Legislative staff previously estimated that Missouri could collect nearly $20 million less in franchise taxes for 2014, compared to the previous year, because of the phase-out.
“It’s another step in the right direction,” said Ray McCarty, the president of the Associated Industries of Missouri, a business association.
But business groups contend more tax cuts are needed for Missouri to remain competitive with neighboring states such as Kansas and Oklahoma, which cut their income tax rates.
In the 2014 legislative session “we’ll continue to push for broad-based tax relief for Missouri employers,” McCarty said.
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