MO HB2089

Defines "small business" as any business in Missouri with annual Missouri adjusted gross income not exceeding $500,000.

Allows small businesses to claim any state tax credit, deduction, and exemption available to corporations under Missouri law, effective for tax years beginning January 1, 2013 and later.

Limits small business eligibility for such credits and deductions to a proportion equal to the average annual Missouri adjusted gross income of corporations divided by three.

Authorizes the Department of Revenue to promulgate rules to implement this section, subject to Missouri's Administrative Procedure Act (Chapter 536).

Establishes automatic sunset of the program on December 31, six years after the effective date unless reauthorized by the General Assembly; if reauthorized, the program sunsets December 31, twelve years after reauthorization.