It’s fun to contrast and compare the tax incentives and business laws of two mid-western states, Missouri and Illinois. The two neighboring states have laws that are similar in practice, and that seek to help businesses in the area thrive despite a tough economy. Through educating yourself, you can take your business higher than you previously though possible.

Both Missouri and Illinois have some of the lowest corporate and property taxes in the entire country. St. Louis, the marketplace of Missouri and Illinois and a gateway to the west, is seen as one of the most tax-friendly areas to start a business. Thanks to the legislation put into action, even during a recession a business can start, develop, and thrive with the many incentives.

Business laws are also coming out to create a break for business owners. The Missouri Tort Reform act is an example of such a business law that was passed in legislation. This act in particular will lessen the blow that comes as a result of financial claims customers take out against a company. Instead of going bankrupt, the business can learn from mistakes and rebuild.

Being hesitant about expanding a business is common. Business owners don’t want to take unnecessary risks, obviously. Illinois and Missouri both have similar laws that reward a business for taking the jump and hiring more employees that come from a family lifestyle. Named the Missouri Quality Jobs Act and the Illinois EDGE program, these programs can build new jobs as a result of hefty tax incentives given to small businesses.

Just a decade ago, it was probably a bit more expensive and confusing to start up your own business. Today the Missouri and Illinois governments have put an easier and less costly approach into action. It’s even possible to get your own business license, by yourself, and without the help of a professional and his or her attached fees. In the end you will be spending less of your business loan on setting up the business, and more for keeping it going.

It is surprising that a large number of business in both states don’t take advantage of tax incentives simply because they don’t know about them. You don’t need to be an expert accountant or law major to stay updated on the new laws. Instead, you only need a good accountant to confide in. Look around if you don’t have one already, or if you have one that hasn’t shed light on the tax incentives you can obtain.

Closing Comments

Tax incentives could be just the thing you need to get your business to the next level. Don’t throw away your chance at doing so by not talking to your accountant about the new laws in Missouri and Illinois, and even the laws being put into motion currently.

Learn more about save the Missouri historic tax credits and Missouri historic rehabilitation tax credit.