MO HB1175

Allows individuals to claim a one-time income tax deduction for storm shelter construction costs beginning in tax year 2015, capped at $5,000 or actual costs, whichever is less.

Requires storm shelters to comply with Federal Emergency Management Agency Publication 320 standards and be manufactured or produced in the United States (or premanufactured with at least 70% domestic labor and materials).

Limits aggregate tax deductions to $2 million per fiscal year, distributed on a first-come, first-served basis.

Authorizes the Department of Revenue to establish procedures and promulgate rules for claiming the deduction.

Program automatically sunsets December 31st, six years after the effective date unless reauthorized by the General Assembly, with a potential 12-year sunset if reauthorized.