HB 2260 -- Tax Credit for Qualified Research Expenses

Sponsor:  Storch

Currently, no tax credits for qualified research expenses can be
approved, awarded, or issued.  This bill removes these
restrictions and allows a tax credit of up to 6.5% of a
taxpayer's qualified research expenses.  The annual aggregate cap
on the amount of these tax credits that can be authorized by the
Department of Economic Development is $10 million.

Qualified research expenses will be limited to those incurred in
the research and development of agricultural/biotechnology and
plant genome products and for prescription pharmaceuticals
consumed by humans or animals.

The bill requires that the credits be issued and that the
department director act on tax credit applications filed between
January 1 and July 1 for claims for the previous year between
August 1 and August 15.

If the eligible claims for the credits exceed the annual cap, the
formula by which the tax credits will be issued is specified.  No
one taxpayer can be issued more than 30% of the total amount of
tax credits authorized in any calendar year.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:12 pm