HCS/HB 553 - This act creates a tax credit for all taxable years beginning on or after January 1, 2010, equal to one hundred percent of the state sales tax paid on any new motor vehicle assembled and purchased in Missouri. The tax credit is refundable and may be claimed against a taxpayer's income tax; corporate franchise tax; financial institutions tax; or bridge, express, and public utility companies tax liability. Political subdivisions may exempt such sales from local sales tax by order or ordinance. The provisions of the act will expire on December thirty-first, six years from the effective date. JASON ZAMKUS
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