HB1345--WORKOPPORTUNITYTAXCREDIT
SPONSOR: Hardwick
COMMITTEEACTION:Voted"DoPass"bytheStandingCommitteeon
EconomicDevelopmentbyavoteof14to1.
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.
PROPONENTS: SupporterssaythatthestateofMissouriiscurrently
undergoingaworkforceshortage. Inresponse,thestateshould
provideasmanyincentivesaspossibleforemployerstohiregood
workers. Thistaxcreditwillmakeitfareasierforjobseekers
tofindemployment.
TestifyinginpersonforthebillwereRepresentative Hardwick;
Allegis/Redwood/Maxim PublicAffairsLLC;MissouriHealthcare
Association;andMissouriChamberofCommerce.
OPPONENTS: Therewasnooppositionvoicedtothecommittee.
Writtentestimonyhasbeensubmittedforthisbill.Thefull
writtentestimonyandwitnessestestifyingonlinecanbefound
underTestimonyonthebillpageontheHousewebsite.