Missouri Chamber pushes for governor to sign employee ownership tax break

The Missouri Chamber and some of its members are among those urging Gov. Jay Nixon to sign into law a tax break for business owners who sell their a company to its employees.

House Bill 2030 would give business owners a 50 percent tax deduction if their companies are at least 30 percent employee owned. It was sponsored by House Speaker Pro-tem Denny Hoskins, R-Warrensburg, who argues it provides ownership opportunity and job security for Missourians.

Missouri Chamber CEO Dan Mehan added that the proposed tax break would provide an incentive for retirees to sell their businesses to their employees and help keep those jobs in-state.

Opponents note that the bill will take away more than $10-million in state tax revenue, which they say could go to schools and other state-backed programs.

The bill was one of the few that passed this legislative session that could help keep jobs in Missouri. Nixon has not yet indicated whether he’ll sign the bill. It passed with strong bipartisan support in both chambers: 128-14 in the House and 28-2 in the Senate.

Read more: Missourinet, St. Louis Public Radio

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