WOOD ENERGY PRODUCERS TAX CREDIT

(Section 135.305)

Prior to June 30, 2014, wood energy producers were allowed a tax credit to produce processed wood products. This act reauthorizes the tax credit until June 30, 2020. A cap of $3 million per fiscal year is added to the tax credit.

This provision is similar to a provision contained in HB 1498 (2014), HB 1661 (2014), CCS/SCS/SB 729 (2014), and SB 814 (2014).

GRAPE AND ALCOHOLIC BEVERAGE PRODUCERS TAX CREDIT

(Section 135.700)

Beginning January 1, 2015, this act expands the wine and grape production tax credit to include microbreweries and distilleries. A $4 million per fiscal year cap is placed on the tax credit. The tax credit is to be split so that each of the following groups will be authorized $1 million in tax credits per year: grape growers, wine producers, distilleries, and microbreweries. If after the third quarter one of the groups has not utilized its $1 million allotment, the remaining amount may be issued to applicants in one of the other three groups. The tax credit is nonrefundable and taxpayers are limited to $100,000 in tax credits per tax year.

This provision is similar to a provision contained in HB 1628 (2014).

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.

These provisions are similar to HB 1610 (2014) and SB 574 (2014). These provisions similar to a provision contained in HCS/HB 1640 (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 in HCS/HB 1610 (2014), HCS/HB 1640 (2014), the perfected version of HCS/HB 2141 (2014), and CCS/SCS/SB 729 (2014).

MIKE HAMMANN