HCS/HB 448 - This act authorizes a tax credit equal to one hundred percent of the state sales tax paid on any new motor vehicle assembled and purchased in Missouri after January 1, 2008. The tax credit may be claimed against a taxpayer's: income tax; corporate franchise tax; financial institutions tax; or bridge, express, and public utility companies tax. Local sales taxes will continue to be collected. The provisions of the act relating to the tax credit will expire December 31st six years after the effective date. Currently, electricity used in the primary manufacturing of automobiles is exempt from state and local sales tax, if the raw materials used in the processing contain at least twenty-five percent recovered materials. This act creates a rebuttable presumption that the raw materials used during the primary manufacturing of automobiles contain at least twenty-five percent recovered materials. JASON ZAMKUS
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