Lawmakers Approve Bill to Aid Small Businesses
JEFFERSON CITY, Mo. (AP) -- Missouri small businesses could soon get a tax break for hiring new workers and a longer grace period from many new state regulations and fee increases.
Legislation extends a ban on many fee increases for an extra year to 2014. Existing restrictions on many new state regulations affecting small businesses also would be extended and expanded to cover firms with more employees.
Businesses would be eligible for a $10,000 income tax deduction for each new job that at least matches the county's average wage. The tax deduction doubles if businesses pay half the new workers' health insurance premiums. That is estimated to translate into a tax break of $600 to $1,200 per job. Lawmakers gave the bill final approval and sent it to Gov. Jay Nixon.