ALTERNATIVE FUELS TAX CREDIT (Section 135.710)

For calendar years 2009 to 2012, persons installing and operating an alternative fuel refueling property were eligible for an income tax credit. This act reauthorizes the tax credit for calendar years 2015 to 2017. A cap of one million dollars per year is set for the tax credit. Electric vehicle recharging properties are added to the types of properties eligible for the tax credit.

The tax credit is limited to $1,500 for private citizens. The tax credit is limited to the lesser of $20,000 or 20% of construction costs for business entities. Applicants for the tax credit will apply to the Department of Economic Development instead of the Department of Natural Resources.

This provisions is similar to SB 574 (2014). This provision is similar to a provision in HCS/HB 1640 (2014), the perfected version of HB 1684 (2014), the perfected version of HCS/HB 2141 (2014), and CCS/SCS/SB 729 (2014).

TAXATION OF PROPERTY USED FOR TRANSPORTATION OR STORAGE OF CERTAIN FUELS (Section 137.010)

Currently, stationary property used for transportation of liquid and gaseous products is treated as real property for tax purposes. This act adds stationary property used for storage of such products to the definition of real property. Propane and liquid propane gas equipment are added to the list of liquid or gaseous products.

This provision is similar to a provision contained in HCS/HB 1640 (2014), the perfected version of HB 1684 (2014), the perfected version of HCS/HB 2141 (2014), and CCS/SCS/SB 729 (2014).

LICENSING OF TRAILERS (Section 1)

Currently, a trailer license may be valid for a maximum of three years without renewal. This act specifies that all trailer licenses shall be permanent and require no renewal after initial registration and licensing unless such trailer is sold or transferred.

MIKE HAMMANN