MO HB1808

Allows individual taxpayers to deduct expenses incurred in creating or forming a limited liability company or sole proprietorship in Missouri, with a maximum deduction of $5,000 per tax year.

Deduction applies to all taxable years beginning on or after January 1, 2015.

Department of Revenue shall establish procedures for claiming the deduction and may promulgate implementing rules subject to Missouri's Administrative Procedure Act (Chapter 536).

Program automatically sunsets on December 31 six years after the effective date unless reauthorized by the general assembly; if reauthorized, sunsets after an additional six years.

Taxpayers may continue claiming benefits for business formation activities completed before the program sunsets.