Missouri lawmakers override veto, enact tax cut
Tue, 06 May 2014 15:47:35 GMT —
Missouri's Republican-led Legislature has enacted a highly contested income tax cut by overriding the veto of Democratic Gov. Jay Nixon.
The legislation will cut Missouri's top individual income tax rate for the first time in almost a century and make Missouri just the third state to enact a special deduction for business income reported on personal tax returns. The cuts will occur only if revenues keep growing.
Republicans have large majorities in the House and Senate but still needed Democratic help to achieve the two-thirds majority required for an override.
Nixon had denounced the cut as a reckless financial experiment that could jeopardize funding for public education and state services.
Republicans made the measure a priority after failing last year to override Nixon's veto of a more expansive tax cut.