Multi-million dollar businesses will get another tax break from the Missouri House, Jordan Shapiro has more from the state Capitol.
Wrap: The House of Representatives gave first-round approval to a measure that would eliminate the corporate franchise tax.
The tax applies to businesses that have more than ten million dollars in assets.
Gladstone Representative Jerry Nolte who sponsered the bill says the current franchise tax makes Missouri less competitive compared to other states.
|Description: "This puts us in a bad competitive situation with others and in fact the state of Kansas has just eliminated their fr-- they've just eliminated their franchise tax."|
Opponents say the bill would cost the state eighty-five million dollars that could be used for funding programs like education.
From the state Capitol, I'm Jordan Shapiro.
Missouri's House joins the Senate in passing a bill that would eliminate a tax on businesses, Jordan Shapiro has more from the state Capitol.
Wrap: The corporate franchise would be eliminated under a bill approved by Missouri's House.
The bill would phase-out the franchise tax by the end of 2015 for large businesses.
Columbia Representative, Stephen Webber, says the bill would deprive the state of revenue that is needed for other programs.
|Description: "The folks we really do hurt by voting for this are kids because that money has to come from somewhere and as we look at the budget there is no place to take $80 million out of the next couple years' budgets besides programs that affect kids."|
Supporters say the bill will make the state more attractive to businesses looking to start-up or relocate.
From the State Capitol, I'm Jordan Shapiro.