MO lawmakers extends small business tax incentives

MO lawmakers extends small business tax incentives

CAPE GIRARDEAU, MO (KFVS) - Missouri businesses with less than 50 employees could find themselves paying less in taxes if a newly-drafted bill becomes law.

Missouri lawmakers passed a five-year extension tax incentive that is specifically designed to keep small businesses open.

The legislation is known as 'Big Government Get Off My Back" Act.

That gives business owners the opportunity to claim a $10,000 tax deduction for each job they create that pays above their county's average wage.

The deduction increases to $20,000 if that company offers health insurance to their employees as well.

Tim Arbeiter with the Cape Chamber of Commerce said incentives like this are essential to keep small businesses' doors open.

"There are so many small businesses operating in our region that, as they continue to grow, they need assistance in order to keep that trajectory going forward," Arbeiter said. "So incentives and tools like this allow for something that the government can do that to say 'good job keep going.'"

Arbeiter also said discounts like this could attract more people to open up small businesses.

"$10,000 or $20,000, depending on benefits, is a good thing to have to keep growing business right here in Missouri," he said.

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