Search Form
Now choose a category »

Key Votes

SB 120 - Amends Certain State Tax Credits - Key Vote

Missouri Key Votes

Jay Wasson voted Yea (Passage) on this Legislation.

Read statements Jay Wasson made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Referred to Committee (House) -
Legislation - Bill Passed (Senate) (27-7) - (Key vote)

Title: Amends Certain State Tax Credits

Vote Smart's Synopsis:

Vote to pass a bill that amends funding for the state tax credit program.

Highlights:
  • Limits tax credit authorizations to $50 million annually for projects that are not financed through bonds, and $5 million for projects financed through bonds, effective July 1, 2013 (Sec. A). 
  • Authorizes an individual to redeem a Missouri low-income housing tax credit if the Housing Development Commission authorizes the project (Sec. A).
  • Defines “low-income project” as a housing project that limits rent to 30 percent of the federal median income and (Sec. A):
    • At least 40 percent of units are occupied by individuals or families with incomes less than 60 percent of the federal median income; or
    • At least 20 percent of units are occupied by individuals or families with incomes less than 50 percent of the federal median income.
  • Authorizes an individual responsible for the transportation of cargo to claim a tax credit for the shipment of cargo on a qualifying outbound flight in an amount equal to $0.40 per kilo of freight (Sec. A). 
  • Specifies that the total aggregate amount of air export tax credits shall not exceed $60 million (Sec. A).
  • Authorizes a data storage center to be exempt from the following state and local sales and taxes, for up to 15 years (Sec. A):
    • All electrical energy, gas, water, and other utilities including telecommunication and internet services;
    • All machinery, equipment and computers; and 
    • All sales at retail of tangible personal property and materials for the purpose of constructing the new data storage center.
  • Defines “data storage center” as a facility constructed, extended, improved or operated under a business facility that engages in the primary objectives (Sec. A):
    • Data processing, hosting and related services;
    • Internet publishing and broadcasting, and web search portals at the business facility; or
    • Customer service, contact, or support operations through the use of computer databases and telecommunications services at the business facility.
  • Prohibits the Director of the Department of Revenue from allowing tax credits of more than $50,000 per individual annually (Sec. A). 
  • Authorizes regional Department of Small Business and Technology Development to allocate tax credits to Missouri businesses that are approved as a qualified knowledge-based company and meet at least 1 of the following criteria (Sec. A):
    • A business owned by a Missouri resident;
    • A partnership, association, or corporation based in Missouri; or 
    • A corporation, even a subsidiary of a foreign corporation, that does business primarily in Missouri or does substantially all business production in Missouri.
Note:

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Legislation - Introduced (Senate) -

Title: Amends Certain State Tax Credits

Sponsors

Skip to top
Back to top