JEFFERSON CITY, Mo. (AP) — The Missouri House has approved legislation offering tax credits to millionaires who invest in startup businesses.
The measure would create a 50 percent tax credit for people who invest up to $100,000 in young companies. It would set a statewide maximum of $6 million to be awarded annually in each of the next 10 years.
The bill was approved 137-12 on Monday in the House, where it was backed by Republican and Democratic leaders. But it now goes to the Senate, where its prospects are shaky.
Senators have been at loggerheads over whether to rein in some of Missouri’s existing tax credits while creating new incentives for businesses. As a result, proposals for individual new tax incentives have not fared well.
Investor tax credit is HB1593.
Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.