Tax break for small businesses on agenda of Missouri Legislature
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www.STLtoday.com
January 16, 2011
Small businesses often get left out when tax breaks are given out. That's the thinking behind the first bill up for debate in the Missouri House this week. The plan would give small businesses a $10,000 tax deduction for every new job they created that paid at least the county's average wage. The deduction would double if the firm also offered health insurance and paid at least half the employee's premium.
Businesses employing fewer than 50 full- or part-time employees would be eligible.
Republicans, who enjoy a commanding 106-57 majority in the House, have made the bill a top priority. In addition to the tax break, it contains Speaker Steve Tilley's proposal to extend a ban on new state rules and increased user fees for small businesses.
Under the bill, eligible businesses could claim the deduction for each new full-time job created in a tax year, starting Jan. 1, 2011. If a business creates a job in 2011, for example, it could claim the deduction in its 2011 tax return. This special deduction would be available for four years, expiring on Dec. 31, 2014.
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