Missouri House considers incentives for entrepreneurs, small businesses

The Missouri House is considering a bill that would offer tax incentives to new businesses while creating a new state office devoted to assisting entrepreneurs.

Rep. Travis Fitzwater, R-Holts Summit, sponsored HB 1590, which would make several changes to taxation, state contracts and the Department of Economic Development (DED). Known as the Right to Start Act, the bill would reduce the first $100,000 of any remaining income tax for limited liability companies (LLCs) by 20 percent the first three years the business is in operation. Corporations would receive a 1 percent incentive up to $100,000 for their first three years.