McCarty testifies for small business tax cuts
Associated Industries of Missouri president Ray McCarty says House Bill 1254 contains good ideas, but comes up short as far as broad-based tax relief for all Missouri businesses.
HB 1254, sponsored by Rep. T.J. Berry (R-Kearney) authorizes a Missouri taxpayer amnesty, while also authorizing a 50% tax deduction on small business income. To be eligible, a corporation’s net income cannot exceed $500,000 and all other small business’ net incomes cannot exceed $100,000. Flow-through deductions would be allowable through the bill.
While supporting a tax amnesty period, McCarty told the House’s Ways and Means Committee this week that he’d like to see the bill go farther on its tax cuts and deductions.
“We would prefer the tax cuts benefit ALL Missouri employers equally, regardless of the size and type of organization,” said McCarty. “Mid-sized and larger employers would not benefit from this legislation, including sole proprietors, partnerships, S-corporations and other flow through entities with less than $100,000 in net income.”
McCarty says AIM and TRIM remain open to working on the legislation in the weeks ahead. The committee took no action on the bill during the hearing.