HB 2260 -- Tax Credit for Qualified Research Expenses

Sponsor:  Storch

Currently, no tax credits for qualified research expenses can be
approved, awarded, or issued.  This bill removes this restriction
and increases the annual aggregate cap on the amount of these tax
credits that can be authorized by the Department of Economic
Development from $9.7 million to $10 million.

The bill limits qualified research expenses to those incurred in
the research and development of agricultural/biotechnology and
plant genome products and for prescription pharmaceuticals
consumed by humans or animals.

Currently, the department may issue a tax credit equal to 6.5% of
the taxpayer's qualified research expenses.  The bill requires
that the credits be issued and that the department director act
on tax credits applications filed between January 1 and July 1
for claims for the previous year between August 1 and August 15.

The bill specifies the formula by which tax credits will be
issued if the eligible claims for the credits exceed the annual
cap.  No one taxpayer can be issued more than 30% of the total
amount of tax credits authorized in any calendar year.

Missouri House of Representatives
Last Updated March 7, 2008 at 3:35 pm