In 2015, Missouri legislature passed SB19. It was a corporate tax relief bill. The Fiscal Note indicated that it would result in a modest drop to the state’s revenues of no more than $15 Million dollars. But the Net corporate income collections in Missouri’s Fiscal Year 2016 is down by over $165 Million, and is projected to be more than $200 Million.
It seems that despite what we’ve seen with Kansas’ budget woes of late, Missouri is certainly poised to go down that same road already traveled by our neighbors to the West.
From that bill’s summary: “Currently, in determining what portion of a corporation’s income is taxable in Missouri, the business may use a method whereby the ratio of instate sales to total sales is multiplied by the net income. A method for determining whether the sale of tangible property are to be considered instate is already established in current law. This act specifies a process for all other sales….If it cannot be determined or reasonably approximated, that a sale occurs in this state, such sale shall be excluded from the sales factor for corporate income taxation.”
Credit: Missouri Scout, David Drebes, Editor
…” Over the past 40 years, as people have worked harder for less pay and fewer benefits, the value of their work has eroded. When we devalue work, we threaten the pride and dignity that come from it.
As the Rev. Dr. Martin Luther King Jr. taught us, all work has dignity and importance, whether done by a street sweeper, Michelangelo or Beethoven. People take pride in the things they make, in serving their communities in hospitals or schools, in making their contribution to society with a job well done.”
Read more from Sherrod Brown’s article in the NY Times. (He is a United States Senator from Ohio.)
November 11 is Veterans Day. The date was originally chosen to commemorate the end of World War I hostilities and honor those specific veterans; however, over the years, Veterans Day has become the day set aside to express gratitude and honor all those who have served in the military. The attorneys at Boyd Kenter Thomas & Parrish recognize the many contributions and sacrifices our Veterans have made for our country.