JEFFERSON CITY- Senator Eric Schmitt, R-Glendale, noted today (5-10) his disappointment with the governor’s statements regarding a broad-based tax relief measure approved by the General Assembly this week.

“As reported by the Associated Press, the governor will likely veto House Bill 253. If true, I am extremely disappointed that our Governor refuses to stand by Missouri families and businesses for broad-based tax relief and more take-home pay,” said Sen. Schmitt.

House Bill 253 would reduce personal income taxes by over 10 years. Corporate income taxes would also decrease over a 10-year span, and small businesses would be allowed a 50 percent deduction for business income phased in over a five-year period. The bill also requires $100 million in increased revenue each year to take effect, making the tax cuts effective only if state revenues continue to rise.

The governor previously campaigned on a platform of job creation and tax cuts.

“Missouri is ranked 48 in GDP growth over the last decade, and we have lost half of our Congressional delegation over the last several decades.  We need a new path, one based on economic growth and prosperity, and one that allows individuals to keep more of what they earn,” said Sen. Schmitt. “The governor’s position ignores all of the safeguards built into the bill and his reasons for opposing the legislation are unfounded and shortsighted.”

The measure is targeted at luring businesses to the state of Missouri, as well as providing tax relief for individuals.

Senator Schmitt said tax reform is a critical element in growing the state’s economy.