Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comKey Contacts
Back
The Missouri House of Representatives has sent Gov. Jay Nixon another tax-cut bill, according to the Joplin Globe. This one is worth $620 million, and if enacted, would phase in a cut on income taxes for individuals in the top bracket by 0.5 percent and a deduction of 25 percent for business income on personal tax returns over the next three years.
Nixon, indicating that he would likely veto the bill on April 22, pointed out a part of the bill that he claimed would eliminate taxes on business income above $9,000, the Globe reported.
“Once this legislation is fully phased in, the top bracket ‘shall be eliminated,'” Nixon said, referring to the provision in the bill. “With the simple stroke of my pen, this bill would separate Missouri from every state in our nation as the only state to not be able to meet the basic demands.”
State republicans argue that the cut will help owners to expand their businesses, pointing to analysis that former Missouri Chief Justice William Ray Price provided to lawmakers, according to the news source. Price sided with republicans against the governor.
“I believe the governor is living in a fantasy world,” said Rep. Charlie Davis, R-Webb City. “I believe the accusations he is making are totally false. This provides some well-deserved tax relief for all Missourians and all Missouri businesses.”
Michael Leachman, director of state fiscal research at the not-for-profit Center on Budget and Policy Priorities, said that the business income deduction would create a windfall for some very wealthy people, but provided no assurances that those people would use the money to expand their businesses, the Associated Press reported. Brad Jones, state director of the National Federation of Independent Business, on the other hand, feels that the bill would make a big difference to small business owners.
- Practices: Tax and Trusts & Estates, Corporate Transactions & Business
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
What Founders Can Learn From Start-up Suits
High-profile founder litigation is more than just a media spectacle. For startup founders, these cases underscore the legal and structural risks that can arise when rapid growth outpaces formal oversight. While launching a new company can be both an exciting and deeply rewarding endeavor, founders must be mindful that it also comes with significant risks. […]
Author: Dan Brecher
Corporate Governance Reviews: A Practical Guide for New Jersey Companies
Every New Jersey company should periodically evaluate its governance framework. Strong corporate governance protects directors and officers, builds investor confidence, reduces litigation exposure, and positions a company for sustainable growth. The first quarter of the year is a great time to evaluate your corporate governance practices and perform any routine maintenance needed to keep that […]
Author: Ken Hollenbeck
What to Do After Being Served with a Lawsuit: Steps to Protect Your Legal Rights
Being served with a lawsuit is one of the most stressful legal events a business or individual can face. Whether the claim involves a contract dispute, an employment matter, an intellectual property issue, or another legal challenge, the actions you take in the first few days can significantly shape the outcome of your case. Acting […]
Author: Robert E. Levy
Will 2026 Be a Banner Year for SPACs? Understanding the Risks and Opportunities
Special Purpose Acquisition Companies (SPACs) continue to gain momentum as we move through 2026. After enduring a significant contraction following the 2021 boom and the regulatory scrutiny that followed, SPAC activity rebounded sharply in 2025 and now carries forward into 2026 with real momentum. The SPAC resurgence reflects broader improvements in both market conditions and the […]
Author: Dan Brecher
Why Compliance Monitoring Matters for NY and NJ Businesses
Compliance programs are no longer judged by how they look on paper, but by how they function in the real world. Compliance monitoring is the ongoing process of reviewing, testing, and evaluating whether policies, procedures, and controls are being followed—and whether they are actually working. What Is Compliance Monitoring? In today’s heightened regulatory environment, compliance […]
Author: Dan Brecher
When Are New Jersey Business Owners Personally Liable for Corporate Debt?
New Jersey personal guaranty liability is a critical issue for business owners who regularly sign contracts on behalf of their companies. A recent New Jersey Supreme Court decision provides valuable guidance on when a business owner can be held personally responsible for a company’s debt. Under the Court’s decision in Extech Building Materials, Inc. v. […]
Author: Charles H. Friedrich
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.