January 24, 2023 - Yesterday, Associated Industries of Missouri (AIM) provided committee testimony in support of SB 93, filed by Sen. Denny Hoskins, that would gradually phase-out the corporation income tax over four years.
The current corporation income tax rate is 4%, third lowest in the U.S. By eliminating the tax, Missouri would be an even more attractive location for manufacturers and retail operations if the corporation income tax is eliminated.
Combined with changes championed by AIM and passed in previous legislative sessions that lower domestic companies' corporation income tax liability through changes to the apportionment formula, this legislation could provide Missouri a powerful economic development tool that helps not only new companies but existing ones as well.
We will keep you posted of the bill's progress.
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