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Missouri Senate passes tax incentives for small businesses

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Missouri Senate passes tax incentives for small businesses

JEFFERSON CITY, Mo. (AP) – The Missouri Senate has passed a five-year extension to a package of tax incentives for small businesses. Senators voted 27-4 Monday to pass the legislation, known as the Big Government Get Off My Back Act. The House passed a version of the bill earlier this year. Businesses with fewer than […]

Missouri Senate passes tax incentives for small businesses

JEFFERSON CITY, Mo. (AP) – The Missouri Senate has passed a five-year extension to a package of tax incentives for small businesses.

Senators voted 27-4 Monday to pass the legislation, known as the Big Government Get Off My Back Act. The House passed a version of the bill earlier this year.

Businesses with fewer than 50 employees would be able to claim a $10,000 tax deduction for each job they create that pays above their county’s average wage. The business could claim a $20,000 deduction if it also includes health insurance.
The measure would also require most regulations proposed by state agencies to pass the Legislature.

Republican Sen. Will Kraus added a provision allowing small businesses to ask for exemptions from participation in federal work authorization programs if the businesses say the checks are costing too much.

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