Nixon to Sign Repeal of Missouri Franchise Tax
JEFFERSON CITY (AP) - Gov. Jay Nixon is signing legislation that will gradually repeal a nearly century-old tax on Missouri businesses.
The bill will reduce Missouri's franchise tax rate over the next several years before repealing it altogether for the 2016 tax year. Nixon scheduled a bill-signing ceremony Tuesday at Boulevard
Brewing Co. in Kansas City.
Missouri's franchise tax first was levied in 1917 and applies to company assets such as buildings and inventory.
Business groups have made the elimination of the tax one of their top priorities.
Nixon says repealing the levy should provide an incentive for companies to locate additional assets in Missouri.