JEFFERSON CITY, Mo. — Service and technology companies based in Missouri will have the option of calculating their taxes in a way supporters of the measure say avoids double taxation.
Gov. Jay Nixon signed a bill Wednesday that gives more companies a tax calculation option lawmakers say they always intended to apply to all businesses, not just manufacturing companies.
The measure updates a 2013 law that Republican Sen. Will Kraus, the bill sponsor, says was interpreted incorrectly by the state Department of Revenue.
Nixon says the clarification guarantees a level playing field for technology and service-based businesses.
Representatives from H&R Block and Cerner testified in support of the measure in a Senate hearing earlier this year.
Corporate tax bill is SB19.
Source: Southeast Missourian