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Missouri House Bill 45

08.17.2011

Are you hiring full-time employees in Missouri? If so, you may qualify for a state income tax deduction.


Missouri FlagDid 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 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

Team

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