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      New tax cut plan debated in Missouri Senate

      Missouri Senate floor

      Missouri senators are considering a new tax-cut plan that includes safeguards for public school funding sought by Gov. Jay Nixon.

      A revised bill put forth Wednesday by Sen. Will Kraus would cut individual income tax rates by up four-tenths of a percentage point and create a new deduction for some business income reported on individual tax returns.

      It would cut the tax rate by a quarter of a percentage point if revenues rise by at least $200 million and the state fully funds public schools.

      The bill would cut taxes by an additional three-twentieths of a percentage point if lawmakers limit the amount of tax credits available for the developers of low-income housing and historic buildings. A deduction for business income also would be contingent on the tax credit overhaul.