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MO HB815
Bill
Status
2/4/2015
Primary Sponsor
Caleb Rowden
Click for details
AI Summary
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Creates a Missouri income tax deduction for capital gains from investments of $500 or more in qualified small businesses, capped at $1 million, effective January 1, 2016
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Qualified businesses must be independently owned, located in Missouri, and have 10 or fewer employees
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Taxpayers must be Missouri residents with no existing financial, ownership, or family relationship to the qualified business, and cannot be current or former employees
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Deduction amounts must be reinvested in another qualified business within 18 months, or the taxpayer must repay the deduction amount plus interest to the state general revenue fund
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Department of Economic Development responsible for tracking and verifying eligibility of all investments and claims
Legislative Description
Authorizes a tax deduction for capital gains from investments in qualified businesses provided the deductions are reinvested into another qualified business
Last Action
Referred: Select Committee on Commerce(H)
3/11/2015