the state Ethics Commission website provides the financial foundation for a newly formed committee called Grow Missouri.

The group is launching a campaign to persuade legislators to override Gov. Jay Nixon’s veto of a bill that would phase in various income tax reductions. The bill would cut tax rates for individuals and corporations and create a new deduction for business income reported on individual tax returns.

One of the members of the new coalition is the Missouri Chamber of Commerce and Industry. The chamber said it plans to begin airing TV ads next Monday supporting a veto override.

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