The Missouri house has approved first round funding in the amount of $200 Million in tax breaks and incentives for small business and shoppers. The two bills that are endorsed would waive state sales tax from July 4th to July 31st, and allow small businesses to keep a greater share of sales taxes collected throughout the year.
The bill will also exempts companies with $1 million in yearly sales from paying workers minimum wage. Currently, businesses with $500,000 in annual sales are exempt. Moreover, the bill would also ban increases on state user fees, as well as new regulations on small business for three years.
It’s good to see that dialogue and action is taking place to help small business.