All Eyes Remain On House Bill From Lake Representative That Could Help Seasonal Businesses

Corporations large and small across Missouri are keeping a financial eye on a House Bill being considered in this year’s General Assembly that would reduce and eventually eliminate corporate income tax.

“Right now, Missouri’s income tax on the corporate side is 4%. It would eliminate a percent tax over a four year. So four years from now it would be completely eliminated. It would also eliminate all tax credits that corporations get.”

Figures show, according to Representative Jeff Vernetti, that more than 90-percent of Missouri corporations employ 10 or fewer people. Many of those corporations, especially in Kansas City and on the west side of the state, are being lured across the borders by the likes of Kansas and Tennessee.

Vernetti also says that his bill, if ultimately passed and signed by the governor, could level the playing field at least a little bit.

“I’m not overstating that we’re going to see this boondoggle of businesses moving here. I just do think it’s one more thing that Missouri can do to attract businesses.”

House Bill-425 was most recently referred to the House Rules and Administrative Committee.