HB 1150 -- Income Tax Credit for Safety Upgrades to Gas Stations

Sponsor:  Wells

Beginning January 1, 2007, this bill authorizes an income tax
credit equal to the lessor of 50% of the costs incurred to
install safety upgrades to each gas station owned by the taxpayer
or $10,000.  The Missouri Agricultural and Small Business
Development Authority will determine eligibility for the credit.
The cumulative amount of the tax credits will be $500,000
annually.  The tax credit may be taken against individual and
corporate income tax.  The tax credit can be transferred, sold,
or assigned.  The tax credit is not refundable, but can be
carried back for up to three years and forward for up to five
taxable years.

The provisions of the bill will expire January 1, 2010.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:21 am