Senate OKs 2 bills aimed at business taxes
Tuesday, February 8, 2011
Missouri senators took the first steps Monday toward eliminating the state’s corporate franchise taxes, giving first-round approval to two bills.
“We’re one of the few states that remains that levies this archaic, double-tax on corporations that do business in the state of Missouri,” Sen. Eric Schmitt, R-Kirkwood, explained.
“Currently, businesses pay for the pleasure of paying other taxes, (at a rate of) 1/30th of 1 percent, based on the assets of their company.”
One of Schmitt’s bills would freeze the tax at its current levels, while the other would phase-out the tax over five years.
Schmitt told reporters he introduced both bills, in case lawmakers opposed one of them.
More like this story
Use the comment form below to begin a discussion about this content.
Please review our Policies and Procedures before registering or commenting