Mo. House approves tax breaks for businesses
Wednesday, March 27, 2013
JEFFERSON CITY, Mo. (AP) — Missouri House members have approved a trio of measures that could reduce taxes for some businesses.
Representatives on Wednesday passed bills that would create new incentives for the construction of computer data centers and investors in high-tech, startup businesses. Both of those measures now go to the Senate.
The House also gave initial approval Wednesday to a bill that would gradually reduce the state’s corporate income tax rate from its current 6.25 percent to 4.25 percent by 2016. The bill also would make Missouri’s individual income tax brackets subject to annual inflationary adjustments, potentially reducing future taxes for some people. Another provision seeks to increase Missouri’s tax collections from Internet sales.
All told, the measures could reduce Missouri’s revenues by tens of millions of dollars annually.
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