FIRST REGULAR SESSION
94TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES ROORDA (Sponsor), MEADOWS, CHAPPELLE-NADAL, KOMO, FRAME, WILDBERGER, CASEY AND GRILL (Co-sponsors).
Read 1st time January 9, 2007 and copies ordered printed.
D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 620, RSMo, by adding thereto one new section relating to small businesses.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 620, RSMo, is amended by adding thereto one new section, to be known as section 620.1892, to read as follows:
620.1892. 1. This section shall be known and may be cited as the "Small Business and Entrepreneurial Growth Act".
2. For all taxable years beginning on or after January 1, 2008, an employer of a small business shall be allowed to receive benefits under subsection 3 of this section if such employer expands such business by increasing the number of jobs and by meeting the following qualifications:
(1) The employer's total payroll for the small business increases by at least twenty percent due to the addition of new jobs or a business with less than five employees adds employees so that the total number of employees is five or greater;
(2) The employer does not exceed ten new tech jobs, twenty new jobs located in a rural area, and forty new jobs located in an urban area; and
(3) Wages for new jobs created by the employer under this section are at least eighty-five percent of the average county wage.
3. Benefits provided under this section shall be as follows:
(1) Retention of all tax withheld under sections 143.191 to 143.265, RSMo, from the newly created jobs for a period of one year; or
(2) If the employer also provides health insurance and pays more than fifty percent of the premiums for all employees, the tax withheld under sections 143.191 to 143.265, RSMo, from newly created jobs may be retained for a period of two years.
4. No employers receiving benefits under this section shall be eligible for any benefits provided under sections 620.1875 to 620.1890.
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