HB 553 -- Tax Credit for Certain Motor Vehicle Purchases
Beginning January 1, 2009, this bill authorizes a tax credit
equal to 100% of the state sales tax paid on any new motor
vehicle assembled and purchased in Missouri on or after that
date. The tax credit is refundable and may be claimed against a
taxpayer's income tax; corporate franchise tax; financial
institutions tax; and bridge, express, and public utility
companies tax. Any political entity may exempt these sales from
the local sales tax by order or ordinance.
The provisions of the bill will expire December 31 six years from
the effective date.