MO HB1366

Allows taxpayers to subtract from federal adjusted gross income net profit from business (Schedule C), net income from rental real estate and partnerships (Schedule E), and net farm profit (Schedule F) for taxable years beginning January 1, 2015 or later.

Establishes a $100 million aggregate annual cap on tax credit applications approved by the Department of Economic Development, Missouri Housing Development Commission, and Missouri Development Finance Board, effective August 28, 2014, on a first-come, first-served basis.

Limits the maximum annual amount of tax credits issued by these three entities to $100 million total, with priority given to applications approved before August 28, 2014.

Requires the Missouri Housing Development Commission and Missouri Development Finance Board to report all tax credit approvals and issuances to the Department of Economic Development within one business day to ensure compliance with the $100 million cap.