MO HB726

Amends Chapter 135, RSMo to create a new tax credit (Section 135.1161) for small businesses employing fifty or fewer employees that hire disabled persons or those recently discharged from correctional facilities, effective for taxable years beginning January 1, 2012.

Provides a $500 tax credit per eligible hired employee, with disabled persons required to work a minimum of 25 hours per week for at least one year before eligibility, and formerly incarcerated persons required to work 40 hours per week for at least one year.

Allows tax credits for formerly incarcerated persons to be claimed for three consecutive years after the one-year employment threshold is met, while disabled employee credits can be claimed annually as long as employment continues.

Limits annual redemption of all tax credits statewide to $10 million on a first-come, first-served basis, with unused credits carried forward up to three subsequent taxable years but not refundable or transferable.

Establishes a sunset provision requiring reauthorization by the General Assembly six years after the effective date, with an additional six-year sunset period if reauthorized, and the section itself terminating September 1 following the program's sunset.