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MO HB85

Bill

Official Source

Status

Introduced

1/5/2011

Primary Sponsor

Michael Corcoran

Click for details

Origin

House of Representatives

2011 Regular Session

AI Summary

  • Creates a tax credit for taxpayers using processed biomass engineered fiber fuel, defined as fuel derived from three or more biomass inputs produced and combined 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
  • Tax credit cannot exceed the taxpayer's state income tax liability for the year claimed; unused credits can be carried forward up to four subsequent taxable years but are not refundable or transferable
  • Effective for all taxable years beginning on or after January 1, 2012, with the program subject to automatic sunset six years after enactment unless reauthorized
  • Department of Revenue authorized to promulgate rules for implementation under Missouri's rulemaking procedures

Legislative Description

Authorizes an income tax credit for taxpayers who use processed biomass engineered fiber fuel

Last Action

Referred: Economic Development (H)

1/27/2011

Committee Referrals

Economic Development1/27/2011

Full Bill Text

No bill text available