MO HB1055

Allows individual taxpayers a one-time income tax deduction for storm shelter construction costs beginning in tax year 2013, with the deduction capped at $5,000 or actual costs, whichever is less.

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.

Limits total deductions issued statewide to $2 million per fiscal year on a first-come, first-served basis.

Authorizes the Department of Revenue to establish procedures and promulgate rules for claiming the deduction, subject to Missouri's Administrative Procedure Act.

Program automatically sunsets on December 31, six years after the effective date unless reauthorized by the General Assembly, with a 12-year sunset if reauthorized.