AIM is only group to testify in support of bill phasing out the corporation income tax in Missouri
January 10, 2017 – Associated Industries of Missouri testified in support of SB 17, sponsored by Senate Ways and Means Chairman Will Kraus on Tuesday.
Senator Will Kraus (file photo)
The bill would eliminate the corporation income tax over three years, reducing the rate from 6.25% to 4% in 2017 and 2% in 2018. Senator Kraus was also the sponsor of a bill that is now law, setting Missouri on a schedule to gradually reduce the individual income tax and providing a business income deduction to reduce the tax liability of S Corporations, partnerships, and other flow-through entities.
Associated Industries of Missouri was the only group to testify in support of the bill. Several groups, including the Civic Council of Kansas City and a teachers’ union, testified against the bill.