Bill Text: MO HB2188 | 2014 | Regular Session | Comm Sub

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Bill Title: Authorizes a tax deduction for any small business that receives the Baldrige National Quality Award

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2014-04-28 - Rules - Reported Do Pass (H) [HB2188 Detail]

Download: Missouri-2014-HB2188-Comm_Sub.html

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SECOND REGULAR SESSION

HOUSE COMMITTEE SUBSTITUTE FOR

HOUSE BILL NO. 2188

97TH GENERAL ASSEMBLY

6344H.03C                                                                                                                                                 D. ADAM CRUMBLISS, Chief Clerk

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AN ACT

To amend chapter 135, RSMo, by adding thereto one new section relating to a tax deduction for Baldrige National Quality Award recipients.

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Be it enacted by the General Assembly of the state of Missouri, as follows:

            Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.1785, to read as follows:

            135.1785. 1. As used in this section, the following terms mean:

            (1) “Baldrige award”, the Baldrige national quality award established under 15 U.S.C. 3711a;

            (2) “Qualified business”, a sole proprietorship, firm, partnership, limited liability company, S corporation, or a corporation doing business in the state of Missouri that has received a Baldrige award and:

            (a) Is privately held;

            (b) Has operated in Missouri for at least five consecutive years as of the receipt of the Baldrige award;

            (c) Is organized for-profit;

            (d) Whose owners have been residents of Missouri for at least five years as of the receipt of the Baldrige award;

            (e) Has fewer than five hundred employees as of the receipt of the Baldrige award; and

            (f) Has not previously received a Baldrige award;

            (3) “Tax deduction”, an amount subtracted from the taxpayer’s taxable income to determine Missouri taxable income for the tax year in which such deduction is claimed.

            2. In addition to all deductions listed in chapter 143, for all tax years beginning on or after January 1, 2015, a qualified business shall be allowed a tax deduction against the qualified business’s taxable income in an amount equal to one million dollars.

            3. Notwithstanding the provisions of section 23.253 to the contrary, this section shall terminate after ten qualified businesses have received a Baldrige award or December 31, 2025, whichever is earlier.

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