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.