HB 1699 -- Tax Credit for Idle Reducing Technology Sponsor: Wasson Beginning January 1, 2008, 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.Copyright (c) Missouri House of Representatives