FIRST REGULAR SESSION
94TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES NASHEED (Sponsor), WALSH, WILDBERGER, DOUGHERTY, BURNETT, LeVOTA, STORCH, TALBOY, HUBBARD, EL-AMIN, HOSKINS, WALTON, FALLERT, NORR, LAMPE, YAEGER, SCAVUZZO, QUINN (9), SCHIEFFER, HUGHES, HODGES, SILVEY, BAKER (25), HAYWOOD, MEINERS, BROWN (50), WRIGHT-JONES, BLAND, RUCKER, GEORGE AND DONNELLY (Co-sponsors).
Read 1st time January 17, 2007 and copies ordered printed.
D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 135, RSMo, by adding thereto one new section relating to a tax credit for electric power outage costs.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.671, to read as follows:
135.671. 1. As used in this section, the following terms mean:
(1) "Electric power outage costs", any costs directly related to the loss of power to the taxpayer's home for three days or longer, including all hotel or motel rooms and the replacement of spoiled food;
(2) "Tax credit", a credit against the tax otherwise due under chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.265, RSMo;
(3) "Taxpayer", any individual subject to the tax imposed in chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.265, RSMo.
2. For all taxable years beginning on or after January 1, 2007, a taxpayer shall be allowed a tax credit for electric power outage costs incurred by the taxpayer. The tax credit amount shall be equal to the total amount of electric power outage costs expended by the taxpayer. Any amount of the tax credit issued that exceeds the amount of the taxpayer's state tax liability for the tax year for which the credit is claimed shall be refunded to the taxpayer. No tax credit granted under this section shall be transferable. Any taxpayer who incurred electric power outage costs in the taxable year beginning on January 1, 2006, may claim the credit provided under this section by filing an amended return for such taxable year.
3. The department of revenue shall verify with the taxpayer's electric utility that the taxpayer's home was without power for three days or longer before issuing a tax credit under this section.
4. The department of revenue may promulgate rules to implement the provisions of this section. Any rule or portion of a rule, as that term is defined in section 536.010, RSMo, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536, RSMo, and, if applicable, section 536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536, RSMo, to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2007, shall be invalid and void.
4. Under section 23.253, RSMo, of the Missouri Sunset Act:
(1) The provisions of the new program authorized under this section shall automatically sunset six years after the effective date of this section unless reauthorized by an act of the general assembly; and
(2) If such program is reauthorized, the program authorized under this section shall automatically sunset twelve years after the effective date of the reauthorization of this section; and
(3) This section shall terminate on September first of the calendar year immediately following the calendar year in which the program authorized under this section is sunset.
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