JEFFERSON CITY—A bill giving Missouri small businesses tax breaks up to $20,000 for each job created became law today with Gov. Jay Nixon’s signature.
The law, which passed the Senate unanimously and will go into effect Aug. 28, will offer businesses with 50 or fewer employees a tax deduction of $10,000 for each job created, or a $20,000 deduction if the job includes health insurance benefits. The bill stipulates that businesses retain those jobs for at least a year and provide a wage that matches the county or state average wage, whichever is lower.
The types of businesses qualifying for the break include sole proprietorships, partnerships, S-corporations, C-corporations, limited liability companies, limited liability partnerships and other business entities.