SB 0596 Creates a 10% tax credit for new revenue of a new or expanded business
LR Number:1643S.06I Fiscal Note:1643-06
Committee:Ways and Means
Last Action:03/18/03 - Hearing Conducted S Ways and Means Committee Journal page:
Effective Date:August 28, 2003
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Current Bill Summary

SB 596 - This act gives a tax credit to registered sole proprietorships, certain registered corporations, and certain registered insurance companies that have either started a new business or expanded an existing business that employs 80 people or less a year. The credit would be available for the first three years following the expansion or establishment of the business and would be for an amount equal to ten percent of the new revenue produced by the business, not to exceed five thousand, against the tax imposed on it pursuant to Chapter 143 or 148, RSMo. The credit may be carried forward to subsequent tax years but not beyond the third tax year following the expansion of establishment of the business. To be eligible for the credit the business must register with the business with the Secretary of State and file a letter or intent with the Department of Revenue within ninety days of commencement of operations at the new or expanded business. The maximum number of tax credits certified in any fiscal year shall not exceed three million dollars, if properly acquired tax credits exceed three million each eligible business shall receive a pro rata share of the three million. The Director of Economic Development shall promulgate rules in accordance with this act.