New law makes Missouri corporate tax one of lowest in US
JEFFERSON CITY, Mo. (AP) – Thousands of Missouri businesses will receive tax cuts with the new year.
Yet some corporations that do business in Missouri could end up paying more. A law taking effect in 2020 will cut Missouri’s corporate income tax rate from 6.25% to 4%. That will make it one of the lowest rates in the nation.
But another provision in the law will end an option for calculating corporate income that could result in higher Missouri tax bills for some multi-state businesses.
Projections for the law’s first full fiscal year range from a $28 million net tax cut to a nearly $10 million tax increase.