Posted on: May 16th, 2014
On May 6th Missouri’s state legislature voted overwhelmingly, by a vote of 109-46, to override the state’s Governor’s veto of tax cut measures provided by Senate Bill 509. After a two-year battle, the historic income tax cut marks the first income tax reduction that my home state has seen in nearly 100 years and, ultimately, will benefit the state’s small business owners and millions of individual taxpayers.
In fact, according to State Senator Eric Schmitt, 54,000 businesses could benefit in St. Louis City and County alone. Across the state, 400,000 small businesses and 2.5 million individual taxpayers will be eligible for the income tax cut.