MO HB1089

Establishes the "Bring Jobs Home Act" creating a state income tax credit for businesses that relocate operations from outside Missouri to within the state, effective for taxable years beginning January 1, 2014.

Allows a tax credit equal to 20 percent of eligible insourcing expenses, including relocation costs, permit and license fees, lease brokerage fees, and equipment installation costs associated with moving a business unit to Missouri.

Requires taxpayers to demonstrate an increase in full-time equivalent employees in Missouri compared to the baseline year before insourcing expenses were incurred in order to claim the credit.

Caps total tax credits authorized statewide at $10 million per taxable year, with credits issued on a first-come, first-served basis if claims exceed the limit.

Requires repayment of the tax credit if the relocated business unit is eliminated within 10 years of receiving the credit, and prohibits the credit for businesses relocating Missouri operations to another state.