Lawmakers Vote to Repeal Business Tax

1 decade 2 years 2 months ago Friday, April 21 2006 Apr 21, 2006 Friday, April 21, 2006 1:22:17 PM CDT April 21, 2006 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
JEFFERSON CITY (AP) - One of the state's oldest taxes -- a levy on a corporation's assets, inventory and property -- could be moving toward the chopping block. The House has already given first-round approval to a bill that would lower the tax rate, raise the minimum worth subject to the tax and ultimately repeal it in 2011. Critics say the franchise tax amounts to a forced payment just to open up a business in Missouri. The Department of Revenue reports the tax brought in $120 million last year. But since the franchise tax was created in 1917, lawmakers have been softening it. Democratic critics of a repeal say businesses that couldn't come to Missouri because of the tax wouldn't be able to add much to the economy anyway.

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