| 1 | 1 | | SECONDREGULARSESSION |
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| 2 | 2 | | HOUSEBILLNO.2473 |
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| 3 | 3 | | 102NDGENERALASSEMBLY |
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| 4 | 4 | | INTRODUCEDBYREPRESENTATIVEHARDWICK. |
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| 5 | 5 | | 5213H.01I DANARADEMANMILLER,ChiefClerk |
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| 6 | 6 | | ANACT |
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| 7 | 7 | | Toamendchapter135,RSMo,byaddingtheretoonenewsectionrelatingtoawork |
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| 8 | 8 | | opportunitytaxcredit. |
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| 9 | 9 | | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: |
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| 10 | 10 | | SectionA.Chapter135,RSMo,isamendedbyaddingtheretoonenewsection,tobe |
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| 11 | 11 | | 2knownassection135.465,toreadasfollows: |
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| 12 | 12 | | 135.465.1.Thissectionshallbeknownandmaybecitedasthe"MissouriJob |
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| 13 | 13 | | 2CreatorsTaxReductionAct". |
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| 14 | 14 | | 3 2.Asusedinthissection,thefollowingtermsmean: |
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| 15 | 15 | | 4 (1)"Federalworkopportunitycredit",theworkopportunitytaxcreditallowed |
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| 16 | 16 | | 5under26U.S.C.Section51,asamended; |
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| 17 | 17 | | 6 (2)"Qualifiedtaxpayer",anyindividualorentitysubjecttothestateincometax |
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| 18 | 18 | | 7imposedunderchapter143,148,or153,excludingthewithholdingtaximposedunder |
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| 19 | 19 | | 8sections143.191to143.265,whoisanemployerthatpaidwagestoanindividualwhois |
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| 20 | 20 | | 9inatargetedgroupandwasemployedinthestateduringthetaxyearforwhichthetax |
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| 21 | 21 | | 10creditunderthissectionisclaimed; |
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| 22 | 22 | | 11 (3)"Targetedgroup",thesamemeaningasdefinedin26U.S.C.Section51,as |
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| 23 | 23 | | 12amended; |
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| 24 | 24 | | 13 (4)"Taxcredit",acreditagainstthetaxotherwisedueunderchapter143,147, |
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| 25 | 25 | | 14148,or153,excludingwithholdingtaximposedundersections143.191to143.265. |
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| 26 | 26 | | 15 3.ForalltaxyearsbeginningonorafterJanuary1,2025,aqualifiedtaxpayer |
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| 27 | 27 | | 16shallbeallowedtoclaimataxcreditagainstthetaxpayer'sstatetaxliabilityforwages |
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| 28 | 28 | | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis |
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| 29 | 29 | | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 17paidbythequalifiedtaxpayerduringthetaxyeartoanindividualwhoisinatargeted |
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| 30 | 30 | | 18groupandwhoisemployedinthestateinanamountequaltothelesserof: |
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| 31 | 31 | | 19 (1)Onehundredpercentofthefederalworkopportunitycreditproperly |
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| 32 | 32 | | 20claimedforthetaxyearbythequalifiedtaxpayeronsuchtaxpayer'sfederalincometax |
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| 33 | 33 | | 21returnwithrespecttosuchwages,excludinganyamountcarriedbackorforwardfrom |
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| 34 | 34 | | 22anothertaxyearinaccordancewith26U.S.C.Section51,asamended;or |
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| 35 | 35 | | 23 (2)TheMissouristateincometaxliabilityofthetaxpayerforthattaxyear, |
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| 36 | 36 | | 24exceptinthecaseofanemployerthatisanorganizationexemptfromtaxationunder26 |
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| 37 | 37 | | 25U.S.C.Section501(c),asamended. |
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| 38 | 38 | | 26 4.Anemployerthatisanorganizationexemptfromtaxationunder26U.S.C. |
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| 39 | 39 | | 27Section501(c),asamended,mayapplythecreditauthorizedunderthissectionasa |
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| 40 | 40 | | 28creditforthepaymentoftaxesthattheorganizationisrequiredtowithholdfromthe |
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| 41 | 41 | | 29wagesofemployeesandrequiredtopaytothestate. |
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| 42 | 42 | | 30 5.Taxcreditsissuedundertheprovisionsofthissectionshallnotberefundable. |
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| 43 | 43 | | 31Notaxcreditclaimedunderthissectionshallbecarriedforwardtoanysubsequenttax |
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| 44 | 44 | | 32year. |
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| 45 | 45 | | 33 6.Notaxcreditclaimedunderthissectionshallbeassigned,transferred,sold,or |
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| 46 | 46 | | 34otherwiseconveyed. |
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| 47 | 47 | | 35 7.Thedepartmentofrevenueshallpromulgateallnecessaryrulesand |
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| 48 | 48 | | 36regulationsfortheadministrationofthissection.Anyruleorportionofarule,asthat |
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| 49 | 49 | | 37termisdefinedinsection536.010,thatiscreatedundertheauthoritydelegatedinthis |
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| 50 | 50 | | 38sectionshallbecomeeffectiveonlyifitcomplieswithandissubjecttoallofthe |
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| 51 | 51 | | 39provisionsofchapter536and,ifapplicable,section536.028.Thissectionandchapter |
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| 52 | 52 | | 40536arenonseverableandifanyofthepowersvestedwiththegeneralassembly |
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| 53 | 53 | | 41pursuanttochapter536toreview,todelaytheeffectivedate,ortodisapproveandannul |
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| 54 | 54 | | 42arulearesubsequentlyheldunconstitutional,thenthegrantofrulemakingauthority |
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| 55 | 55 | | 43andanyruleproposedoradoptedafterAugust28,2024,shallbeinvalidandvoid. |
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| 56 | 56 | | 44 8.Undersection23.253oftheMissourisunsetact: |
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| 57 | 57 | | 45 (1)Theprovisionsofthenewprogramauthorizedunderthissectionshall |
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| 58 | 58 | | 46automaticallysunsetDecemberthirty-firstsixyearsaftertheeffectivedateofthis |
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| 59 | 59 | | 47sectionunlessreauthorizedbyanactofthegeneralassembly; |
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| 60 | 60 | | 48 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissection |
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| 61 | 61 | | 49shallautomaticallysunsetDecemberthirty-firsttwelveyearsaftertheeffectivedateof |
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| 62 | 62 | | 50thereauthorizationofthissection;and |
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| 63 | 63 | | HB2473 2 51 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear |
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| 64 | 64 | | 52immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunderthis |
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| 65 | 65 | | 53sectionissunset. |
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| 66 | 66 | | âś” |
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| 67 | 67 | | HB2473 3 |
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