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MO SB1041
Bill
Status
3/1/2010
Primary Sponsor
Eric Schmitt
Click for details
AI Summary
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Allows eligible small businesses to claim a tax credit equal to 100% of the general revenue portion of state sales tax paid on tangible personal property purchases beginning January 1, 2010
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Credit applies only to property that taxpayers can fully deduct under federal Section 179 in the year of purchase
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Credits exceeding state tax liability are treated as tax overpayments and refunded to the taxpayer; flow-through entities pass credits to members, partners, or shareholders proportionally
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Directors of the Department of Economic Development and Department of Revenue jointly administer the program and have authority to promulgate necessary rules and regulations
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Program automatically sunsets six years after August 28, 2010, unless reauthorized by the General Assembly; if reauthorized, program sunsets twelve years after reauthorization
Legislative Description
Creates tax incentives for purchases of tangible business property by eligible small businesses
Last Action
Second Read and Referred S Governmental Accountability and Fiscal Oversight Committee
3/4/2010