The Missouri House has given final passage to legislation aimed at helping get government out of the way of small business, allowing small business the option to grow and prosper.
House Bill 1870, sponsored by House Speaker Pro Tem Denny Hoskins, extends the “Big Government Get Off My Back Act” by five years. The Act provides an income tax deduction for small business (fewer than 50 employees) for each full time job created with an annual salary of at least the county average wage. The business will be allowed a deduction of $10,000 for each new full time job created or $20,000 for each full time job if the business offers health insurance and pays at least 50 percent of the premiums.
The Act also specifies that any federal mandate compelling the state to enact, enforce or administer a federal regulatory program must be subject to authorization through state appropriation or statutory enactment. It also mandates that before the state enacts a user fee or new rule, that the department enacting the fee or rule must certify that it does not have an adverse impact on small businesses and that it is necessary to protect the life, health, or safety of the public.
HB 1870 passed its final vote in the House by a 131-18 margin. It is now on Governor Nixon’s desk for his signature.