The Missouri House of Representatives recently passed two bills, HB 798 and HB 660, that contain various tax measures. HB 798 includes changes to income tax rates, such as setting the state income tax to a flat rate of 4.7% with the potential to decrease further to 3.7% over the next 10 years. The bill also proposes reducing the corporate income tax and removing the capital gains tax. Additionally, the bill would remove the Missouri Working Family Tax Credit and replace it with an additional $4,000 standard deduction.
HB 798 also includes provisions to increase tax credits for donating to crisis pregnancy centers and diaper banks. Critics argue that these centers are being prioritized over other programs benefiting from tax credits, like food banks. Meanwhile, HB 660 contains smaller tax-related measures aimed at ensuring fairness and transparency in local taxation.
Both bills have advanced to the Senate for further consideration. However, there have been concerns about the speed at which these bills were passed through the House, with some legislators questioning the lack of thorough discussion and vetting of certain provisions. Despite these concerns, the bills have generated significant debate among lawmakers and will continue to be a focal point of discussion as they progress through the legislative process.
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