HB 1562 -- Tax Credit for Military-Related Compensation

Sponsor:  LeVota

Beginning January 1, 2008, this bill authorizes a refundable
income 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 of a reserve or national guard
unit.  The credit is limited to $500,000 a year, and the
Department of Revenue will determine a procedure to equally
distribute the cumulative tax credits among the qualifying
taxpayers.

The provisions of the bill will expire December 31 six years from
the effective date.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:10 pm