HCS/HB 1089 - This act establishes the Bring Jobs Home Act. An income tax credit is created in an amount equal to 20% of expenses associated with moving all or part of a business from outside of Missouri to a location in Missouri. The number of full time employees of the business in the tax year the business claims the credit must exceed the number full-time employees of the business in the tax year before the expenses were incurred. The credit may be taken in the tax year the relocation is completed or in the following tax year. The total amount of tax credits that may be issued under this act is $10 million per year. Taxpayers receiving a credit under this act will be ineligible for any other tax credit for the same expenses. Taxpayers that eliminate a business unit within ten year of receiving a tax credit under this act must repay the amount of tax credits received. The act sunsets on August 28, 2020.
This act is similar to HB 850 (2013) and to a provision in HCS#2/SCS/SB 777 (2014).
MIKE HAMMANN