HB 488 - This act authorizes an income tax credit for up to fifty percent of the cost to purchase and install idle reduction technology on a class 8 truck. The maximum amount of the tax credit is thirty-five hundred dollars per truck. No more than fifteen million dollars in tax credits can be issued during any one fiscal year and no more than thirty million dollars can be issued during the life of the program. If the amount of credits claimed in any one fiscal year exceeds fifteen million dollars, the Department of Revenue must apportion the tax credits equally among all eligible taxpayers. The tax credit can only be claimed by Missouri residents and may be taken against individual and corporate income tax, corporate franchise tax, and express company tax liability. The tax credit is not transferable or refundable, but can be carried forward and claimed for up to three taxable years. The provisions of the bill will expire two years from the effective date. This act is similar to Senate Bill 202 (2007). JASON ZAMKUS
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