Missouri Legislature Passes Pro-ESOP Bill

On Friday, the Missouri legislature passed HB 2030, the Stock Ownership Tax Deduction Act. The bill, which passed 134 to 13 with strong support from legislators in both parties, would allow a deduction for 50% of the net capital gains on qualified sales of stock to an ESOP. Gov. Jay Nixon (D) is deciding whether to sign it into law. [Note: we previously mis-identified Gov. Nixon as a Republican.]