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Senate OKs 2 bills aimed at business taxes

Senate OKs 2 bills aimed at business taxes

February 8th, 2011 in News

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.