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April 1, 1999 Kreider Passes Tax Credit For Small Business Jefferson City-- The Missouri House has given overwhelming approval to a measure sponsored by Speaker Pro Tem Jim Kreider, D-Nixa, that would provide tax credits for small businesses. HB 115 would provide small businesses (with less than 30 employees) a state tax credit for improvements made to comply with the Americans With Disabilities Act (ADA). "I believe this bill will be good for small businesses, good for our local communities and good for those with disabilities," stated Rep. Kreider. "I hope it will encourage businesses to renovate some of our older, historic homes and buildings in the downtowns of Missouri." Currently, the federal government provides a tax credit of up to 50 percent of these type of expenditures over $250 but less than $10,250 for a maximum benefit of $5000. Under Kreider`s legislation the state would provide a 50 percent credit for those expenditures that range from $10,250 to $20,250 for a maximum credit of $5000. "I feel small businesses are the backbone of our economy," said Rep. Kreider. "Since the average restroom renovation standards costs around $13,000 to $17,000 in order to comply with ADA standards. I believe it just makes good sense for the state to encourage these small businesses to make these improvements with much needed tax relief." HB 115 now moves on to the Missouri Senate. ### | |||||
Paid for by Kreider for Senator.
Bobby Neal Jr., Treasurer. Not at taxpayer's expense.
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