Rep. Burlison Files Bill to Provide Broad-Based Tax Relief to Missouri Businesses

Missouri businesses would receive much-needed tax relief under legislation filed today by state Rep. Eric Burlison. The Broad-Based Tax Relief Act would cut the tax burden in half for businesses of all sizes over a five-year period. Burlison said his goal is to improve Missouri’s business climate to encourage job growth and to attract new businesses to the state.

“We’re competing with our neighboring states for jobs and we have to do everything we can to remain competitive,” said Burlison. “Kansas just cut taxes for more than 190,000 businesses and we’ve already heard some Missouri businesses talk about moving across the border. If we want to keep the businesses we have and attract new employers and jobs we must make a commitment to reducing our own tax burden.”

Burlison’s bill would phase in the 50 percent tax deduction for business income beginning in 2013 with a 10 percent deduction. The deduction would increase by 10 percent each year until it reaches 50 percent in 2017. The deduction would apply to all business reporting income on individual returns. The bill also would reduce the corporate income tax burden by 50 percent over the same period.

“By reducing the tax burden we not only make Missouri a more attractive location for new businesses, but also give existing employers the additional dollars they can then reinvest in their employees and increase tax Missouri’s tax revenues,” said Burlison. “We’re competing with states like Texas, which has no income tax. Yet Texas has continued to top budget projections and is expected to have an $8.8 billion surplus by August.”

Burlison’s bill is HB 536.