Missouri Governor, Jay Nixon, recently signed legislation creating new opportunities for small business owners for creating new job opportunities. For tax years 2012 through 2014, small businesses can claim a $10,000 Missouri income tax deduction for each new full-time job created with an annual salary of at least equal to the average county wage as determined by the Department of Economic Development. The tax deduction doubles if the business also offers and pays at least half of the new worker’s health insurance premium.
A small business is any business with less than 50 full- or part-time employees.
If you would like more details about any aspect of the new legislation, please do not hesitate to contact the professionals at Abeles and Hoffman at 314-991-4770.