Are You Hiring Full-Time Employees in Missouri?
If so, you may qualify for a state income tax deduction
Did you know that the state of Missouri recently passed legislation that allows some small business owners to receive a state income tax deduction for each new, full-time* job they create? To qualify, you must:
- Employ fewer than 50 employees, and
- Create new jobs with an annual salary that meets the county average wage as determined by the Department of Economic Development.
Tax Deduction Details
- Receive a $10,000 deduction for each new, full-time job created, or
- Receive a $20,000 deduction for each new, full-time job created if your business offers health insurance that covers at least 50% of the premiums;
- This tax deduction is available for tax years 2011 through 2014.
Brown Smith Wallace has a skilled team versed in Missouri tax rules. Contact Susan Nunez, JD, LL.M, at snunez@bswllc.com or Pam Huelsman at phuelsman@bswllc.com to learn how this new legislation may benefit your business.
*A full-time employee is defined as someone that works an average of 35 hours per week for a 52-week period.
Other State and Local Tax Topics
Got Credits and Incentives?: How you can reduce taxes and free up resources to grow your business
A Taxing Environment: How to navigate Missouri's changing tax landscape
A Taxing Situation: How to benefit from a better understanding of Illinois' tax regime
Staying Compliant: How to navigate state sales and use tax laws