HS HCS HB 257 -- TAX CREDITS (Munzlinger)

This substitute allows tax credits for investment in eligible new
generation cooperatives or eligible new generation processing
entities and tax credits for contributions to the Agriculture and
Small Business Development Authority, to be used by the recipient
immediately upon receipt and to be taken against estimated
quarterly taxes paid.

The substitute adds eligible new generation cooperative, eligible
new generation processing entity, and contributors contributing
to the Agriculture and Small Business Development Authority tax
credits to the restriction that tax credits taken against
insurance premiums will not reduce moneys transferred to the
county foreign insurance fund.

The substitute requires that in any fiscal year in which the
Ethanol Incentive Fund is not fully funded, any new generation
cooperative incentive tax credit issued after the fiscal year
will be increased by the larger of the increase in the Consumer
Price Index or 3%.

"Employee-qualified capital project," is currently defined as an
eligible new generation cooperative with a capital cost greater
than $15 million that will employ at least 100 employees.  The
substitute changes the number of employees to 60.

FISCAL NOTE:  Loss to General Revenue Fund of Unknown in FY 2004,
FY 2005, and FY 2006.  Not expected to exceed $100,000 annually.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:11 am