MO HB380

Allows taxpayers to subtract net profit from business (Schedule C), net income from rental real estate and partnerships (Schedule E), and net farm profit (Schedule F) from federal adjusted gross income for taxable years beginning January 1, 2014 or later.

References federal tax forms as they existed on January 1, 2011, and as subsequently revised by the Internal Revenue Service.

Imposes an aggregate cap of $100 million on tax credit applications approved by the Department of Economic Development, Missouri Housing Development Commission, and Missouri Development Finance Board, effective August 28, 2013.

Limits the maximum annual amount of tax credits issued by these agencies to $100 million total, allocated on a first-come, first-served basis.

Exempts tax credit applications approved before August 28, 2013 from the $100 million issuance cap, but requires new applications to comply with the aggregate limitation.