HB 1005 -- Tax Credits

Sponsor:  Flook

Beginning July 1, 2010, this bill reduces the amount of tax
credits that can be authorized annually for the Family
Development Account Program from $4 million to $100,000; and the
amount of tax credits that can be annually certified for
qualified film productions is reduced from $4.5 million to
$500,000.

Tax credits issued for certain programs must be redeemed or
applied to the taxpayer's tax liability within three years of
their issuance.  Any amount of tax credits that is not redeemed
or is left unapplied after three years will expire and cannot be
redeemed or applied to a taxpayer's tax liability.  The bill also
prohibits certain tax credits from being issued after
December 31, 2011, unless re-authorized by the General Assembly.
If re-authorized, the tax credits will automatically expire on
December 31 six years after the effective date of the
re-authorization.  These tax credits will terminate on
September 1 immediately following the calendar year in which the
tax credits expired.  The tax credits affected by these
provisions include:

(1)  Neighborhood Assistance Act Tax Credit (Section 32.115,
RSMo);

(2)  Distressed Areas Land Assemblage Tax Credit (Section
99.1205);

(3)  Tax credit for contributions to the Missouri Development
Finance Board (MDFB) (Section 100.286);

(4)  Tax credit for the owner of any revenue bonds or notes
issued by the MDFB (Section 100.297);

(5)  Business Use Incentives for Large-Scale Development (BUILD)
Tax Credit (Section 100.850);

(6)  Senior Citizens Property Tax Relief Tax Credit (Section
135.030);

(7)  Tax credit for surviving spouses of public safety officers
(Section 135.090);

(8)  Tax credit for a new or expanded business facility (Section
135.110);

(9)  Tax credit relating to enterprize zones for:

(a)  A taxpayer who rents residential property to low- and
moderate-income individuals or who builds bedrooms in a qualified
residential housing unit (Section 135.220);

(b)  New or expanded business facilities (Section 135.225);

(c)  Expenses of training employees (Section 135.235); and

(d)  A taxpayer who operates an approved retained business
facility in an enterprise zone (Section 135.279);

(10)  Wood Energy Producer Tax Credit (Section 135.305);

(11)  Charcoal Producer Tax Credit (Section 135.313);

(12)  Special Needs Child Adoption Tax Credit (Section 135.327);

(13)  Missouri Low-income Housing Tax Credit (Section 135.352);

(14)  Tax credit for a qualified investment in Missouri small
businesses and qualified investors in community banks or
community development corporations (Section 135.403);

(15)  Youth Opportunities and Violence Prevention Tax Credit
(Section 135.460);

(16)  Tax credit for rehabilitation and construction of
residences in distressed communities and census blocks relating
to rebuilding communities and neighborhood preservation (Section
135.481);

(17)  Tax credit for expenditures by small businesses to comply
with applicable access requirements of the federal Americans with
Disabilities Act (Section 135.490);

(18)  Tax credit for investments of certified capital (Section
135.503);

(19)  Tax credit for relocating a business to a distressed
community (Section 135.535);

(20)  Tax credit for investing in the transportation development
of a distressed community (Section 135.545);

(21)  Tax credit for contributions to shelters for victims of
domestic violence (Section 135.550);

(22)  Tax credit for residential renovations for the disabled
(Section 135.562);

(23)  Tax credit for contributions to the Missouri Health Care
Access Fund (Sections 135.575 and 191.1056);

(24)  Tax credit for contributions to maternity homes (Section
135.600);

(25)  Tax credit for contributions to pregnancy resource centers
(Section 135.630);

(26)  Tax credit for donated food (Section 135.647);

(27)  Qualified Beef Tax Credit (Section 135.679);

(28)  Qualified Equity Investment Tax Credit (New Markets)
(Section 135.680);

(29)  Tax credit for wine and grape producers (Section 135.700);

(30)  Tax credit for alternative fuel vehicle refueling property
(Section 135.710);

(31)  Tax credit for film production companies (Section 135.750);

(32)  Tax credit for small business guaranty fees (Section
135.766);

(33)  Tax credit relating to enhanced enterprise zones for:

(a)  Establishing a new business facility (Section 135.967); and

(b)  Megaprojects (Section 135.968);

(34)  Residential Treatment Agency Tax Credit (Section 135.1150);

(35)  Missouri Homestead Preservation Tax Credit (Section
137.106);

(36)  Qualified Rolling Stock Tax Credit (Section 137.1018);

(37)  Tax credit for certain self-employed taxpayers (Section
143.119);

(38)  S Corporation Tax Credit (Section 143.471);

(39)  Tax credit for banking institutions for activities related
to economic development, low-income housing, and neighborhood
assistance (Section 148.064);

(40)  Tax credit for credit unions and savings and loan
associations for the annual tax required for exercising corporate
franchise (Section 148.620);

(41)  Tax credit for S corporation shareholders of associations
(Section 148.655);

(42)  Tax credit for S corporation shareholders of credit
institutions (Section 148.657);

(43)  Retained Jobs Training Tax Credit (Section 178.762);

(44)  New Jobs Training Tax Credit (Section 178.894);

(45)  Tax credit for contributions to family development accounts
(Section 208.770);

(46)  Historic Structures Rehabilitation Tax Credit (Section
253.550);

(47)  Tax credit for the purchase of a dry fire hydrant or the
provision of water storage for dry hydrants (Section 320.093);

(48)  Tax credit for contributions to innovation centers (Section
348.302);

(49)  Agricultural Product Utilization Contributor Tax Credit and
New Generation Cooperative Incentive Tax Credit (Section
348.434);

(50)  Tax credit for Family Farm Livestock Loan Program (Section
348.505);

(51)  Tax credit for contributions to the Missouri Property and
Casualty Insurance Guaranty Association (Section 375.774);

(52)  Health Insurance Pool Credit (Sections 376.975 and
376.980);

(53)  Abandoned Property-Redevelopment Projects Tax Credit
(Section 447.708);

(54)  Small Business Incubators Tax Credit (Section 620.495);

(55)  Missouri New Enterprise Tax Credit (Section 620.650);

(56)  Quality Jobs Tax Credit (Section 620.1881); and

(57)  Shared Care Tax Credit (Section 660.055).

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:26 am