MO House gives initial approval to tax relief plans

The Missouri House of Representatives has given preliminary approval to a couple of tax relief plans. 

State Representatives have given initial approval to a bill that would reduce Missouri’s income tax rate from the current 4-point-7 percent to 3-point-7 percent over the next ten years, if state revenue increases enough.

The measure would also reduce Missouri’s corporate tax rate from the current four-percent to 3-point-75 percent.

The House has also given initial approval to a proposal that would ask voters to limit assessed property value increases to two-percent per year or four-percent every time a property’s value is assessed.

Both proposals require one more House vote of support to move to the Senate for potential changes.