Missouri Governor approves franchise tax cap, phase-out

On April 26, Governor Jay Nixon signed legislation capping the state's annual franchise tax at 2010 levels and, beginning with the 2012 tax year, phasing-out the tax until completely eliminated in 2016. The most recent total franchise tax collections for the state were $87.5 million (for the year ended June 30, 2010). [S.B. 19, enacted, 4/26/2011]

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