By Ray McCarty, president and CEO, Associated Industries of Missouri
April 15, 2024 - Nobody likes Tax Day! But it may help to know that Associated Industries of Missouri (AIM) has made this day a little less painful for you.
AIM is a leader in all tax discussions. So far, we have used our more than 40 years of experience with Missouri taxation, including lobbying for 35 years, to cut Missouri income taxes for every Missouri business by at least 40%!
Associated Industries of Missouri was instrumental in achieving a corporation income tax rate cut, elimination of the corporation franchise tax, and reduction of business income taxes for other types of businesses, such as LLC’s, LLP’s, partnerships, etc., by establishing a “business income deduction” of 20% and lowering the individual income tax rate. This individual income tax rate cut also benefits Missouri employees as well as Missouri employers.
Here are some other income tax and withholding tax victories we achieved:
Eliminated the requirement to file about 20,000 withholding tax returns for small businesses by increasing the filing thresholds (2016, eff. 2018).
Partnership audit language aligning Missouri treatment of such audits with federal law (2020);
State and local tax (SALT) deduction and entity level tax credit language (2022); and,
Restored the income tax deduction for capital gains realized when converting to an Employee Stock Ownership Program (ESOP) (2023).
We know it probably doesn't make it any easier as you write out your check to Uncle Sam, but at least you can rest assured we are working to try to make the day less painful for you and all other Missouri businesses (and employees).