Fresh off approving tax breaks for key Illinois businesses, Democrats and Republicans in the Illinois House are racing to end the corporate tax hike imposed this year.
House Republican Leader Tom Cross announced a plan Wednesday to return the corporate rate to 4.8 percent from 7 percent by 2014 - instead of 2025. He and business leaders proposed a step-down plan that in the meantime would lower taxes when the unemployment rate rises.
Tuesday, Democratic Rep. Jerry Costello II of Smithton introduced legislation that would eradicate the corporate hike starting Jan. 1.
Missouri tax revenue is higher than last year, but a dip in individual income tax collections last month has prompted some concern.
Eleven months through the current budget year, revenue has increased from last year by 2.7 percent to $6.5 billion. However, the state Office of Administration reported Thursday that individual income tax collections were down 1.4 percent from May 2011 to May 2010.