HCS HB 320, 39 & 662 -- INCOME TAX CREDIT FOR STORM SHELTERS

SPONSOR:  Dusenberg (Swinger)

COMMITTEE ACTION:  Voted "do pass" by the Committee on Homeland
Security by a vote of 12 to 0.

Beginning January 1, 2009, this substitute authorizes a one-time
income tax credit to a taxpayer for 50% of the cost of the
construction or $1,500, whichever is less, of a storm shelter
built in America and installed on or after January 1, 2003.  The
credit is not refundable or transferable.  The total amount of
credits, which will be issued on a first-come, first-served
filing basis, cannot exceed $2 million in any fiscal year.

The provisions of the substitute will expire December 31 six
years from the effective date.

FISCAL NOTE:  Estimated Cost on General Revenue Fund of Up to
$2,000,000 in FY 2010, FY 2011, and FY 2012.  No impact on Other
State Funds in FY 2010, FY 2011, and FY 2012.

PROPONENTS:  Supporters of the bills say that storm shelters are
almost a necessity for those who live in mobile homes.  The 2003
date was chosen because of the extraordinary number of storms
that year in southeastern Missouri which prompted a large number
of shelter installations.

Testifying for the bills were Representatives Swinger, Sater, and
Ruzicka.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:24 am