MO HB243

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

Allows small businesses to claim any tax credit, deduction, and exemption available to corporations under Missouri state law, effective for tax years beginning January 1, 2014 and later.

Small businesses are eligible for such credits, deductions, and exemptions in direct proportion to the average annual Missouri adjusted gross income of corporations divided by three.

Authorizes the Department of Revenue to promulgate rules to implement the provisions and requires compliance with Missouri's rulemaking procedures under chapter 536.

Program automatically sunsets December 31, six years after the effective date unless reauthorized; if reauthorized, sunsets December 31, twelve years after reauthorization.