Estimated cost of Missouri corporate tax break questioned

4426587
     (AP) – Missouri's House budget leader says lawmakers might
not have changed corporate tax law if they'd known what it would actually cost.
     Republican House Budget Committee Chairman Scott Fitzpatrick told The
Associated Press that lawmakers had poor information when the 2015 bill came up
for a vote.
     The measure was estimated to cost about $15 million annually. Corporate tax
revenues dropped more than $155 million the first fiscal year it was
implemented, though it's not clear whether that was all from the tax change.
     Democratic Auditor Nicole Galloway says that's not acceptable. She's auditing
corporate income tax law as part of a review of policies that have contributed
to budget crunches.
     It's unclear whether lawmakers can undo their action. Fitzpatrick says a
repeal could be interpreted as an unconstitutional tax hike.

   

WebReadyTM Powered by WireReady® NSI