Bill phasing out corporate income tax, tax credits in hands of Missouri Senate

(The Center Square) – In the stack of more than 80 bills the Missouri House of Representatives voted to send to the Senate is an effort to phase out the corporate income tax and end tax credits.

If the Senate passes House Bill 2274 as it currently is written, the corporate tax rate would decrease from 4% to 3% on Jan. 1, 2025, drop to 2% in 2026, 1% in 2027, and no corporate tax would be imposed in 2028 and thereafter. The bill was first read in the Senate in late March and no other actions have been taken.

The bill’s fiscal note reported the state’s general revenue would drop $99 million in fiscal year 2025, $320 million in 2026, $541 million in 2027, and $884 million when fully implemented in 2029.

The bill also would stop new tax credits for corporations. The Office of Budget and Planning reported
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