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MO SB190
Bill
Status
Introduced
1/27/2011
Primary Sponsor
David Pearce
Click for details
AI Summary
- Establishes a tax credit for individual taxpayers who purchase processed biomass engineered fiber fuel, defined as fuel derived from three or more biomass inputs produced in Missouri with a heat value of at least 7,500 BTUs per pound
- Tax credit percentages decline annually: 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 tax liability for the year claimed; unused credits may be carried forward for up to four subsequent taxable years but are not refundable
- Credits cannot be transferred, sold, or assigned, and no credits are issued after the sixth year of fuel purchase
- Program automatically sunsets on December 31 six years after the effective date unless reauthorized by the general assembly, with a subsequent sunset of 12 years if reauthorized
Legislative Description
Creates a tax credit for purchases of processed biomass engineered fiber fuel
Last Action
Second Read and Referred S Ways and Means and Fiscal Oversight Committee
2/7/2011
Committee Referrals
Ways And Means And Fiscal Oversight2/7/2011
Full Bill Text
No bill text available