Missouri House scrambles to avoid budget hole from tax plan

From Associated Press – JEFFERSON CITY, Mo. (AP) – Missouri lawmakers in a last-minute scramble are trying to cut corporate income taxes without blowing an estimated $52 million hole in the state budget. At issue is a Senate tax plan to cut the corporate tax rate from 6.25 percent to 3.5 percent. To offset the revenue loss, the proposal would change how businesses can calculate their taxable income. Earlier estimates projected the changes would mean close to $10 million more in rev…

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