Historic corporation income tax reform passed
Updated: Dec 31, 2019
The corporation income tax reform package in SB 884 consists of only four provisions: mandatory use of the single sales factor formula (as modified a few years ago, with no throwback/throwout), a provision allowing the DOR to not require a bond for sales/use tax licenses, a definition of “net general revenue for purposes of SB 509 tax cuts, and a corporation income rate reduction from 6.25% to 4%.
SB 884 was Truly Agreed and Finally Passed as changes made in the Senate were adopted by the Missouri House in the final hours of the legislative session by a vote of 96-42.
“Associated Industries is proud of the hard work of all legislators to come up with a tax reform package that truly reduces income tax liability for Missouri businesses – both those that report their income on the corporation income tax return, and those that report their income on individual income tax returns,” said Ray McCarty, president/CEO of Associated Industries of Missouri. “We thank Sen. Koenig, Sen. Eigel, Speaker Pro Tem Elijah Haahr, Rep. Wiemann, Rep. Curtman and all others that helped make these bills a reality, as well as the hard work of AIM lobbyist Chuck Pierce without whose constant guidance these cuts would not be possible,” he said.