Missouri House committee moves to end corporate income taxes

By SUMMER BALLENTINE
Associated Press

COLUMBIA, Mo. (AP) — A powerful Missouri House committee is trying to phase out corporate income taxes. The House Budget Committee on Wednesday tacked the provision onto another bill to cut individual income taxes. The proposal would cut corporate income taxes from 4% to 2% over a series of years and eventually phase out the tax completely. Republican Gov. Mike Parson had called lawmakers back for a special session to spend some of the higher-than-unusual revenue growth this year on tax cuts. The GOP-led Senate advanced a bill to cut the top individual income tax rate from 5.3% to 4.95% next year and additional incremental cuts until the rate hits 4.5%.