(Updated Friday, May 18, to reflect change in corporate tax rate)
The Missouri General Assembly has approved significant cuts in income-tax rates for individuals and is expected to do the same for businesses before it adjourns Friday.
But the exact impact on the state’s finances is not quite clear.
State Rep. Elijah Haahr, a Republican from Springfield, is chief sponsor of the bill that drops the individual income-tax rate from 5.9 percent to 5.1 percent over several years. The first rate cut goes into effect next year.