AIM is only group to testify in support of bill phasing out the corporation income tax in Missouri

January 10, 2017 – Associated Industries of Missouri testified in support of SB 17, sponsored by Senate Ways and Means Chairman Will Kraus on Tuesday.

3-30-15 Tax Press Conference Sen. Kraus0
Senator Will Kraus (file photo)

The bill would eliminate the corporation income tax over three years, reducing the rate from 6.25% to 4% in 2017 and 2% in 2018. Senator Kraus was also the sponsor of a bill that is now law, setting Missouri on a schedule to gradually reduce the individual income tax and providing a business income deduction to reduce the tax liability of S Corporations, partnerships, and other flow-through entities.

Associated Industries of Missouri was the only group to testify in support of the bill. Several groups, including the Civic Council of Kansas City and a teachers’ union, testified against the bill.