HB 1615 -- Tax Credit for Qualified Research Expenses

Sponsor:  Storch

Beginning January 1, 2011, this bill authorizes a tax credit for
qualified research expenses.  The tax credit will be equal to 10%
of qualified research expenses, up to $500,000, or 25% of the
qualified research expenses, up to $1 million, if the expenses
are incurred in a distressed community.

No more than $10 million in tax credits may be issued in any
fiscal year.  At least $6 million of these tax credits must be
issued for qualified research expenses incurred in distressed
communities.  The bill specifies what constitutes a qualified
research expense.

To claim the tax credit, a taxpayer must submit an application
for a tax credit certificate to the Department of Economic
Development and any fee imposed by the department.  The
application must be filed at the end of the calendar year in
which a qualified research expense was paid or incurred.  The
application must include any certified documentation and
information required by the department.  The tax credit may be
carried forward for 10 years and may be sold or transferred.

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

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:11 pm