Bill would allow new business owners to save more money

9 months 3 weeks 2 days ago Wednesday, April 03 2019 Apr 3, 2019 Wednesday, April 03, 2019 8:08:00 AM CDT April 03, 2019 in News
By: Lanitta Collier, KOMU 8 Reporter
loading

JEFFERSON CITY - First-time business owners could soon be allowed a fifty-percent deduction from their income taxes to a savings account.

House bill 92, or the "First-Time Business Owner Savings Account Act," would allow a tax deduction for contributions to a savings account dedicated to establishing a business for a person who has never owned a business, individually or jointly, been in a partnership, or held majority of shares in a sole proprietorship.

Representative Alan Green (D-Florissant) sponsored the bill in hopes that this could attract a younger generation business owners to Missouri.

"Through this act you can show that you have money set aside to pay an office space or equipment that you're going to start your business with."

Funds in the savings account would only be able to be used for eligible expenses all the way thought the first month of the business.

The bill will be presented in the House Wednesday morning.

More News

Grid
List
MORGANTOWN, WV - The Tigers walked into the WVU Coliseum and suffered a 74-51 defeat to the 14th ranked West... More >>
10 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 6:05:15 PM CST January 25, 2020 in Sports
COLLEGE STATION, TX - The Missouri Tigers track and field team traveled to Gilliam Indoor Track Stadium in College Station,... More >>
11 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 5:18:00 PM CST January 25, 2020 in Sports
COLUMBIA- Singing, dancing, and speaking were all part of The Cultural Association of India's annual India Day celebration Saturday afternoon.... More >>
11 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 5:05:00 PM CST January 25, 2020 in News
COLUMBIA— Officers with the University of Missouri Police Department arrested John T. McLiney, 19, on one count of... More >>
13 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 4:00:00 PM CST January 25, 2020 in News
COLUMBIA - The Choral Arts Alliance of Missouri is holding its 5th Annual Unity Concert. The goal of the event... More >>
13 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 3:53:00 PM CST January 25, 2020 in News
FULTON - About 20 Fulton YMCA members kicked the cold Saturday by bundling up and running in the 4th annual... More >>
13 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 3:48:00 PM CST January 25, 2020 in News
BOONVILLE — The third annual Superfinn Autism Foundation Guns and Hoses Event was hosted at Boonville High School Saturday. ... More >>
13 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 3:10:00 PM CST January 25, 2020 in Continuous News
COLUMBIA- More than 100 people showed up for the 7th annual ROC 7K Trail run at Cosmo Park Saturday morning.... More >>
13 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 3:04:00 PM CST January 25, 2020 in News
COLUMBIA – Dozens of veterans showed up to All American Dental for free dental work Saturday. Leroy Strube, a... More >>
14 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 2:04:00 PM CST January 25, 2020 in News
COLUMBIA - The Como Shorts Filmmaker Showcase hosts multiple local artists this weekend to present their films. The showcase... More >>
15 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 1:54:00 PM CST January 25, 2020 in Top Stories
Missouri announced the businesses Thursday that will be licensed to sell medical marijuana later this year. ... More >>
17 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 11:28:24 AM CST January 25, 2020 in Continuous News
GUTHRIE - Callaway County prosecuting attorney has charged Lola Crews, 62, with first degree murder. On January 24 a... More >>
18 hours ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 10:06:00 AM CST January 25, 2020 in Continuous News
COLUMBIA - The CoMo Short Showcase highlights local filmmakers and their original work in the community. The goal is... More >>
1 day ago Saturday, January 25 2020 Jan 25, 2020 Saturday, January 25, 2020 4:45:00 AM CST January 25, 2020 in News
COLUMBIA - A hearing has been set for Joseph Elledge on Feb. 3 at 3:00 p.m. at the Boone County... More >>
1 day ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 8:02:00 PM CST January 24, 2020 in News
BOONVILLE – With the closing of Pinnacle Regional Hospital in Boonville, it will likely take longer for emergency officials to... More >>
1 day ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 7:50:00 PM CST January 24, 2020 in News
BOONVILLE (AP) - Missouri is planning to cut more than 1,700 beds at prisons across the state. Department of... More >>
1 day ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 6:47:00 PM CST January 24, 2020 in News
JEFFERSON CITY - Temperatures are dropping but that raises the spirit of giving for some Jefferson City residents. The Jefferson... More >>
1 day ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 6:20:00 PM CST January 24, 2020 in Continuous News
GUTHRIE TOWNSHIP - Deputies have one suspect in custody in a murder investigation. The Callaway County Sheriff's Office said there... More >>
1 day ago Friday, January 24 2020 Jan 24, 2020 Friday, January 24, 2020 5:41:00 PM CST January 24, 2020 in News
Columbia, MO
Broken Clouds 24°
5am 27°
6am 27°
7am 27°
8am 28°