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Wednesday, 05 June 2013 11:11

Gov. Nixon vetoes income tax cut

JEFFERSON CITY, Mo. (AP) - Gov. Jay Nixon has vetoed legislation that would have reduced Missouri's income tax rates for the first time in more than 90 years.

The legislation vetoed Wednesday had been touted by the Republican-led Legislature as a way to keep Missouri economically competitive with neighbors such as Kansas and Oklahoma that have cut taxes.

But Nixon cited concern about an apparent mistake in the legislation that would have repealed an existing sales tax exemption on prescription medicine. The Democratic governor also has raised concern that the lost income tax revenues could hurt funding for education and mental health services.

The bill would have gradually reduced corporate and individual income tax rates while also creating a new deduction for business income reported on individual income taxes.

Published in Local News

JEFFERSON CITY, Mo. (AP) - Missouri Gov. Jay Nixon says an income-tax cut bill passed by the Legislature also could levy taxes on prescription drugs.

Nixon released a written statement Thursday saying the legislation would repeal an existing sales tax exemption on prescriptions, which could cost consumers $200 million annually.

The Democratic governor has previously indicated that he is likely to veto the bill. His previous statements pointed to the eventual loss of hundreds of millions of dollars for state services as a result of the income tax cut.

The legislation was handled by Republican Sen. Will Kraus, of Lee's Summit. Kraus said Thursday that he did not intend to tax prescription drugs. If that's the case, he says Nixon should sign the bill and call a special session so lawmakers can fix it.

 
Published in Local News

JEFFERSON CITY, Mo. (AP) - Gov. Jay Nixon has indicated that he's likely to veto legislation that would cut Missouri income taxes for businesses and individuals.

Nixon said Friday that he has "serious concerns" about the income cut passed a day earlier by the Legislature. He called it fiscally irresponsible and said it could jeopardize funding for higher education, prisons and other government services.

The tax cut was a priority of the Republican-led Legislature and is meant to counteract recent income tax reductions in Kansas.

The Democratic governor estimated that it could eventually drain more than $800 million annually from state revenues.

The measure would essentially cut the income tax in half for businesses and reduce the top tax rate for individuals from 6 percent to 5.5 percent over the next decade.

 

Published in Local News
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