Missouri lawmakers are discussing eliminating the corporate tax

MISSOURI A plan to eliminate corporate taxes in Missouri continues to be discussed with lawmakers.

It's legislation that failed to pass the Senate last year.

This year, the House of Representatives has already passed the bill with the help of Representative Ben Baker's Special Committee on Tax Reform.

It's currently back in the Senate, asking to approve it and send it to Governor Mike Parson's desk before the end of the session.

Baker says once revenues are at a certain level, there are different triggers for different parts of the bill.

The end result would include a gradual elimination of the corporate tax over the next four years, in what lawmakers call a responsible manner.

And so, that's something you talk to companies about when you eliminate that tax, what are you going to do with that money? And most companies I talk to say they'd be better off reinvesting that money in more employees, more jobs, more equipment, there's a lot of places or child care. You know, we've talked about the childcare and workforce issue, said Rep. Ben Baker, (R) Neosho.

Rep. Baker says many states have already eliminated their corporate taxes.

He says if Missouri goes that route, it would be a positive way to attract more businesses to the Show-Me-State.

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