HB1345--WORKOPPORTUNITYTAXCREDIT
SPONSOR: Hardwick
BeginningJanuary1,2024,thisbillallowsaqualifiedtaxpayerto
claimataxcreditforwagespaidtoanindividualwithbarriersto
employmentwhoisemployedinthestateinanamountequaltothe
lesserof:
(1)OnehundredpercentofthefederalWorkOpportunityCredit
claimedbyaqualifiedtaxpayeronsuchtaxpayer'sfederalincome
taxreturnwithrespecttosuchwages,excludinganyamountcarried
backorforwardfromanothertaxyearinaccordancewithSection39
oftheInternalRevenueCode;or
(2)TheMissouriincometaximposedforthattaxyear,exceptin
thecaseofanemployerthatisanorganizationexemptfrom
taxationunderSection501(c)oftheInternalRevenueCode.
AnemployerthatisexemptfromtaxationunderSection50126(c)
oftheInternalRevenueCodemayapplythecredittowardsthe
paymentoftaxesthattheorganizationisrequiredtowithholdfrom
thewagesofemployeesandrequiredtopaytothestate.
Suchtaxcreditsshallnotberefundable. Norshallanytaxcredit
becarriedforwardtoanysubsequenttaxyear.
TheseprovisionswillsunsetonDecember31st,sixyearsafterthe
effectivedate.