advertisement

Missouri House votes to exempt more businesses from franchise tax

Wednesday, February 25, 2009 | 2:11 p.m. CST

JEFFERSON CITY — The Missouri House gives first-round approval to legislation eliminating a tax for the state's smaller corporations.

The House voted 143-17 Wednesday to exempt more companies from paying business franchise taxes by excusing those worth $10 million or less.

The business franchise tax is a levy on corporations' assets, inventory and property. Over the last 90 years, the Legislature has lowered the franchise tax rate and exempted smaller businesses.

House member Mike Sutherland, R-Warrenton, who has sponsored similar proposals in the past, says the levy is a "double tax" because companies also pay taxes on their earnings. Sutherland says limiting the tax would spur economic development.

Critics contend it's a giveaway to businesses.


Like what you see here? Become a member.


Show Me the Errors (What's this?)

Report corrections or additions here. Leave comments below here.

You must be logged in to participate in the Show Me the Errors contest.


Comments

Leave a comment

Speak up and join the conversation! Make sure to follow the guidelines outlined below and register with our site. You must be logged in to comment. (Our full comment policy is here.)

  • Don't use obscene, profane or vulgar language.
  • Don't use language that makes personal attacks on fellow commenters or discriminates based on race, religion, gender or ethnicity.
  • Use your real first and last name when registering on the website. It will be published with every comment. (Read why we ask for that here.)
  • Don’t solicit or promote businesses.

We are not able to monitor every comment that comes through. If you see something objectionable, please click the "Report comment" link.

You must be logged in to comment.

Forget your password?

Don't have an account? Register here.

advertisements