SCS/HCS/HB 325 - This act establishes the Bring Jobs Home Act. An income tax deduction is created in an amount equal to 50% of expenses associated with moving all or part of a business from outside of Missouri to a location in Missouri. The number of full time employees of the business in the tax year the business claims the deduction must exceed the number full-time employees of the business in the tax year before the expenses were incurred. The deduction may be carried forward up to five tax years.
The total amount of tax deductions that may be authorized under this act is $5 million per year. Taxpayers receiving a deduction under this act will be ineligible for any other tax deduction for the same expenses. Taxpayers that eliminate a business unit within ten year of receiving a tax deduction under this act must repay the amount of tax deduction received. The act sunsets on August 28, 2021.
This act is similar to HB 1089 (2014), HB 850 (2013) and to a provision in HCS#2/SCS/SB 777 (2014).