KANSAS CITY- Missouri State Sen. Eric Schmitt, R-Glendale, joined Sen. Will Kraus, R-Lee’s Summit, and State Rep. T.J. Berry, R-Kearney, in Kansas City on Tuesday to discuss a historic tax cut passed by the Missouri Legislature.
Senator Schmitt, who ushered the legislation through the Missouri Senate, commended all of the legislators who played a pivotal role in passing the important legislation.
“We worked hard to make sure every Missouri resident and business will be in a better position with the passage of this legislation,” Schmitt said. “Representative Berry, the bill’s sponsor in the House, shared my goal of passing legislation to make our state more competitive, and I appreciate his effort in getting this legislation through the House.”
The legislation, House Bill 253, would reduce personal income tax rates by 0.5 percent over 10 years and allow every small business in the state a 50 percent deduction on all business income within five years. The legislation also attaches safeguards to the phased-in personal income tax reductions. The reductions can only be implemented if the tax revenues collected in the current year exceed those collected in the prior year by at least $100 million.
“If signed into law, this legislation would make our state one of the most competitive in the entire country,” Schmitt said. “Individuals and businesses in Missouri will be able to keep more of what they earn and that will lead to growth in our state. We need a new path, one based on economic growth and prosperity, and this legislation will help Missouri down that new path.”
Termed the “Broad-Based Tax Relief Act of 2013,” the legislation received overwhelming support in both the House and the Senate. If signed by the governor, this legislation would represent the largest tax overhaul in the state of Missouri since the 1920s.
To read more about legislation carried through the Legislature by Sen. Schmitt, visit his Missouri Senate website at www.senate.mo.gov/schmitt and click on “Sponsored Bills.” |
