JEFFERSON CITY, Mo. (AP) — Missouri businesses and businesses owners could start paying less in taxes under a bill moving through the state Senate.
A measure sponsored by St. Louis County Republican Eric Schmitt would cut the state’s corporate income tax in half over five years, starting in the 2012 tax year. By 2016, the rate would fall to 3 1/8 percent from the current 6 1/4 percent.
Schmitt also wants to let individuals deduct business income from their individual taxes. By 2015, his bill would allow people to deduct 25 percent of their business income from their individual taxes.
Schmitt’s bill has been endorsed by a Senate committee and could be debated by the full chamber in the coming weeks.
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