Here it is, Missouri’s “Right to Start” bill, HB 1202, which is inspired by my interests in economic development issues, #entrepreneurship, & our state’s need to expand our new business climate. Thanks to @rainforestbook, @JasonGrill, @DixonRob and @DerekGrier for helping me.
The Right to Start bill linked below, comes from a belief that Missourians have a right to start a company & the state should be encouraging that behavior. So, I filed a bill to make that easier for entrepreneurs to take the leap. Time for a #thread house.mo.gov/billtracking/b…
In the bill, there’s an SBA lending provision allowing the state of Missouri to help with loans for last mile funding for the purchase of existing and heritage Missouri businesses. Thanks to @BrentBeshore for helping me think through this.
There’s a requirement that 5% of Missouri’s state contracts go to businesses that are 5 years old or younger. This pushes more dollars to our states’ startups and entrepreneurs instead of only to companies who know how to win state contracts.
Changes to business income tax that provides a laddered increase in corporate taxes from 0% in year1, 1% year2, 2% year3, 3% year4, and the full 4% upon making it to year5 & on. This gives new companies space on the margins to survive the first few years of being in business.
We are allowing small businesses w/less than $5k in biz income to defer for one year their tax filing on that income. It’s expensive & time consuming for business owners to file taxes. This gives leeway to the little shops in our state who need more time to get their taxes done.
(1/2) We ban non-compete agreements in this legislation. Silicon Valley became a massive tech innovation space in large part because California stopped recognizing non-compete agreements which allowed mobility for entrepreneurs who made our world’s leading technology. (Cont’d)
(2/2) ... We should be committed to the same level of innovation for our state’s entrepreneurs. Non-compete agreements are helpful in encouraging entrepreneurship and startup growth. Non-competes stifle innovation.
(1/2) Lastly, this establishes the state Office of Entrepreneurship that will be devoted to building an environment in our state that encourages the citizens of Missouri to take that leap and start a business. Over the last 30 years, all net new jobs have come from new businesses
(2/2) ... For our economy to thrive and be the dynamic climate we expect in America, we need more risk takers to start businesses. The state should take a lead in having that conversation. This is my attempt to do so in my last term in the #moleg
The bill certainly has plenty of work to be done on it, but I’m hoping to have a robust conversation about this policy. We’ll see. Missourian’s should have a “Right to Start” a business. The state needs to make it easier to do so.
Thanks to @RighttoStart, @NEXTMissouri, the Missouri Dept. Of Economic Development, and other organizations for their ideas that were included in this legislation. It’s far from finished, it’s just the beginning. Missouri has to do more to encourage #entrepreneurs to start.
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