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MO HB2381
Bill
Status
3/24/2010
Primary Sponsor
Mike Cunningham
Click for details
AI Summary
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Allows banks and lending institutions to deduct the full amount of interest income received from loans made to individuals or entities located within a Missouri enterprise zone for tax years beginning January 1, 2010 or later.
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Deduction applies only to interest that is subject to Missouri income tax under chapter 143.
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Department of Revenue shall establish procedures for claiming the deduction and may promulgate rules to implement this section subject to chapter 536 requirements.
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Program automatically sunsets December 31 six years after the effective date unless reauthorized by the General Assembly; if reauthorized, it sunsets December 31 twelve years after reauthorization.
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Section terminates September 1 of the calendar year immediately following the calendar year in which the program sunsets.
Legislative Description
Authorizes an income tax deduction for a bank or lending institution for the amount of income tax due on any taxable interest received from a loan to an individual or entity located in an enterprise zone
Last Action
Referred: Rules - Pursuant to Rule 25(32)(f) (H)
4/21/2010