JEFFERSON CITY, Mo. - The Missouri House failed to overturn Governor Nixon's veto on House Bill 253, a bill cutting state income tax levels.
Nixon initially vetoed the bill in June.
The major tax cut measure would have reduced the rate for taxpayers with over $8,000 in yearly income by one-twentieth of a percentage point over a 10-year period.
House Bill 253 would have also reduced corporate income tax over 10 years by three-tenths of a percentage point.
“Ultimately, this was a political battle, in which our state lost. We must find a compromise to keep Missouri business and jobs from bleeding to other states, and forcing the increased financial burden on those families and companies that loyally remain in Missouri,” Speaker Pro Tem Denny Hoskins said in a news release.
State Senator Will Kraus of Lee's Summit announced he would make the tax cut bill his top priority for 2014.
“While I am disappointed that we could not override the governor’s veto on such a key economic development bill, I accept that it often takes several years for such high visibility bills to become law,” Kraus said in a statement. “I am extremely pleased that we opened the discussion on tax policy more than we have in decades.”
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