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Missouri Senate Supports Bill to Reduce Business Tax

JEFFERSON CITY, Mo. (AP) – Missouri senators have endorsed a bill restricting a state tax on companies' assets.

Senators gave first-round approval to legislation that freezes Missouri's franchise tax so that companies will be not be required to pay more than what they did last year.

Another measure would reduce the franchise tax rate over five years it's repealed in 2016. Supporters say the tax gives businesses a disincentive to expand.

Missouri has levied a franchise tax since 1917, though the state gradually has reduced the tax rate and exempted smaller businesses. It's charged on business' assets such as inventory and buildings.

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