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You are here: Home / News / Nixon repeals franchise tax

Nixon repeals franchise tax

April 26, 2011 By Jessica Machetta

Governor Nixon is approving the franchise tax repeal today. The legislature had passed the bill that phases out the tax in the next five years, cutting state income an estimated $17 million a year until all $85 million dollars of the tax have been eliminated.

Business groups say it’s unfair to have a corporate income tax and a corporate franchise, or assets, tax.

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