Missouri House OKs tax deduction for returning businesses
JEFFERSON CITY (AP) - Businesses that relocate to Missouri would be eligible for a tax deduction under a proposal endorsed by the House.
The House in a voice vote gave initial approval Tuesday to the "Bring Jobs Home Act" that would allow businesses to get an income tax deduction for up to 50 percent of the expenses from relocating to Missouri.
Republican Rep. John McCaherty, of High Ridge, says this will send a clear message that Missouri wants those businesses to come to the state.
The company would have to create a written plan for relocating and show additional jobs in the state were created.
If the business eliminates the branch created using a deduction within 10 years, the deduction must be paid back.
The program is capped at $20 million annually.