Tagged: taxes

Gov. Jay Nixon has signed legislation to gradually repeal a tax on some Missouri businesses.

The bill reduces Missouri's franchise tax rate over the next several years before repealing it altogether for the 2016 tax year. Nixon signed the measure Tuesday in Kansas City at Boulevard Brewing Co. He said repealing the measure will provide an incentive for companies to move to Missouri.

The state's franchise tax was levied in 1917 and applies to company assets such as buildings and inventory.

A Missouri House member wants to ask voters to raise the state cigarette tax by 81 cents a pack.

Democrat Chris Kelly, of Columbia, outlined his plan Thursday to a House committee. He's proposing a future statewide vote on whether to raise Missouri's current 17-cent tax - the lowest in the nation - to 98 cents per pack.

Kelly says the increase could generate $425 million in state revenue, discourage people from smoking and bring down state health care costs.

With less than a month to go in this year’s legislative session, another proposal is being made to overhaul Missouri’s tax structure.

The resolution would replace the state’s income tax with a sales tax -- and if passed by lawmakers, it would go before Missouri voters next year.