JEFFERSON CITY — A day after Missouri lawmakers sent him a bill that would overhaul the state’s tax system, Gov. Jay Nixon said he had major concerns with the legislation and suggested he would veto the measure.

“At this time, certainly, I’m not looking at it with an eye to add it the structure of Missouri government,” Nixon said at a press conference on Friday.

The legislation, which the House passed to the governor’s desk on Thursday, would cut taxes for individuals, corporations and small businesses.

Legislative staff estimate the bill could cost up to $692 million in the first full year of full implementation.

The tax-cut plan would reduce the state’s top individual income tax rate by a half of a percent over the next 10 years. The plan also would allow small-business owners who deduct their business income on their individual returns to deduct 50 percent of their business income.

The plan also would reduce the state’s corporate tax rate from 6.25 percent to 3.25 percent over the next 10 years.

“I have serious concerns about a tax bill yesterday evening,” Nixon said. “Taking more than $800 million out of our state budget … is not a fiscally responsible approach.”

Bill sponsor Rep. T.J. Berry, R-Kearney, had a more optimistic outlook during Thursday’s debate.

Supporters argue lower taxes for individuals and businesses will stimulate the state’s economy and lead to higher tax collections.

“Ten years down the line, we will have less taxes and more revenue, that’s where I see us,” Berry said.

While Nixon and House Democrats said the tax cuts could leave a more than $800 million hole in the state budget, legislative staff estimates are not quite as drastic, projecting no more than a $692 million loss and only a $492 million per year loss if Congress passes a measure to make it easier for states to tax Internet sales.The House also passed to the governor a bill that would repeal the property tax credit provided for lower income elderly and disabled renters

Legislative staff estimate elimination of tax credits for lower income elderly and disabled home renters will save the state $57 million per year.