Missouri General Assembly approved franchise tax cap, phase-out

myStateTaxOffice
Legislation approved by the Missouri House and Senate would cap the state's annual franchise tax at 2010 levels and, beginning with the 2012 tax year, begin to phase-out the tax until completely eliminated in 2016. The legislation has been sent to Governor Jay Nixon for his consideration. The Governor has 15 days in which to sign or veto the legislation, or otherwise take no action and allow it to become law without his signature. The most recent total franchise tax collections for the state were $87.5 million (for the year ended June 30, 2010). [S.B. 19, Truly Agreed To and Finally Passed, 4/6/2011]


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