This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Mo. House Approves Tax Breaks For Businesses

By DAVID A. LIEB

JEFFERSON CITY, Mo. (AP) â¿¿ A trio of measures that could reduce taxes for some businesses won approval Wednesday in the Missouri House, as lawmakers continued pushing to keep pace with recent tax breaks in Kansas and other neighboring states.

One of the bills would cut income taxes for thousands of corporations in Missouri. The other two measures would target tax breaks at particular high-tech companies that policymakers hope to attract to Missouri. All told, the legislation could reduce Missouri revenues by tens of millions of dollars annually.

Throughout the session, lawmakers have cited recent income tax cuts and aggressive business incentives in Kansas as a reason for Missouri to reciprocate with its own tax breaks. Missouri's western rival again appeared to be a motivating factor in Wednesday's House votes.

"I am tired of hearing about Kansas," said Rep. Vicki Englund, a Democrat from St. Louis County who supported the two new business incentive bills.

The House passed legislation, 126-26, creating a tax credit for so-called "angel investors" in high-tech, startup businesses â¿¿ something that that the Angel Capital Association says already exists in Kansas and about half of all states. The Missouri bill would provide up to $6 million annually of such tax credits beginning in 2014.

The House passed legislation, 128-25, authorizing state and local sales tax breaks for large "data centers" that house computer servers vital to many online businesses. Similar incentives already exist in about a dozen states, including Kansas and many of Missouri's other neighbors. The House plan would waive taxes on the purchase of computers, equipment, materials and utilities used by the data centers.

Both of those incentive bills now go to the Senate, which already has approved the new programs as part of its broader tax policy legislation.

The Republican-led House also gave initial approval Wednesday on a largely partisan voice vote to a bill that would gradually cut the state's corporate income tax rate from the current 6.25 percent to 4.25 percent by 2016. Once fully phased in, the tax cut could reduce Missouri revenues by $123 million annually, according to the University of Missouri's Economic Policy Analysis and Research Center.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,381.27 +185.85 1.08%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,630.3150 +64.1770 1.41%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs