HB2679

HB2679 establishes a tax deduction for contributions to a savings account for first-time business owners in Missouri.

HB2679, the "First-Time Business Owner Savings Account Act," allows Missouri residents to contribute to a savings account dedicated to starting a new business and receive a tax deduction. Contributions are limited to $1,600 per year for individuals and $3,200 for joint filers, with a lifetime cap of $20,000. The account can be used for eligible expenses such as incorporation fees, marketing, equipment, and inventory. The account balance is exempt from state taxes, and the program will sunset six years after its effective date unless reauthorized.