Bill would allow new business owners to save more money
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.