MO HB1069

Establishes a tax credit for individuals using processed biomass engineered fiber fuel, defined as fuel derived from three or more biomass inputs produced and combined through manufacturing 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 based on the purchase price of the fuel.

Credit cannot exceed the taxpayer's state income tax liability for the year claimed; excess credits may be carried forward to the next four taxable years but are not refundable and cannot be transferred or sold.

Tax credit applies to taxable years beginning on or after January 1, 2013, and automatically sunsets six years after the effective date unless reauthorized by the General Assembly.

Department of Revenue may promulgate rules to implement the tax credit provisions subject to Missouri's rulemaking requirements under chapter 536.