Missouri Senate passes pared-down tax plan
JEFFERSON CITY —
Missouri senators passed a stripped-down tax bill that would cut the individual income tax rate from 5.9 percent to 5.5 percent starting next year.
Senators voted 24-9 in favor of the measure Tuesday. Under that version, individual income taxes would eventually drop to 5.1 percent if the state meets revenue targets. It also would reduce a federal income tax deduction.
The House version had also included a 1.25 percent cut to the corporate tax rate, among other changes.
Bill sponsor and House Speaker Pro Tem Elijah Haahr on Tuesday said that chamber likely will support the Senate's pared-down plan.
Lawmakers were facing a Friday deadline to pass the bill.