Gov. Carnahan to sign tax- relief bill in Springfield

Gov. Mel Carnahan will hold a public signing of a bill to benefit small businesses at the Springfield-Branson Regional Airport.

The governor will sign House Bill 516, a bill to reduce the corporate franchise tax, at 3 p.m. June 24 in the General Aviation Complex, according to a news release from Associated Industries of Missouri.

This bill reduces the tax by 20 percent and exempts many small businesses from paying the tax altogether.

"We are pleased that the General Assembly included significant tax reduction for Missouri's employer community in House Bill 516. Over the last three years, virtually every taxpayer in Missouri has enjoyed tax relief with the exception of business. This legislation is a significant step toward delivering to Missouri businesses the type of tax policy necessary to create newer and better jobs," said Chris Long, AIM president, in the release.

House Bill 516 also contained other measures AIM supported during the session, including tax incentives for businesses complying with the federal Americans With Disabilities Act and a tax deduction for the cost of health insurance for self-employed Missourians.