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

HB 675 creates a state tax deduction for Missouri residents who open savings accounts specifically to start a new business. It allows a 50% deduction on contributions (up to $800 annually for individuals or $1,600 for joint filers), reducing taxable income, with all account earnings and assets exempt from state income tax. The program is limited to "first-time business owners" who are also members of racial, ethnic, or cultural minority groups, as defined in the bill, and funds must cover eligible startup costs like incorporation fees, equipment, or marketing. Contributions are capped at $20,000 total per account, and the program expires automatically after six years unless reauthorized by the legislature.