CCS/SCS/SB 729 - This act modifies provisions relating to taxation.
WOOD ENERGY PRODUCERS TAX CREDIT (135.305)
Prior to June 30, 2014, wood energy producers were allowed a tax credit to produce processed wood products. This act reauthorizes the tax credit until June 30, 2020. A cap of $6 million per fiscal year is added to the tax credit. No tax credits may be authorized unless an appropriation is made for such tax credits.
This provision is similar to HB 1684 (2014), SB 814 (2014), SB 204 (2013), HB 413 (2013), and SB 748 (2012). This provision is similar to a provision in HB 1498 (2014), HB 1661 (2014), CCS/HCS/SB 342 (2013), SS/SCS/SB 120 (2013), and HCS/HB 698 (2013).
ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY TAX CREDIT (135.710)
For calendar years 2009 to 2012, persons installing and operating an alternative fuel refueling property were eligible for an income tax credit. This act reauthorizes the tax credit for calendar years 2015 to 2017. A cap of one million dollars per year is set for the tax credit. Electric vehicle recharging properties are added to the types of properties eligible for the tax credit. The act also make the tax credit subject to appropriations.
This provision is similar to HB 1610 (2014) and SB 574 (2014). This provision is similar to a provision contained in HCS/HB 1640 (2014), the perfected version of HB 1684 (2014), and the perfected version of HCS/HB 2141 (2014).
TAXATION OF PROPERTY USED FOR TRANSPORTATION OR STORAGE OF CERTAIN FUELS (137.010)
Currently, stationary property used for transportation of liquid and gaseous products is treated as real property for tax purposes. This act adds stationary property used for storage of such products to the definition of real property. Propane and liquid propane gas equipment are added to the list of liquid or gaseous products.
This provision is similar to a provision in HCS/HB 1610 (2014), HCS/HB 1640 (2014), the perfected version of HCS/HB 2141 (2014), and the perfected version on HB 1684 (2014).
RURAL REGIONAL DEVELOPMENT GRANTS (620.750)
This act mandates that the Department of Economic Development shall disburse rural regional development grants to qualified rural regional development groups, subject to an appropriation not to exceed five million dollars each year. A group must meet certain criteria in order to qualify for a grant, and applications for a grant shall only be submitted by a legally created regional planning commission. A single grant shall not exceed one hundred and fifty thousand dollars, and each region shall not receive more than two grants.
This provision is similar to HB 1506 (2014), SB 446 (2013) and HB 526 (2013).
INNOVATION CAMPUS TAX CREDIT (620.2600)
This act creates a new tax credit for donations to innovation campuses. An innovation campus is a partnership between a Missouri high school, a four-year higher education institution, a business, and a two-year higher education institution. For a donation to be eligible for a tax credit, it must be used to advance learning in the areas of science, technology, engineering, and mathematics.
A taxpayer may receive a tax credit in an amount equal to fifty percent of the taxpayer's donation to an innovation campus. The tax credit is not refundable but may transferred or carried forward for four years. After application for a tax credit has been made, the Department of Economic Development must receive from an innovation campus an amount equal to the value of the tax credit before the tax credit will be issued.
This provision sunsets on August 28, 2020.
This provision is similar to HB 1459 (2014).