Missouri Governor Vetoes Pro-ESOP Bill

On June 28, Governor Jay Nixon (D) of Missouri vetoed House Bill 2030. The bill, passed with bipartisan support, would have allowed the deferral of state capital gains taxes for qualifying sales of stock to an ESOP. In his explanation of the veto (PDF), Gov. Nixon described it as "a costly solution in search of a problem." The Missouri Chamber of Commerce and Industry supported the bill, and its president Daniel Mehan said, "The benefits of employee ownership are proven by research and illustrated by powerful anecdotes from employee-owned Missouri companies."