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MO HB2093
Bill
Status
2/9/2010
Primary Sponsor
Michael Frame
Click for details
AI Summary
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Allows taxpayers (individuals, partnerships, and corporations) a tax credit equal to 100% of salary and related benefits paid to employees called to active military duty in reserve or national guard components, effective for taxable years beginning January 1, 2011
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Credits may be refunded if they exceed the taxpayer's state tax liability for the year claimed, but cannot be transferred, sold, or assigned
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Annual cumulative tax credits capped at $500,000 per fiscal year, with the Department of Revenue establishing procedures to equally apportion credits among qualifying taxpayers and reapportion unused credits
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Department of Revenue authorized to promulgate rules for implementation under chapter 536
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Program automatically sunsets December 31 six years after effective date unless reauthorized by the General Assembly, with reauthorized programs sunsetting twelve years after reauthorization
Legislative Description
Authorizes a tax credit to an individual, partnership, or corporation for 100% of the salary and benefits paid to an employee while on active military duty as a member of a reserve or national guard unit
Last Action
Referred: Tax Reform (H)
5/14/2010