HB 1001 -- Income Tax Credit for Small Businesses

Sponsor:  Kratky

Beginning January 1, 2010, this bill authorizes an income tax
credit for small businesses of $500 for each employed person who
is disabled or recently discharged from a correctional facility.
The disabled individual must be employed at least one year for a
minimum of 25 hours per week, and an individual recently
discharged from a correctional facility must work at least one
year for a minimum of 40 hours per week for the small business to
be eligible for the credit.  The small business will be eligible
for the credit for the first three years the individual recently
discharged from a correctional facility is employed and for each
year the disabled person is employed.  The credit is not
refundable and cannot be transferred, but it can be carried
forward three subsequent taxable years.  The credit is on a
first-come, first-served filing basis and cannot exceed $10
million in any fiscal year.

The provisions of the bill will expire December 31 six years from
the effective date.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:26 am