MO SB252

Limits qualified research expenses to those incurred in research and development of agricultural biotechnology, plant genomics products, and prescription pharmaceuticals consumed by animals.

Changes the director's authority from discretionary ("may") to mandatory ("shall") to authorize taxpayers to receive a tax credit of up to 6.5 percent of excess qualified research expenses over a three-year average.

Modifies the tax credit transfer provisions to extend the eligible tax year period from 1996-1999 to 2011-2017, with application deadline moved to December 31, 2019.

Increases the annual aggregate tax credit cap from $9.7 million to $10 million and implements a pro-rata formula to distribute credits if total eligible claims exceed the annual cap.

Replaces the previous moratorium on new tax credits with a provision limiting any single taxpayer to no more than 30 percent of the aggregate tax credits authorized in any calendar year.