FIRST REGULAR SESSION
HOUSE COMMITTEE SUBSTITUTE FOR
94TH GENERAL ASSEMBLY
Reported from the Committee on Ways and Means April 2, 2007 with recommendation that House Committee Substitute for House Bill No. 1000 Do Pass. Referred to the Committee on Rules pursuant to Rule 25(21)(f).
D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 143, RSMo, by adding thereto one new section relating to an income tax exemption for corporations.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 143, RSMo, is amended by adding thereto one new section, to be known as section 143.432, to read as follows:
143.432. 1. For all taxable years beginning on or after January 1, 2008, no tax shall be imposed under this chapter on the corporate income of any manufacturer in this state, as certified by the department of economic development under this section, for the first five taxable years of such manufacturer's existence in this state.
2. A corporation may take an annual election to abate the corporation's income taxes. The annual election shall be made by the filing of a corporate income tax return reflecting the use of such election and by filing a copy of the certificate issued by the director of the department of economic development stating that the corporation has qualified for the abatement.
3. The director shall prescribe the method for making application for certification, and may issue such rules as are necessary to administer this section and sections 620.1350 to 620.1355, RSMo. Any rule or portion of a rule, as that term is defined in section 536.010, RSMo, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536, RSMo, and, if applicable, section 536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536, RSMo, to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2007, shall be invalid and void.
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