JEFFERSON CITY, Mo. — Additional small businesses will be allowed to claim a Missouri tax deduction for adding new jobs under legislation signed Wednesday by Gov. Jay Nixon.
The new law ensures the income tax deduction can be claimed by all types of small businesses — as originally intended when lawmakers passed a similar measure last year.
The Department of Revenue interpreted the 2011 law as applying only to certain types of companies. So lawmakers tried again in 2012, passing a bill listing the types of small business that qualify for the tax deduction, which can be claimed based on the number of jobs created.
Nixon trumpeted the 2012 bill during signing ceremonies Wednesday at the Bloch School of Entrepreneurship and Innovation at the University of Missouri-Kansas City and at the Joplin Area Chamber of Commerce. That came after Nixon’s administration last week cited the tax break legislation as one of several measures that had contributed to a projected state budget shortfall. The governor trimmed $15 million from the 2013 fiscal year budget that takes effect Sunday.
“Missouri is a national leader in supporting and nurturing start-up businesses, and this targeted tax deduction is another valuable tool to help your businesses reach new heights,” Nixon said in a written statement. “By helping our small businesses create new jobs and grow, we will keep
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