After about 20 minutes of debate on the bill, the House Fiscal Review Committee passed a measure that is estimated to put more than a quarter of a billion dollar whole in Missouri's budget by 2016.
Wrap: Over the next five years, the tax overhaul proposal would cut individual income taxes by 2-thirds of a percentage, cut the corporate income tax by 1 and a quarter percent and raise the state sales tax from 4-percent to 4.6-percent.
Republican Representative Noel Torpey asked legislative researchers if the state could be stopped from losing too much.
|Description: "Talking about the fiscal note and the dollar amount, if it goes too far one way or the other does it stop? Or are there other methods to say, wait we've cut too much?" "Not in this bill"|
Legislative researchers have estimated the bill will cost the state more than a quarter billion dollars in revenues by 2016.
The proposal now heads to the House floor.
From the state Capitol, I'm Matt Evans. Newsradio 1120 KMOX.