{"id":5962,"date":"2024-03-28T22:00:28","date_gmt":"2024-03-28T20:00:28","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=5962"},"modified":"2024-03-28T22:00:28","modified_gmt":"2024-03-28T20:00:28","slug":"missouri-house-passes-bill-that-phases-out-corporate-income-tax-newstalk-kzrg","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=5962","title":{"rendered":"Missouri House passes bill that phases out corporate income tax \u2013 Newstalk KZRG"},"content":{"rendered":"<p><strong>JEFFERSON CITY, Mo<\/strong>. \u2013 In an effort to further create a business-friendly economy, the Missouri House of Representatives has approved HB 2274, a significant piece of legislation that proposes a phased reduction and eventual elimination of the state\u2019s corporate income tax. With a vote of 100-50, the House passed the bill, setting a course for transformative change in the state\u2019s economic landscape.<br \/>\nHB 2274, sponsored by State Representative Travis Smith, would set Missouri on a progressive path towards improving the state\u2019s competitiveness by gradually reducing and ultimately abolishing the corporate income tax burden. Under the provisions outlined in the bill, the taxable income of corporations will see a phased reduction over the coming years, signaling a clear commitment to fostering a more business-friendly environment in the state.<br \/>\nSmith said the lowered tax rate for businesses will help existing companies create more jobs and will entice new businesses to set up shop in Missouri.<br \/>\n\u201cWhen we look at where economic growth and job growth are taking place across the nation, it\u2019s in states that have a low tax burden,\u201d Rep. Smith, R-Dora, said. \u201cWe want Missouri to be an ideal location for companies to do business and to create family-supporting jobs that our hard-working citizens need and deserve. By passing HB 2274, the House has taken a bold step towards stimulating economic growth, attracting new businesses, and creating a more prosperous future for all Missourians.\u201d<br \/>\nThe phased reduction schedule outlined in HB 2274 is as follows:<\/p>\n<ul>\n<li><strong>Beginning January 1, 2025:<\/strong> The taxable income of corporations will be reduced to 3% of Missouri taxable income.<\/li>\n<li><strong>Beginning January 1, 2026:<\/strong> The taxable income of corporations will be further reduced to 2% of Missouri taxable income.<\/li>\n<li><strong>Beginning January 1, 2027:<\/strong> The taxable income of corporations will be reduced to 1% of Missouri taxable income.<\/li>\n<li><strong>For all tax years beginning on or after January 1, 2028:<\/strong> There will be no tax imposed upon the Missouri taxable income of corporations.<\/li>\n<\/ul>\n<p>Furthermore, the bill stipulates that once the corporate tax is fully phased out, no new corporate income tax credits shall be claimed. However, corporations may still redeem refundable tax credits properly claimed and issued before the corporate tax is eliminated.<br \/>\nThe reduction and eventual elimination of the corporate income tax\u00a0 by passing HB 2274 will position Missouri as a more attractive destination for businesses, fostering job creation and economic prosperity across the state. The phased approach allows ample time for necessary adjustments and mitigates potential revenue losses through the elimination of existing tax credits for corporations. The House\u2019s approval underscores a shared commitment to spurring economic growth and driving Missouri towards a brighter future.<br \/>\n\u201cAs we pass HB 2274, we\u2019re not just reducing taxes; we\u2019re paving the way for a brighter economic future in Missouri,\u201d House Speaker Dean Plocher, R-Des Peres, said. \u201cThis legislation signals our commitment to fostering an environment where small businesses can invest their money in their businesses and communities, creating opportunities for prosperity and growth for all Missourians.\u201d<br \/>\nThe bill now heads to the Missouri Senate for further consideration.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Missouri House of Representatives has approved HB 2274, a bill that proposes a phased reduction and eventual elimination of the state&#8217;s corporate income tax.<\/p>\n","protected":false},"author":6,"featured_media":5963,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[3492,186,4010,3348,1240,2536,33,3681,4011,2403,645,26,203,2459,3767,2294,3398,28,2685,2628,2019,3603,1065,3778,1183,1774],"class_list":["post-5962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-bill","tag-business","tag-business-friendly-economy","tag-change","tag-clear","tag-communities","tag-companies","tag-corporate-income-tax","tag-corporate-income-tax-reduction","tag-driving","tag-economic-growth","tag-economy","tag-environment","tag-family","tag-growth","tag-income","tag-income-tax","tag-jobs","tag-legislation","tag-money","tag-shop","tag-small-businesses","tag-tax","tag-tax-credits","tag-taxes","tag-vote"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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