The proposed bill, known as the "Small Business Start-up Fee Reduction Act," aims to support small businesses in Missouri by reducing or waiving various start-up fees for eligible micro-businesses during their initial twenty-four months of operation. The bill defines key terms such as "Department," "Eligible business," "Micro-business," and "Secretary," and outlines the specific fees that may be reduced or waived, including those associated with forming a limited liability company, business name registration, state vendor certification, and annual reporting. The Department of Economic Development, in coordination with the Secretary of State, will establish a fee-reduction schedule and ensure that no penalties are assessed for first-time filings made by micro-businesses during the start-up period. Additionally, the bill encourages partnerships between the Department and local agencies, chambers of commerce, and entrepreneurial organizations to provide voluntary support services to eligible businesses, such as business planning assistance and financial literacy training. The Department is also tasked with submitting an annual report to the General Assembly detailing the number of businesses receiving fee reductions, the associated costs, and the growth or stability of these businesses. The bill includes provisions for the promulgation of necessary rules and regulations for its administration and is set to take effect on January 1, 2027.

Statutes affected:
Introduced (6324H.01): 620.505