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MO HB77
Bill
Status
1/7/2015
Primary Sponsor
Brandon Ellington
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AI Summary
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Defines "small business" as any Missouri business with annual adjusted gross income of no more than $500,000
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Allows small businesses beginning January 1, 2016 to claim any tax credit, deduction, or exemption that corporations can claim under state law
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Limits small business eligibility for these benefits to a proportional amount based on average annual corporate adjusted gross income divided by three
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Authorizes the Department of Revenue to promulgate rules for implementation
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Program automatically sunsets on December 31 six years after the effective date unless reauthorized by the General Assembly
Legislative Description
Allows certain small businesses to be eligible to claim any state tax credit, deduction, and other exemption from tax that specified corporations are allowed to claim
Last Action
Referred: Small Business(H)
5/15/2015