HCS/SB 751 - This act authorizes an income tax credit for operators of bowling alleys located in Missouri in an amount equal to ten percent of the purchase price of the machinery and equipment required for bowling. The taxpayer is required to apply for the credit to the Director of the Department of Economic Development, who then certifies to the Director of the Department of Revenue whether the taxpayer has made purchases which qualify for the credit. The credit may be carried over for up to four years and may be assigned to a third party. The credit is not allowed for licensed gambling boats, corporations owning more than three bowling alleys in the state, and anyone applying on or after January 1, 2005.

The act clarifies that the sale of the first copy of a customized film or video produced in Missouri is a non-taxable service. Purchases of tangible personal property incorporated into the first copy of a customized film or video, and sales of subsequent copies of it, are subject to sales and use tax.

The act also exempts from sales and use tax tangible personal property purchased or leased by a qualified film production company doing business in this state. The company must have an expected in-state expenditure budget in excess of three hundred thousand dollars and be certified by the Missouri Film Commission.
RUSS HEMBREE