HB 725 -- Alternative Fueled Vehicles

Sponsor:  Stevenson

Beginning January 1, 2007, this bill requires the following
percentage of all new vehicles sales annually sold by a dealer to
be alternative fueled vehicles:  for 2007, no percentage
requirement; for 2008, 10%; for 2009, 20%; for 2010, 30%; for
2011, 40%; for 2012, 50%; and for 2013 and after, 60%.  If the
percentage is not met, the dealer will pay a surcharge of 0.5% of
all new vehicle sales.  If the percentage is achieved, the dealer
is eligible for an income tax credit equal to 10% of the total
invoice price of all alternative fueled vehicles sold by a
dealer.

Beginning January 1, 2007, the bill authorizes an income tax
credit of up to $10,000 of the costs for improvements or
retrofitting of any existing fuel station or up to $50,000 for
new construction costs to provide alternative fuel or a
recharging station for electric vehicles.

The cumulative amount of the two credits is each capped at $20
million annually.  The tax credits may be taken against
individual and corporate income tax, corporate franchise tax,
insurance premium tax, financial institutions tax, and express
company tax liability.  The tax credits are not transferable or
refundable, but can be carried forward and claimed for up to five
taxable years.

The provisions of the bill regarding the income tax credits will
expire six years from the effective date.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:20 am