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News Brief

Aug. 6, 2012MO |  By: Grady

MO Small Businesses Tax

Missouri Governor Jay Nixon has signed into law a house bill giving great tax break incentives to small businesses in the state.

Missouri small businesses with less than 50 employees can get a 10,000 dollar tax deduction for each new qualifying job they create if the job pays at least the county or state average wage. Small Businesses owners can receive a 20,000 dollar deduction for each new created job if that job offers health insurance with the employer paying 50 percent of the premium. Nodaway county Economic Development Director- Lee Langerock says Nodaway county business leaders can look at this new tax incentive and see how they can benefit.

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Langerock adds to be eligible the small business must have less than 50 employees and employ the workers for at least 52 weeks. Businesses are eligible to claim the deduction during the 2012-13 and 14 tax years.