MO HB621

Establishes a $50 per TEU tax credit for taxpayers engaged in manufacturing or distribution who increase port cargo volume by at least 5% over a 2012 baseline, capped at $250,000 per taxpayer and $3.5 million total annually, applicable for tax years 2013-2018.

Creates a $25 per TEU tax credit for international trade facilities that move cargo by barge or rail instead of trucks, limited to $2 million in credits annually through June 30, 2019, with credits carried forward up to 5 years.

Authorizes a credit of either $3,500 per new permanent full-time employee or 2% of capital investment for international trade facilities that increase qualified trade activities, capped at $500,000 annually through June 30, 2019, with credits carried forward up to 10 years and subject to recapture provisions.

Requires taxpayers to apply to the Department of Economic Development by March 1 following the year cargo volumes increase and to provide certification of credits claimed on tax returns.

All credits apply to tax years beginning January 1, 2013 through December 31, 2018, and are subject to department rulemaking authority.