MO HB1860

Allows taxpayers a state tax credit equal to the full amount of state sales tax paid when purchasing a new motor vehicle assembled and sold in Missouri on or after January 1, 2011.

Defines qualifying motor vehicles as new self-propelled vehicles not operated exclusively on tracks, excluding farm tractors, that are assembled and sold in the state.

Makes the tax credit refundable if it exceeds the taxpayer's state tax liability for the year in which the credit is claimed, and prohibits transfer, sale, or assignment of the credit.

Permits local political subdivisions to exempt motor vehicle sales from local sales tax through order or ordinance, but does not prohibit local sales tax levies.

Automatically sunsets the program on December 31 six years after the effective date unless reauthorized, with a subsequent sunset of twelve years after any reauthorization.