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.

Full Bill Text