HB 182 Summary

• Repeals and replaces section 135.680 relating to the Missouri New Markets Development Program, setting a program expiration date of December 31, 2023 (instead of the previous sunset provision).

• Establishes the Missouri Angel Investment Incentive Act (sections 348.273 and 348.274) to provide tax credits for investors making cash investments in qualified Missouri businesses.

• Allows individual and entity investors to claim a 50% tax credit on cash investments in qualified securities of approved emerging Missouri businesses, with a maximum credit of $50,000 per business and $250,000 per investor annually.

• Limits total annual tax credits issued statewide to $6 million and requires businesses to meet criteria including less than five years in operation (ten years for bioscience), annual gross revenues under $5 million, and innovative technology or products.

• Regional Small Business and Technology Development Centers (SBTDCs) will designate qualified businesses and allocate tax credits on a first-come, first-served basis, with the program expiring December 31, 2023.