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Missouri House committee to vote on income tax cut plans

JEFFERSON CITY, Mo. (AP) - Two alternative plans are expected to emerge from a Missouri House committee that has been looking at potential income tax cuts.
 
The House Ways and Means Committee is expected to vote Tuesday evening on the legislation.
 
One plan would gradually reduce Missouri's top individual income tax rate from 6 percent to 5.3 percent. It also would phase in a 50 percent deduction for business income reported on individual tax returns. And it would increase the current tax deduction for lower-income individuals.
 
The other plan targets only businesses. It includes a similar business income deduction, as well as a gradual 50 percent reduction in Missouri's corporate income tax rate.
 
Gov. Jay Nixon vetoed an income tax cut last year and has again emphasized concerns about the effect on education funding.

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