Mo. Senate Bills Could Raise Tax Revenue
JEFFERSON CITY, Mo. (AP) – The Missouri Senate has passed an unusually large number of tax cuts, credits, deductions and increases at the midway mark of the legislative session.
The bottom line could be a net gain in state revenues, if all the proposed changes become law.
A calculation prepared for The Associated Press by former legislative tax analyst Brian Schmitt shows that Missouri may reap $355 million in 2016, with that gradually decreasing to $118 million by 2019.
The driving force for the tax gain is a proposed sales tax dedicated to transportation. Other government services that rely heavily on general tax revenues including schools, prisons and mental health centers could be left competing for a share of a smaller pool of money as a result of numerous income tax reductions.
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