HB 1717 Modifies the eligibility for the state income tax deduction for small businesses that create new jobs and the requirements for how frequently certain employers must file withholding tax returns

Current Bill Summary

- Prepared by Senate Research -


HCS/HB 1717 - This act modifies the eligibility for the state income tax deduction for small businesses that create new jobs and the requirements for how frequently certain employers must file withholding tax returns.

Section 143.173

This act specifies that the current state income tax deduction for a small business that create new jobs applies to a sole proprietorship, partnership, S-corporation, C-corporation, limited liability company, limited liability partnership, or other business entity that has fewer than fifty employees. When the small business is a type of business entity where taxation is passed through to the partners or shareholders, this deduction may be allocated to those individuals according to their agreement.

This provision is identical to SB 882 (2012) and a provision of HCS/HB 1661 (2012).

Section 143.221

Currently, where the amount an employer is required to withhold in state income tax is less than twenty dollars total a quarter, the employer is required to file an annual return. This act changes the amount to one hundred dollars a quarter.

EMILY KALMER


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