Gov. Jay Nixon has signed legislation that will gradually repeal Missouri’s corporate franchise tax.

Approved by lawmakers earlier this month, the bill reduces the franchise tax rate over the next several years before repealing it altogether in 2016. The state has levied the tax on corporate assets, such as inventory and buildings, for more than 90 years.

Smaller businesses, those with less than $10 million in assets, have been exempt from  paying franchise taxes since 2009.

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