Missouri News Horizon is reporting House Speaker Tim Jones is planning to make business incentives and tax cuts a priority in the upcoming legislative session. This is good news for Associated Industries of Missouri members.
Associated Industries of Missouri (AIM) has proposed cutting business income taxes in half over five years. The tax cut would apply equally to corporations and to S Corporations, partnerships, sole proprietors – every type of business in Missouri. Similar legislation was considered in the 2012 legislative session, but failed to gain final passage.
“This AIM tax cut proposal is a strong step forward for Missouri as we continue to compete for new businesses and it helps our existing employers at the same time,” said Ray McCarty, president of Associated Industries of Missouri. “We are pleased Speaker Jones is open to the idea of broad based tax relief and we hope to see early action on our proposal this year in the Missouri legislature.”
The plan also has the support of other business groups, including the National Federation of Independent Business.
Senator Eric Schmitt plans to offer the bill again this year in the Missouri Senate and two potential sponsors have emerged in the House: Rep. Eric Burlison and Rep. T.J. Berry.
Click here for more information from Missouri News Horizon: New Mo. Speaker to focus on business interests in upcoming session.