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SB 698 - This act creates the Missouri Angel Investment Incentive Act. The act provides tax credits to investors in certain companies. The tax credits will be allocated evenly between the congressional districts. Under this program businesses may apply to the Missouri Technology Corporation (MTC) to be designated a qualified business. Each quarter, the MTC will allocate tax credits to these qualified businesses. The tax credit will then be issued to investors and equal to fifty percent of their investment in the business. The tax credits may be transferred once to an individual or carried forward up to five years. No more than six million dollars in tax credits may be allocated each tax year, but unissued amounts of the tax credit will increase the following fiscal years cap. No tax credits shall be allocated or issued after December 31, 2024. The Department of Economic Development is prohibited from allowing tax credits of more than fifty thousand dollars per qualified business or more than two hundred fifty thousand dollars per investor or owner of an entity investor. Qualified businesses allocated tax credits are required to report to the MTC annually. The MTC is required to report to the Department of Economic Development quarterly. The Department of Economic Development is required to report annually to the Governor, the President pro tempore of the Senate, and the Speaker of the House of Representatives. This act is similar to HB 1236 (2014), HB 1310 (2014), HB 1503 (2014), SB 91 (2013), HB 182 (2013), HB 191 (2013), and HB 1593 (2012). This act is similar to provisions contained in HB 1498 (2014) and HCS/HB 1501 (2014), MIKE HAMMANN
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