71
      Saturday
      91 / 70
      Sunday
      91 / 70
      Monday
      84 / 68

      New tax cut plan debated in Missouri Senate

      Missouri senators are considering a new tax-cut plan that includes safeguards for public school funding sought by Gov. Jay Nixon. A revised bill put forth Wednesday by Sen. Will Kraus would cut individual income tax rates by up four-tenths of a percentage point and create a new deduction for some business income reported on individual tax returns. It would cut the tax rate by a quarter of a percentage point if revenues rise by at least $200 million and the state fully funds public schools. The bill would cut taxes by an additional three-twentieths of a percentage point if lawmakers limit the amount of tax credits available for the developers of low-income housing and historic buildings. A deduction for business income also would be contingent on the tax credit overhaul.Previous stories.... Missouri Senate bill would give tax cut to homeowners Missouri House bill links tax bracket to inflation Missouri Senate panel approves income tax cut plan