HCS HB 227 -- INCOME TAX CREDIT FOR STORM SHELTERS

SPONSOR:  Tilley (Swinger)

COMMITTEE ACTION:  Voted "do pass" by the Special Committee on
General Laws by a vote of 6 to 1.

This substitute authorizes a nonrefundable individual income tax
credit for 50% of the cost of the construction of a storm shelter
or $2,000, whichever is less.  Any storm shelter manufactured or
produced in the United States which is built on or after January
1, 2003, will be eligible for the tax credit.

The provisions of the substitute will expire six years from the
effective date.

FISCAL NOTE:  Estimated Cost on General Revenue Fund of $31,188
to Unknown in FY 2008, $32,248 to Unknown in FY 2009, and $33,216
to Unknown in FY 2010.  Expected to exceed $100,000.  No impact
on Other State Funds in FY 2008, FY 2009, and FY 2010.

PROPONENTS:  Supporters say that the bill will give Missourians
the incentive to invest in storm shelters.  Tornado alley runs
through Missouri and endangers the lives of many people who live
in trailers, homes without basements, and apartments without
shelters.  While the bill applies the tax credit to any purchase
of an eligible storm shelter made in the last four years, the
nonrefundable, nontransferable tax credit will be taken in the
current year.

Testifying for the bill was Representative Swinger.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:18 am