The Joplin Globe, Joplin, MO

Business

June 27, 2012

Gov. Nixon signs law aimed at expanding employment in Joplin

JOPLIN, Mo. — Gov. Jay Nixon came to Joplin today to sign a bill that will give small businesses tax deductions to add jobs.

Businesses of 50 employees or less can receive a deduction of $10,000 or $20,000 per job they create through 2014 under House Bill 1661, which Nixon signed into law today at the Joplin Area Chamber of Commerce, 320 E. Fourth St.

“For businesses looking for an opportunity to grow, now’s the time,” the governor said.

The ceremony took place in Joplin because area legislators co-sponsored the bill.

State Rep. Bill White, R-Joplin, said the legislature approved a bill last year for the tax deductions but it did not define what businesses are eligible. This bill clarifies that, he said. The deductions apply to those with 50 or few employees, which the governor said constitutes the bulk of businesses in the state.

Nixon said this law, along with the Small Business Loan Program he created 2009 and state financial assistance for training employees, are the types of measures that make Missouri attractive to business and have improved the state’s ranking as an entrepreneurial state. Those incentives sparked the state’s recovery from the 2009 economic downturn, he said.

Business owners who want more information about the new tax deductions, the loan program or other services to start or expand small businesses may contact the Missouri Small Business and Technology Development Center, 625-9520; the Business Initiatives & Growth Hub, 407 S. Pennsylvania Ave., 625-6680;  or for the region at the Barton County center, 417-682-3579.

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