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MO HB779
Bill
Status
3/7/2011
Primary Sponsor
Michael Corcoran
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AI Summary
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Adds environmental insurance premiums and backfill of contaminated soil excavation areas to qualifying expenses for remediation tax credits under Missouri's voluntary remediation program
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Remediation tax credits cover up to 100% of costs including materials, supplies, equipment, labor, engineering fees, demolition, asbestos abatement, and operation/maintenance of remediation equipment for up to four tax years
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Tax credits can be claimed over a period not exceeding twenty years and may be assigned or transferred to other entities, with assignees limited to twenty total tax periods of claims
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Projects must create at least ten new jobs or retain at least twenty-five existing jobs to qualify, and credits are limited based on taxpayer's income attributed to the eligible project
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Director of Economic Development, with Department of Natural Resources approval, determines credit amounts and can terminate, suspend, or revoke credits if projects fail to meet conditions
Legislative Description
Adds the costs of environmental insurance premiums and the backfill of areas where contaminated soil excavation occurs to the list of expenses that qualify for a remediation tax credit
Last Action
Public Hearing Completed (H)
4/19/2011