Bill extension would provide tax relief to small businesses.
Missouri House Approves Big Government Get Off My Back Act
The Big Government Get Off My Back Act, a bill that incentivizes small businesses to create jobs, is back.
Under this bill, small businesses in the Show-Me State would receive a $10,000 tax deduction for hiring new employees and paying them the average county wage at minimum. The bill also limits the reach of the federal government over Missouri small businesses by protecting them from new rules and regulations.
This legislation originated in 2009 and expired in 2014. The Missouri House also passed its renewal last year, but then the bill got caught up in the Senate filibuster during the last week in session. If approved in this year’s session, the bill would go into effect for 2016 through 2021.
By the end of 2014, when this tax incentive last expired, nearly 200 small businesses had taken advantage of it, which provides a huge benefit to not only the small businesses claiming the deduction but also the small communities in which new jobs are created.