Notable quote for week of March 31

As we pass HB 2274, we're not just reducing taxes; we're paving the way for a brighter economic future in Missouri. This legislation signals our commitment to fostering an environment where small businesses can invest their money in their businesses and communities, creating opportunities for prosperity and growth for all Missourians. Missouri House Speaker Dean Plocher on a piece of legislation passed 100-50 by the Missouri House of Representatives that aims to gradually eliminate corporate income tax statewide.

All House Republicans supported the bill, while all House Democrats voted against it.

HB 2274 would see the taxable income of corporations be reduced from its current 4% down to 3% of Missouri taxable income at the start of 2025.

It would then reduced by 1% of Missouri taxable income every Jan. 1 until Jan. 1, 2028, when no tax will be imposed.

Proponents such as the bill’s sponsor Rep. Travis Smith of Dora said the lowered tax rates would help existing businesses create more jobs and entice new ones to move to the state.

Those against the bill, such as Rep. Kemp Strickler of Lee’s Summit, said corporate income tax is not something most corporations consider a priority.

The bill now heads to the Missouri Senate for further consideration.

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