HB1921 Creates an income tax credit for certain farmers and farming corporations in an amount equal to ten percent of the cost of items allowed as an expense election pursuant to section 179 of the IRC.
Sponsor: Hartzler, Vicky (124) Effective Date:00/00/0000
CoSponsor: Blunt, Matt (139) LR Number: 3241L.01I
Last Action: 02/17/2000 - Referred: Ways and Means (H)
HB1921
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB1921 Copyright(c)
* Introduced

Available Bill Text for HB1921
* Introduced *

BILL SUMMARIES

INTRODUCED

HB 1921 -- Income Tax:  Agricultural Investment Tax Credit

Co-Sponsors:  Hartzler (124), Blunt, Legan

This bill creates the Missouri Agricultural Investment Tax
Credit Program.

Taxpayers who qualify as farmers under federal and state law
will be allowed to take a 10% state income tax credit for the
cost of any item which is allowed as an expensing item election
under federal law.  The maximum credit will be $5,000 per
taxpayer per year.

The credit is not refundable, but excess credits may be carried
back 3 tax years or forward 5 tax years.

The credit will apply to tax years 2000 and thereafter.


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