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Feb. 1, 2011GLENDALE, MO | By: Wayman
Two bills relating to economic development takes a step forward in the Missouri senate. Senator Eric Schmitt of Glendale sponsors Senate Bill 18 and 19 both of which deal with the state's corporate franchise tax. Schmitt says Senate Bill 18 would cap the tax at 2 million dollars while Senate Bill 19 would phase it out completely over a 5 year period. The corporate franchise tax was created before Missouri's income tax went into effect. The two bills need one more vote before moving on to the Missouri House.