(In his report today, House Speaker Pro Tem Denny Hoskins, R-Warrensburg, explains why he supported SB 509, the tax bill which has now passed in both chambers.)
SB 509, sponsored by Senator Kraus, provides tax reform to help individuals and businesses in the state. Included in this bill are provisions that: reduce individual income taxes by one half percent over a five year period, allow small businesses to deduct a maximum of 25 percent of business income in a five year period, and increases the personal income tax exemption by $500 for individuals with an adjusted gross income of less than $20,000.
Lowering the tax burden for individuals in Missouri will make us more competitive with neighboring states and business tax relief will promote job growth in our stagnant. This is a pro-jobs bill that incentivizes growth and puts money back into the tax payers’ hands, because you know better how to spend your money.
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