SB 700 Creates a tax credit for safety upgrade costs for gas stations
Sponsor: Purgason
LR Number: 2592S.01I Fiscal Note:
Committee: Ways & Means
Last Action: 3/8/2007 - Second Read and Referred S Ways & Means Committee Journal Page: S517
Title: Calendar Position:
Effective Date: August 28, 2007

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Current Bill Summary

SB 700 - This creates a tax credit for the costs incurred to install federally required safety upgrades to a gas station serving a rural area that would have no gas station service if the gas station were nonoperational as a result of a failure to install safety upgrades. The tax credit shall be equal to the lesser of 50% of the costs or $10,000, and is non-refundable, but may be carried back three years and carried forward five years. The credit may be transferred, sold or assigned.

A taxpayer wishing to claim the tax credit must file an application with the Missouri Agriculture and Small Business Development Authority before any costs are incurred for any safety upgrades.

The provisions of this act shall sunset three years from the effective date of this act.