FIRST REGULAR SESSION

HOUSE BILL NO. 236

92ND GENERAL ASSEMBLY

INTRODUCED BY REPRESENTATIVES REINHART, SHOEMAKER (8) (Co-sponsors),

 LUETKEMEYER, MOORE, HUNTER, BEARDEN, RUPP, COOPER (120), BRUNS,

SMITH (14) AND WILSON (119).

         Read 1^st time January 22, 2003, and copies ordered printed.

STEPHEN S. DAVIS, Chief Clerk

0659L.01I

AN ACT

To amend chapter 135, RSMo, by adding thereto one new section relating to a tax credit for small business administration fees.

Be it enacted by the General Assembly of the state of Missouri, as follows:

            Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.450, to read as follows:

            135.450. 1. For all tax years beginning on or after January 1, 2004, an individual or entity that pays any fee to the United States Small Business Administration shall be allowed a credit against the tax otherwise due pursuant to chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.265, RSMo, in an amount equal to the total amount of the fees paid during the tax year for which the credit is claimed.

            2. The director of revenue shall establish the procedure by which a tax credit may be claimed pursuant to this section, and may promulgate rules and regulations necessary to administer this section. No rule or portion of a rule promulgated pursuant to the authority of this section shall become effective unless it has been promulgated pursuant to chapter 536, RSMo.