MO HB1615

Establishes a tax credit for qualified research expenses incurred by eligible taxpayers engaged in life or biomedical sciences, including medical instruments/devices, diagnostics, therapeutics, plant science, and pharmaceutical/veterinary products.

Provides a 10% tax credit on qualified research expenses up to $500,000, or 25% credit up to $1 million if expenses are incurred in a distressed community.

Limits eligible taxpayers to those with no more than 225 employees (at least 75% based in Missouri) and subject to Missouri state income tax or franchise tax on banks and other financial institutions.

Caps total tax credits issued annually at $10 million, with at least $6 million reserved for distressed community research expenses; credits may be transferred and used over 10 subsequent taxable years.

Requires taxpayers to apply through the Department of Economic Development with documentation, and sunsets the program on December 31, six years after enactment unless reauthorized by the legislature.