FIRST REGULAR SESSION
HOUSE BILL NO. 1033
97TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES SHULL (Sponsor), WALKER, LAIR, ENGLER, PHILLIPS, NETH AND REMOLE (Co-sponsors).
1390H.01I D. ADAM CRUMBLISS, Chief Clerk
To repeal section 135.766, RSMo, and to enact in lieu thereof one new section relating to tax credits for guaranty fees.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Section 135.766, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 135.766, to read as follows:
135.766. An eligible small business, as defined in Section 44 of the Internal Revenue Code, shall be allowed a credit against the tax otherwise due pursuant to chapter 143, not including sections 143.191 to 143.265, in an amount equal to any amount paid by the eligible small business to the United States Small Business Administration as a guaranty fee pursuant to obtaining Small Business Administration guaranteed financing and to programs administered by the United States Department of Agriculture for rural development or farm service agencies. [No tax credits provided under this section shall be authorized on or after the thirtieth day following the effective date of this act.] The provisions of this subsection shall not be construed to limit or in any way impair the department's ability to issue tax credits authorized prior to the thirtieth day following the effective date of this act, or a taxpayer's ability to redeem such tax credits. Tax credits issued under this section shall not be transferable. Unused tax credits may be carried forward for up to ten subsequent taxable years.