A senator who used to represent the Lakes Region has resubmitted a bill that would eventually eliminated the Corporate Income Tax.
Republican Mike Moon of Ash Grove, who represented the Lakes Region before redistricting took out all but Barry County from his district, has submitted another proposal in the Senate that would phase out the tax over five years.
According to a report from the Missouri News Network, the bill would reduce the tax by point eight each year until the tax level would go to zero in Fiscal Year 2029.
Proponents of the bill say eliminating the take would make Missouri attractive to more business coming into the state while opponents worry about eliminating the tax with federal COVID funding ending could hurt revenue and also wonder about the impact no tax would actually play in bringing new business to the Show-Me State. One opponent of the bill, Jeremy LaFavar from the Missouri Budget Association, says surveys indicate corporate tax rates is down the list of concerns behind access to workforce and workforce education.
According to the Missouri News Network report, Moon has tried to past similar bills in past sessions but the bills have failed to come out of committee.
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