Missouri leadership has been working hard for years to ensure that job-creating companies can benefit from a friendly business environment, low taxes and a state that prides itself on solid fiscal management. And now, thanks to a new low corporate tax rate, Missouri is leaping to the top.
Starting in 2020, Missouri’s corporate income tax rate will drop to 4 percent. This will give Missouri one of the lowest corporate income tax rates in the US. You could say, Missouri is a tax-friendly state for business.
Companies create jobs for people, and Missouri is committed to job creation. Benefits like low business and labor costs, customized training programs through Missouri One Start, reliable and inexpensive energy, and aggressive and performance-based incentives are key to making Missouri a top state for business attraction.
And now, Missouri’s competitive corporate income tax rate will allow more of your company’s capital to go to improvement, growth and hiring. Prior to this drop, we were already ranked as having the 4th-best corporate income tax index in the US by the Tax Foundation and we already have a better overall tax climate for business than most of the surrounding states, including Kansas, Illinois, Iowa and Oklahoma.
Now, a 4 percent corporate income tax makes Missouri one of the most attractive states in the US for business expansion and investment.