HB 1981 -- Income Tax Credit for Certain Small Businesses

Sponsor:  Kratky

Beginning January 1, 2011, this bill authorizes an income tax
credit of $500 for each person a small business hires who is
disabled or recently discharged from a correctional facility.
The disabled individual must be employed for at least one year
with a minimum of 25 hours per week, and an individual recently
discharged from a correctional facility must work at least one
year for at least 40 hours per week before the small business
will 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 will
be issued on a first-come, first-served basis and is not
refundable or transferable but can be carried forward for three
subsequent taxable years.  No more than $10 million of these
credits can be issued 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, 2nd Regular Session
Last Updated September 14, 2010 at 3:12 pm