HB 1265 -- Tax Credit for Military-Related Compensation

Sponsor:  LeVota

This bill authorizes a tax credit to individuals, partnerships,
and corporations for 100% of the salary and benefits paid to any
employee while on active military duty as a member in the
reserves or national guard.  The credit will be considered an
overpayment of tax and is refundable if the amount of the credit
exceeds the taxpayer's tax liability.  The credit is limited to
$500,000 a year, and the Department of Revenue will determine a
procedure to equally apportion the cumulative tax credits between
qualifying taxpayers.

Missouri House of Representatives
93rd General Assembly, 2nd Regular Session
Last Updated November 29, 2006 at 9:42 am