JEFFERSON CITY — Today in Kansas City, Sen. Will Kraus, R-Lee’s Summit, gathered with both the handler and the sponsor of House Bill 253 to discuss the recently passed bill with local media. State Rep. T.J. Berry, R-Kearney, was the sponsor of the measure while Sen. Eric Schmitt, R-Glendale, carried it through the Senate.
“This tax cut legislation is an historic step for the economy of Missouri,” said Sen. Kraus. “I am proud to stand with my fellow legislators, who saw the possibilities and were willing to take a risk to help all Missourians.”
House Bill 253, also known as the Broad-Based Tax Relief Act of 2013, reduces personal income tax by .5 percent over a period of 10 years and knocks down business taxes by 3 percent over that same period. The bill also creates a 50 percent deduction for small business pass through taxes over five years. With a trigger built into the bill, the first reductions would not take place until state revenue increases by $100 million and then will not rise again until another $100 million increase, continuing until all yearly reductions have been applied. Over the 10-year phase-in, the state would be guaranteed to see at least $1 billion in increased revenues before the tax cut is fully implemented.
“Missouri both needs and deserves this tax reform, and the governor should certainly take that into account and sign HB 253,” said Sen. Kraus. “Should the governor choose to veto this bill, he will clearly be in favor of higher taxes for the hard-working people and businesses of this great state.”
For more information on any of Sen. Kraus’ bills for 2013, or any bills that were Truly Agreed by the Legislature in 2013, please visit www.senate.mo.gov/kraus.
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