taxes

Mo. revenue
3:53 pm
Fri March 2, 2012

Mo. revenues still too low to balance the budget

(via Flickr/Tracy O)

Missouri's revenues are up over last year - they're just not growing fast enough to keep the state's budget in balance.

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Farm Taxes
12:43 pm
Tue February 21, 2012

Mo. House rejects plan to increase some farm taxes

(via Flickr/Dodo-Bird)

Missouri House members have voted to reject a tax plan that would increase property taxes for the best farms.

Property taxes for farms are based on the land's "productive value." Farms are divided into eight groups based on land quality, with the best in Grade 1 and the worst in Grade 8. The Missouri Tax Commission has recommended increasing productive values for the four highest grades.

The property tax changes for 2013 and 2014 take effect unless the Legislature approves a resolution to reject them. House members voted 117-39 on Tuesday to reject the tax proposal.

Mo. State Tax Code / Rex Sinquefield
4:02 pm
Fri October 7, 2011

Mo. businessman Sinquefield donates $1.3M for tax measure

Rex Sinquefield.
(UPI/Bill Greenblatt)

Missouri businessman Rex Sinquefield has donated $1.3 million to a committee that supports overhauling the state's tax code.

The committee Let Voters Decide backs a proposed ballot measure that would replace Missouri's income tax with a broader sales tax. Missouri Ethics Commission records show Sinquefield made the donation Monday. Campaign contributions of more than $5,000 must be reported within 48 hours.

Illinois
9:49 am
Mon July 11, 2011

Court rules Ill. public works plan is legal

The Illinois Supreme Court building in Springfield, Ill.
(via Flickr/lilhelen)

The Illinois Supreme Court has upheld a law that created a $31 billion statewide construction program.

It unanimously rejected arguments that lawmakers improperly mixed together different issues in a single piece of legislation.

The court on Monday said all parts of the law had "a natural and logical connection" to the public works program.

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Franchise Tax
2:02 pm
Tue April 26, 2011

Nixon to sign repeal of Mo. franchise tax

Mo. Gov. Jay Nixon.
(UPI/Bill Greenblatt)

Gov. Jay Nixon has signed legislation to gradually repeal a tax on some Missouri businesses.

The bill reduces Missouri's franchise tax rate over the next several years before repealing it altogether for the 2016 tax year. Nixon signed the measure Tuesday in Kansas City at Boulevard Brewing Co. He said repealing the measure will provide an incentive for companies to move to Missouri.

The state's franchise tax was levied in 1917 and applies to company assets such as buildings and inventory.

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Missouri Cigarette Tax
12:43 pm
Thu April 21, 2011

Mo. lawmaker calls for cigarette tax increase

(via Flickr/seannaber)

A Missouri House member wants to ask voters to raise the state cigarette tax by 81 cents a pack.

Democrat Chris Kelly, of Columbia, outlined his plan Thursday to a House committee. He's proposing a future statewide vote on whether to raise Missouri's current 17-cent tax - the lowest in the nation - to 98 cents per pack.

Kelly says the increase could generate $425 million in state revenue, discourage people from smoking and bring down state health care costs.

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MO Statehouse
8:39 pm
Mon April 18, 2011

Mo. Senator proposes flat tax

State Senator Luann Ridgeway (R, Smithville) wants Missouri to dump its state income tax in favor of a consumption tax.
Marshall Griffin, St. Louis Public Radio

With less than a month to go in this year’s legislative session, another proposal is being made to overhaul Missouri’s tax structure.

The resolution would replace the state’s income tax with a sales tax -- and if passed by lawmakers, it would go before Missouri voters next year.

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Illinois Unemployment / Taxes
12:31 pm
Mon April 11, 2011

Illinois businesses to see tax increase in 2012

via Flickr/J_D_R

Starting next year, Illinois businesses will see a tax increase and the recently unemployed will lose a week of unemployment benefits.

That's because of a compromise bill passed this month in the Illinois Legislature.

The Rockford Register Star reports the deal is part of a longer-term plan to help contribute to Illinois' depleted unemployment trust fund, which is $3 billion in debt to the U.S. Treasury.

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Missouri Tax Revenue
2:30 pm
Mon April 4, 2011

Mo. tax revenues up 6.5 percent through March

(via Flickr/MoneyBlogNewz)

Missouri's tax revenues are up 6.5 percent with only one-quarter of the budget year to go.

Figures released Monday by the state Office of Administration show the growth fueled by stronger individual and corporate income tax collections than during the 2010 fiscal year. A decline in tax refunds also has contributed to the growth in state revenues.

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Claire McCaskill
4:23 pm
Wed March 23, 2011

McCaskill may owe $320K for plane property taxes

Mo. Sen. Claire McCaskill.
(Rachel Lippmann/St. Louis Public Radio)

U.S. Sen. Claire McCaskill could owe a total of nearly $320,000 in overdue property taxes, interest and penalties on an airplane that has caused her political headaches.

McCaskill sent about $287,000 to St. Louis County earlier this week after acknowledging that property taxes had not been paid on a plane owned by a company in which she and her husband have an interest. But that may not be enough money.

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