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SB 120 - This act creates the Missouri Export Incentive Act. For all fiscal years beginning on or after July 1, 2013, this act authorizes air export tax credits for freight forwarders in an amount equal to forty cents per chargeable kilo shipped on a qualifying outbound flight from an airport owned and operated by the City of St. Louis. The Department of Economic Development is required to adjust the tax credit amounts based upon fluctuations in fuel costs for over-the-road transportation. In order to receive air export tax credits, freight forwarders must file an application with the Department containing the master airway bill for the shipment withing 120 days of the flight. The act requires the Department to establish procedures to allow freight forwarders to receive air export tax credits within twenty business days of the departure of the qualifying flight. The amount of air export tax credits which may be authorized each fiscal year is $7.5 million. If, in any given year, more tax credits are authorized than may be issued, the amount in excess of the cap on issuance will be carried forward for issuance in the following year. The authorization of air export tax credits is prohibited after June 30, 2021, but the act allows for the subsequent issuance of any tax credits which are authorized prior to such date. All tax credits provided under the act will be fully transferrable. The tax credits are non-refundable but may be carried forward up to six years. This act contains an emergency clause. These provisions are similar to HB 1476 (2012), HB 840 (2011) & SB 390 (2011). MIKE HAMMANN
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