Missouri House advances tax plan - KAIT Jonesboro, AR - Region 8 News, weather, sports

Missouri House advances tax plan

(Source: AP Graphics Bank) (Source: AP Graphics Bank)

JEFFERSON CITY, Mo. (AP) - A proposal to cut the income tax rate for businesses and most Missourians to 5 percent is advancing in the Missouri House.

House lawmakers gave the bill initial approval in a voice vote Wednesday. It needs another vote to move to the Senate.

The measure would lower corporate taxes from the current 6.25 percent to 5 percent.

Individual income taxes for most Missourians are already set to gradually go down from the current 5.9 percent to 5.5 percent. Republican House Speaker Pro Tem Elijah Haahr's bill would go further, enacting the lower 5 percent rate more quickly.

It's one of several competing proposals in the Legislature to change Missouri tax law. A Senate bill given initial approval needs another vote to move to the House.

Tax bill is HB 2540 .

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