SB 1130
Expands types of projects that may be completed under Public-Private Transportation Act and creates various tax incentives for their completion
Sponsor:
LR Number:
5072S.01I
Committee:
Last Action:
2/14/2008 - Second Read and Referred S Ways & Means Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2008

Current Bill Summary

SB 1130 - Under this act, taxpayers are allowed tax credits for revenues received from public-private transportation projects. The tax credit shall be equal to the amount of revenues received in the taxable year for which the tax credit is claimed. The tax credit is not transferable or assignable. The tax credit provision is subject to the provisions of the Missouri Sunset Act and the tax credit shall sunset on August 28, 2014, unless reauthorized by the General Assembly.

This act creates a sales tax exemption on items and services bought for use in public-private transportation projects.

This act modifies the public-private transportation act by expanding the types of projects that may be completed under it. Under current law, the public-private transportation act is limited to the Mississippi River bridge project. Under this act, a public-private transportation project may include any bridge, street, road, highway, access road, interchange, intersection, traffic sign, traffic device, traffic or pedestrian control signal, parking lot, bus stop, station, garage, terminal, hanger, shelter, rest area, dock, wharf, lake or river port, airport, railroad, light rail or other mass transit, pipelines, and any similar or related improvement or infrastructure.

Under this act, a private partner in a public-private transportation project may invest in a project with private funds raised for such purposes. In the event that a private partner invests private funds in a project, and such partner has a Missouri income tax liability for a tax year before the investment in a project, the income tax liability shall be decreased in an amount equal to the partner's investment in such project.

STEPHEN WITTE

Amendments