MO HB1563

Allows small businesses with 50 or fewer employees a tax credit of $500 for each disabled employee or person recently discharged from a correctional facility that they hire.

Disabled employees must work a minimum of 25 hours per week for at least one year before the business is eligible for the credit; persons from correctional facilities must work 40 hours per week for at least one year, then qualify for the credit for three subsequent years.

Tax credit is limited to the taxpayer's state income tax liability for the year claimed, with excess amounts non-refundable but carryable forward up to three years; credits cannot be transferred, sold, or assigned.

Aggregate tax credits issued statewide cannot exceed $10 million per fiscal year, with credits issued on a first-come, first-served basis.

Program automatically sunsets December 31, six years after effective date unless reauthorized by the legislature; if reauthorized, sunsets December 31, twelve years after reauthorization.