Senate Bill Would Cut Taxes for Most Small-Business Owners

Date: March 28, 2014

Sen. Will Kraus has introduced a tax-relief bill that’s gotten strong support so far in the Senate. It received
preliminary approval in the Senate on March 26 night but needs one final
vote before it goes to the House. (UPDATE: SB 689 passed the full Senate on April 1 by a vote of 23-9.)

This bill would lower the personal income tax
from 6 percent to 5.5 percent over a period of years, depending on the overall health of
the state’s income. The business income section would reduce those taxes by 25%
over five years again, depending on state incomes. 

NFIB/Missouri State Director Brad Jones said the bill should help “the vast majority of small-business owners” and that he’s hopeful about the bill’s chances of reaching the House.

PHOTO: KTrimble/Wikipedia

Related Content: Small Business News | Missouri

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