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