MO HB1403

Defines "small business" as any business in Missouri with annual Missouri adjusted gross income of no more than $500,000.

Allows small businesses to claim any tax credit, tax deduction, and exemptions from tax that corporations are allowed to claim under state law, effective January 1, 2015.

Limits small business eligibility for credits and deductions to a proportion based on the average annual Missouri adjusted gross income of corporations divided by three.

Authorizes the Department of Revenue to promulgate rules to implement the provisions, subject to Missouri's rulemaking procedures under Chapter 536.

Establishes a sunset provision requiring the program to automatically terminate December 31 six years after the effective date unless reauthorized by the General Assembly; reauthorized programs sunset after twelve years.