JEFFERSON CITY — A Republican state senator from St. Louis County plans to sponsor legislation trimming taxes for Missouri businesses.
The bill eventually would cut the corporate income tax rate in half and create a 50 percent tax deduction for business income. The tax cuts would be phased in over five years.
Sen. Eric Schmitt, who leads the Senate's economic development committee, will sponsor the bill. Schmitt says the tax cuts would signal Missouri's willingness to help large and small businesses.
Missouri legislative leaders have said they would seek changes to the tax code to spur economic development during the 2013 session. Those efforts come after Kansas passed significant tax cuts earlier this year.