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MO HB1661

Bill

Official Source

Status

Passed

6/27/2012

Primary Sponsor

Denny Hoskins

Click for details

Origin

House of Representatives

2012 Regular Session

AI Summary

  • Allows small businesses with fewer than 50 employees to deduct $10,000 per new full-time job created with annual salary at least equal to county average wage, or $20,000 per job if health insurance is provided with employer paying at least 50% of premiums
  • Applies to taxable years beginning January 1, 2011 through December 31, 2014
  • Defines "new job" as full-time positions (35+ hours per week) exceeding the prior year's employment count on a qualifying date chosen by the business
  • Allows pass-through entities (partnerships, LLCs, S-corporations) to allocate tax deductions to individual partners, members, or shareholders
  • Includes automatic sunset provision requiring reauthorization by December 31, 2014, with program terminating September 1 of the following calendar year if not reauthorized

Legislative Description

Changes the laws regarding the income tax deduction for job creation by small businesses

Last Action

Delivered to Secretary of State (G)

6/27/2012

Committee Referrals

Ways And Means And Fiscal Oversight4/26/2012
Fiscal Review4/17/2012
Rules3/22/2012
Small Business2/9/2012

Full Bill Text

No bill text available