HB 1500 Summary

• Establishes the "Missouri Export Incentive Act" providing an air export tax credit of forty cents per chargeable kilo for freight forwarders shipping cargo on direct international aircraft flights from Missouri airports.

• Applies tax credits against state income, corporate, and other specified taxes for qualifying freight forwarders designated as the agent on airway bills for outbound international flights.

• Caps total aggregate tax credits at $60 million, with annual limits of $3.6 million for fiscal year 2014 and $8.057 million for each subsequent fiscal year through June 30, 2022.

• Requires claiming freight forwarders to apply for tax credits within 120 calendar days of shipment using master airway bill documentation, with credits to be issued within 20 business days.

• Includes emergency clause for immediate implementation and automatic sunset of the program eight years after enactment unless reauthorized by the legislature.