MO SB635

Creates a tax credit for Missouri taxpayers who purchase processed biomass engineered fiber fuel, defined as fuel derived from three or more biomass inputs produced and manufactured in Missouri with a heat value of at least 7,500 BTUs per pound

Tax credit percentages decline over six years: 30% in year one, 25% in year two, 20% in year three, 15% in year four, 10% in year five, and 5% in year six of fuel purchase and use

Tax credit cannot exceed the taxpayer's state tax liability for the tax year claimed, is not refundable or transferable, but excess credits may be carried forward up to four subsequent taxable years

Applies to all taxable years beginning January 1, 2011, and automatically sunsets December 31 six years after the effective date unless reauthorized by the general assembly

Department of Revenue may promulgate rules to implement the program, with any rules subject to Missouri's rulemaking requirements under chapter 536