SB 1020
Authorizes deductions for small business employing certain employees
LR Number:
Last Action:
2/4/2016 - Second Read and Referred S Small Business, Insurance and Industry Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2016

Current Bill Summary

SB 1020 - This act authorizes an eligible small business to deduct up to $5,000 for the following 3 years from their Missouri adjusted gross income to determine their Missouri taxable income for each disabled employee the small business employs averaging more than 25 hours per week or each ex-offender employee the small business employs averaging more than 40 hours per week.

This deduction is non-refundable. The deduction may be carried forward for 3 subsequent tax years. The deduction is non-transferable. Deductions are offered on a first-come, first-served basis and only authorized up to $10 million. This act shall sunset after 6 years unless re-authorized.