JEFFERSON CITY — Missouri lawmakers have given final approval to legislation gradually repealing a state tax on company assets such as buildings and inventory. Supporters hope the move will help draw businesses to the state.
House members voted 105-51 on Wednesday to send the legislation to the governor. The Senate passed the bill previously.
The legislation reduces the franchise tax rate over five years until it is repealed in 2016. It also freezes what businesses are required to pay under the tax so that firms would not pay more than what they paid last year.
Missouri's franchise tax already has been gradually reduced. In 2009, lawmakers exempted firms with less than $10 million in assets from the tax.