|SB 0068||Establishes a tax credit for dry fire hydrants|
|LR Number:||S0142.01I||Fiscal Note:||0142-04|
|Committee:||Ways and Means|
|Last Action:||01/19/99 - Hearing Conducted S Ways & Means Committee||Journal page:|
|Effective Date:||August 28, 1999|
SB 68 - This act establishes a tax credit for dry fire hydrants. It grants a 50% tax credit for the cost of purchasing a dry fire hydrant, or providing a site for the water storage.
The hydrant/storage facility must:
1) Be established for the primary purpose of fire protection; 2) Be connected to a source of at least 250 gallons per minute for a continuous 2 hour period during a 50 year drought or freeze at a vertical lift of 18'; 3) Be located within 25 feet of the road; 4) Be accessible to fire protection equipment; and 5) Be located a reasonable distance from other fire hydrants.
The State Fire Marshal shall establish by rule the
requirements, and shall certify to the Department of Revenue when
all requirements are met. The requirements are based on the
National Resources Conservation Service (NRCS) Missouri dry
hydrant standard. The tax credit may be carried over for 7
years, and is assignable. The credits have a 5 year sunset, with
a $10 million annual cap. Similar provisions are contained in