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Mo. House approves tax cut for businesses

Mo. House approves tax cut for businesses

October 6th, 2011 in News

JEFFERSON CITY, Mo. (AP) - Missouri's Republican-led House has approved a tax cut for businesses and a sales tax break for shoppers.

The House voted 95-51 Thursday along largely partisan lines to lower the state's corporate income tax to 5.5 percent from the current 6.25 percent in January.

The measure was attached as an amendment to a wide-ranging economic development bill that also would create new tax incentives for specific categories of businesses, including computer data centers and international exporters at the St. Louis airport. Republican Rep. Andrew Koenig, of Winchester, said the tax cut would reduce state revenues by about $50 million annually.

The House also approved an amendment that would exempt products made in the United States from state sales taxes for a one-week period from July 1-7 in 2012 and 2013.