HB1774 Creates an income tax credit for certain lead abatement projects.
Sponsor: Auer, Ron (59) Effective Date:00/00/0000
CoSponsor: LR Number: 4118L.01I
Last Action: COMMITTEE: WAYS AND MEANS
02/15/2000 - Public Hearing Held (H)
HB1774
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB1774 Copyright(c)
* Introduced

Available Bill Text for HB1774
* Introduced *

BILL SUMMARIES

INTRODUCED

HB 1774 -- Taxation:  Credits for Lead Abatement Projects

Sponsor:  Auer

This bill authorizes various state tax credits to owners of
certain child-occupied facilities or dwellings who participate
in a qualified lead abatement project.  The credit may be taken
against income tax, franchise tax, or financial institutions tax.

The credit will be equal to 50% of the lead abatement cost to an
owner located in a census tract above poverty level and 100% of
the lead abatement cost to an owner located in a census tract
below poverty level.  The credit is not refundable, but can be
carried forward for 4 years or may be transferred, assigned, or
sold.  The maximum credit per taxpayer will be $50,000 per year,
with a limit of $100 million per year state wide.

The bill requires a tax certificate from the Department of
Health to qualify for the credit.

The credit will apply to tax year 2000 and thereafter.


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