SB 1020 - Sifton, Scott
Authorizes deductions for small business employing certain employees
Bill Details
Sponsor
LR Number
6132S.02I
Title
SB 1020
House Handler
N/A
Journal Page
Effective Date
August 28, 2016
Committee
Current Status
Second Read and Referred S Small Business, Insurance and Industry Committee
Quick Links
Amendments
No amendments available
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.
DOMENIC SITA