HB 488 -- TAX CREDIT FOR IDLE REDUCING TECHNOLOGY (Wasson)

COMMITTEE OF ORIGIN:  Special Committee on Job Creation and
Economic Development

Beginning January 1, 2007, this bill authorizes an income tax
credit for up to 50% of the cost to purchase and install idle
reduction technology on a class 8 truck.  A "class 8 truck" is
defined as a heavy duty vehicle with a gross vehicle weight in
excess of 33,000 pounds.  The maximum amount of the tax credit is
$3,500 per truck.  No more than $15 million in tax credits can be
issued during any one fiscal year and no more than $30 million
can be issued during the life of the program.  If the amount of
credits claimed in any one fiscal year exceeds $15 million, the
Department of Revenue must apportion the tax credits equally
among all eligible taxpayers.  The tax credit can only be claimed
by Missouri residents and may be taken against individual and
corporate income tax, corporate franchise tax, and express
company tax liability.  The tax credit is not transferable or
refundable, but can be carried forward and claimed for up to
three taxable years.

The provisions of the bill will expire two years from the
effective date.

FISCAL NOTE:  Estimated Cost on General Revenue Fund of Unknown
in FY 2008, FY 2009, and FY 2010.  Unknown less than $15,000,000
per year and less than $30,000,000 in total.  No impact on Other
State Funds in FY 2008, FY 2009, and FY 2010.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:19 am