JEFFERSON CITY — Senator Will Kraus, R-Lee’s Summit, watched from the side gallery today as the Missouri House voted to pass the tax cut bill he sponsored. Senate Bill 509 & 496 will cut taxes slowly over five years for all Missouri taxpayers and small businesses.
“I’m thrilled with the strong support for SB 509 in the House,” said Sen. Kraus. “I appreciate the support of Rep. Andrew Koenig, R-Manchester, and House leadership in getting this tax cut bill moved quickly.”
SB 509 & 496 phases in a .5 percent tax cut for individuals and a 25 percent deduction for small businesses. It includes an extra tax break for low income earners making less than $20,000. The legislation also begins increasing Missouri’s tax brackets by inflation.
“This is a people’s tax cut,” continued Sen. Kraus. “Each cut applies to individual tax returns, and the cuts impact all Missourians who pay taxes.”
The tax cuts will not begin until 2017 and will only take effect each year if the state’s revenues are growing more than $150 million over the highest of the last three years.
“This is a reasonable tax cut with a lot of built-in protection for Missouri’s budget,” said Sen. Kraus. “The way we wrote the bill, there is no way a tax cut can cause a decline in funding for education.”
SB 509 & 496 now goes to the governor’s desk for his signature or veto. The governor has 15 days to make his decision.
For more information on this measure or any of Sen. Kraus’ other sponsored bills, please visit www.senate.mo.gov/kraus. |
