Topeka ? A measure that would reduce or eliminate the Kansas franchise tax for thousands of businesses has been approved by the House Taxation Committee.

The bill, sponsored by Rep. Tom Holland, a Democrat from Baldwin, would exempt business with a net worth of $1 million or less from paying the tax. Currently, all businesses must pay the tax.

Under the bill, the franchise tax would be assessed on a graduated scale.

“This bill goes a long way toward correcting the regressive nature of the Kansas franchise tax,” Holland said.

For more on this story, pick up a copy of Tuesday’s Journal-World.