MO HB1511

Modifies tax credit eligibility to limit qualified research expenses to agricultural biotechnology, plant genomics products, diagnostic and therapeutic medical devices, prescription pharmaceuticals, and power system technology for aerospace, space, defense, or implantable/wearable medical devices.

Changes the director's authority from "may authorize" to "shall authorize" taxpayers to receive tax credits up to 6.5% of qualifying research expenses exceeding their three-year average, with a cap at 200% of that average.

Establishes application filing period between January 1 and July 1 following the tax year in which expenses were incurred, with director action required between August 1-15 of each year.

Increases aggregate annual tax credit cap from $9.7 million to $10 million, with proportional reduction formula applied if total eligible claims exceed the cap.

Limits any single taxpayer to receiving no more than 30% of total annual tax credits authorized under the section.