Missouri lawmakers poised to pass big changes to tax code
JEFFERSON CITY, Mo. – Missouri’s Republican-led Legislature is poised to pass sweeping changes to the state tax code before reconvening in special session to begin considering the impeachment of GOP Gov. Eric Greitens.
Lawmakers face a 6 p.m. Friday deadline to pass bills in the annual regular session. Then, 30 minutes later, they plan to open the proceedings against Greitens.
Still pending is a proposal to cut the corporate tax rate from 6.25 percent to 4 percent in 2020. The bill needs final approval in the House.
Lawmakers late Thursday night pushed through a bill to cut the individual income tax rate for most residents from 5.9 percent to 5.5 percent in 2019. The rate would then gradually decrease to 5.1 percent. The bill also would reduce a federal income tax deduction.