Missouri House Bill 45
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 Pam Huelsman at firstname.lastname@example.org 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.