GOP-led effort would let Missouri residents deduct capital gains income from their state taxes. But it could cut state revenues by $334 million, a nonpartisan analysis says.

The bill debated Tuesday in the Senate General Laws Committee is the first of several tax cut proposals expected to receive attention during this year’s session.

Missouri Republicans took their first legislative steps toward a promised tax cut on Tuesday, with a Senate committee debating a $300 million exemption for profits from the sale of a farm, business or assets like cryptocurrency.