Missouri legislation · 2026 Regular Session
Missouri HB2679: Establishes the "First-Time Business Owner Savings Account Act" and authorizes a tax deduction for contributions to a savings account dedicated to starting a new business
Status: In committee, May 15, 2026
What the bill says
To amend chapter 143, RSMo, by adding thereto seven new sections relating to the first-time business owner savings account act, with penalty provisions. Section A. Chapter 143, RSMo, is amended by adding thereto seven new sections, to be known as sections 143.1140, 143.1141, 143.1143, 143.1144, 143.1145, 143.1146, and 143.1147, to read as follows: 143.1140. 1. This section shall be known and may be cited as the "First-Time Business Owner Tax Deduction Act". 2. As used in this section, the following terms mean: (1) "Deduction", an amount subtracted from the taxpayer's Missouri adjusted gross in.
From the introduced text:
To amend chapter 143, RSMo, by adding thereto seven new sections relating to the first-time business owner savings account act, with penalty provisions. Section A. Chapter 143, RSMo, is amended by adding thereto seven new sections, to be known as sections 143.1140, 143.1141, 143.1143, 143.1144, 143.1145, 143.1146, and 143.1147, to read as follows: 143.1140. 1. This section shall be known and may be cited as the "First-Time Business Owner Tax Deduction Act". 2. As used in this section, the following terms mean: (1) "Deduction", an amount subtracted from the taxpayer's Missouri adjusted gross income to determine Missouri taxable income for the tax year in which such deduction is claimed; (2) "Eligible expenses", the same meaning as that term is defined under section 143.1143; (3) "First-time business owner savings account", the same meaning as that term is defined under section 143.1143; (4) "First-time business owner savings account act", sections 143.1141 to 143.1147; (5) "Taxpayer", any individual who is a resident of this state and subject to the income tax imposed under this chapter, excluding withholding tax imposed under sections 143.191 to 143.265. EXPLANATION -- Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is intended to be omitted from the law. Matter in bold-face type in the above bill is proposed language. HB 2679 3. For …