Loading chat...
MO HB1035
Bill
Status
1/4/2012
Primary Sponsor
Terry Swinger
Click for details
AI Summary
-
Allows taxpayers a one-time income tax deduction for storm shelter construction costs beginning in tax year 2013, limited to the lesser of actual costs or $5,000
-
Requires storm shelters to comply with Federal Emergency Management Agency Publication 320 standards and be manufactured or produced in the United States with at least 70% domestic labor and materials
-
Caps total deductions issued statewide at $2 million per fiscal year on a first-come, first-served basis
-
Directs the Department of Revenue to establish procedures and promulgate rules for claiming the deduction
-
Program automatically sunsets December 31, six years after effective date unless reauthorized by the General Assembly
Legislative Description
Authorizes a one-time income tax deduction to a taxpayer for the cost of the construction or $5,000, whichever is less, of a storm shelter which was made in America
Last Action
Referred: Ways and Means (H)
2/7/2012