The Missouri Senate’s goal of job creation continued this week. Jobs are my number-one priority during this legislative session. It is not the government’s role to create jobs, rather, it is our duty to create the proper climate so that businesses can thrive, prosper and hire more people to meet demand.
Missouri senators took a strong stand against this tax by forwarding two bills to the full Senate for debate — one that will cap the corporate franchise tax and another that will eliminate it from the books.
Senate Bill 18 would cap current franchise tax liabilities at the amount of each corporation’s tax liability for the 2010 tax year, while Senate Bill 19 would phase it out over a five-year period. If these measures make it through the Missouri House and are approved by the governor, there would be no more double taxing of businesses in our state by 2016. Business owners I have talked to throughout the 18th Senatorial District say they would happily take the money they normally pay in franchise taxes and use it to invest in their businesses and hire more people.
While we fully understand that Missouri is in need of revenue, we also know that allowing people and businesses to keep more of their own money always translates into better economic times. Phasing out the corporate franchise tax will bring in more revenue than keeping it on-the-books ever would.
In other Senate news this week, we had visitors from several groups around the district, including retired teachers and representatives from several area YMCA’s. It is always a pleasure to welcome them to their Capitol. If you or a group are planning a trip to Jefferson City, please make an appointment with my office so we can try and accommodate your schedule.
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