HB2036 - SMALL BUSINESS INVESTMENT TAX CREDITS - Foley, James Michael
HB2036 Amends the tax credits available to investors in Missouri small businesses.
Sponsor: Foley, James Michael (81) Effective Date:00/00/0000
CoSponsor: Rizzo, Henry C. (40) LR Number: 4500L.01I
Last Action: COMMITTEE: COMMERCE
03/14/2000 - Executive Session Held (H)
VOTED DO PASS
HB2036
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
ACTIONS HEARINGS CALENDAR
BILL SUMMARIES BILL TEXT FISCAL NOTES
BILL SEARCH HOUSE HOME PAGE

Available Bill Summaries for HB2036 Copyright(c)
* Introduced

Available Bill Text for HB2036
* Introduced *

BILL SUMMARIES

INTRODUCED

HB 2036 -- Small Business Investment Tax Credits

Co-Sponsors:  Foley, Rizzo

This bill provides preferences for small business investment tax
credits for Missouri small businesses engaged solely in
pharmaceutical research and development.

The bill:

(1)  Includes limited liability companies as qualified investors
for purposes of receiving small business investment tax credits;

(2)  Allows qualified investors in Missouri small businesses
engaged solely in pharmaceutical research and development to
receive a 60% tax credit versus a 40% tax credit and requires
the tax credit to be certified within 2 years from the date of
investment;

(3)  Increases the total statewide credits for investment into
all qualified Missouri small businesses from $20 million to $100
million per year and increases the minimum statewide credits to
be certified for Missouri small businesses located in distressed
communities and businesses engaged solely in pharmaceutical
research and development from $4 million to $20 million per year;

(4)  Exempts investments made in Missouri small businesses
engaged solely in pharmaceutical research and development from
the minimum of $1,500 and the maximum aggregate of $100,000 per
business in qualifying for the tax credits;

(5)  Requires the Director of the Department of Economic
Development to give preference to investments made in Missouri
small businesses engaged solely in pharmaceutical research and
development; and

(6)  Removes the Secretary of State from the administration of
the application of the tax credits.


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Last Updated October 5, 2000 at 11:35 am