STL officials expecting $26M hit to potential tax money

The city of St. Louis is reportedly preparing to lose $26 million in earnings and payroll taxes.

The city is estimating that it will lose out on roughly 10% of current revenues from the taxes in the fiscal year starting July 1.

The city's earnings tax is a 1% assessment on income earned by businesses and residents in the city, as well as nonresidents who work in the city. It's been a topic of debate for decades, and new legislation seeks to exempt remote workers.

Read more from the St. Louis Post-Dispatch.