SB 742 - This act creates the Missouri Export Incentive Act. For all fiscal years beginning on or after July 1, 2014, 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 a city located in this state. 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 within 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.
For fiscal year 2015, the amount of air export tax credits which may be issued is $3.6 million. Each fiscal year thereafter the amount which may be issued is $8.057 million. The total aggregate amount of air export tax credits that may be authorized over eight years is $60 million. The authorization of air export tax credits is prohibited after June 30, 2022, but the act allows for the subsequent issuance of any tax credits which are authorized prior to such date.
The tax credit cannot be carried forward to subsequent tax years or carried back to previous tax years. The tax credits is not transferable.
This act contains an emergency clause.
This act is similar to HB 1500 (2014), SB 120 (2013), HB 1476 (2012), HB 840 (2011) & SB 390 (2011). This act is similar to provisions contained in HB 1498 (2014) and HCS/HB 1501 (2014).