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MO HB26
Bill
Status
1/9/2013
Primary Sponsor
Bill Lant
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AI Summary
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Allows individual taxpayers a one-time income tax deduction for storm shelter construction costs, limited to the lesser of actual costs or $5,000, beginning with tax years on or after January 1, 2014
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Requires storm shelters to be above-ground safe rooms or in-ground shelters that comply with Federal Emergency Management Agency Publication 320 standards and are manufactured or produced in the United States
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Caps total deductions issued statewide at $2 million per fiscal year, distributed on a first-come, first-served basis
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Authorizes the Department of Revenue to establish procedures for claiming the deduction and promulgate implementing rules under chapter 536
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Provides for automatic sunset of the program on December 31, six years after the effective date unless reauthorized by the General Assembly, with a subsequent 12-year sunset if reauthorized
Legislative Description
Authorizes a one time income tax deduction to a taxpayer for the cost of the construction or $5,000, whichever is less, of a storm shelter that was made in America
Last Action
Referred: Ways and Means(H)
1/31/2013