MO HB1314

Allows taxpayers to claim a one-time income tax deduction for costs incurred in constructing a storm shelter, equal to the lesser of actual costs or $5,000, beginning with tax year 2011.

Defines a qualifying storm shelter as an above-ground safe room or in-ground shelter that protects from extreme windstorms, complies with Federal Emergency Management Agency Publication 320, and is made in America (at least 70% domestic labor and materials for premanufactured shelters).

Caps the aggregate deductions issued statewide at $2 million per fiscal year on a first-come, first-served basis.

Requires the Department of Revenue to establish procedures for claiming the deduction and authorizes rulemaking authority under the Missouri Regulatory Process chapter.

Automatically sunsets December 31, six years after the effective date unless reauthorized by the General Assembly, with a secondary sunset at twelve years if reauthorized.