Missouri's finances could take a $60 million annual hit because of a recent 2 percentage point increase in federal Social Security payroll taxes.
State budget director Linda Luebbering says the lost revenues resulting from the federal Social Security tax already had been taken into consideration for budget projections. She says the reduced revenue should not come as a surprise to state officials.
The Social Security tax reverted to 6.2 percent this month after the expiration of a 2 percentage point cut that had been in place for a couple of years.
The Missouri Department of Economic Development announced Monday the approval of Enhanced Enterprise Zone, or EEZ, designation to the city of Centralia, Mo.
In the program, businesses could receive tax incentives as encouragement to open up shop in a certain area of the city. Zone designation is based on certain demographic criteria, the potential to create sustainable jobs in a targeted industry and a demonstrated impact on local cluster development, the department says.
An insurance company that nearly went under after the Joplin tornado is back in better financial condition.
Missouri's insurance department says a judge has granted its request to release Barton County Mutual Insurance Co. from department control. The company was placed in rehabilitation in December 2011 when it was on the brink of insolvency because of claims from the deadly tornado that hit Joplin earlier that year.
Barton Mutual had premiums of $32 million in 2011 but reported claims of $48 million related to the Joplin tornado.