SB 0475 Right to exemption upon commencement of operations but is waived if taxpayer fails to meet other statutory requirement
LR Number:S1948.01I Fiscal Note:1948-01
Committee:Local Government and Economic Development
Last Action:03/09/99 - Voted Do Pass S Local Government & Economic Journal page:
Development Committee
Effective Date:August 28, 1999
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Current Bill Summary

SB 475 - Current law allows the exemption from state income taxes of one half of the Missouri taxable income of a new business facility located in an enterprise zone for a period not to exceed ten years. This act vests the right to the exemption upon commencement of operation, but the right is waived for any year in which the taxpayer fails to meet other statutory requirements. The tax credit allowance shall be calculated every year with the same formula used in the first year.