SPONSOR: Plank
Beginning January 1, 2025, a qualified taxpayer may claim a tax credit in the amount of $1,000 for each eligible purchase of a state-owned vehicle to be used by an eligible employee for the purpose of transporting such employee to and from the taxpayer's place of business or work site.
An eligible employee is an individual who:
(1) Has been convicted of a felony;
(2) Is on probation or parole;
(3) Has earned a vocational trade or trade union certificate through a Missouri Department of Corrections approved program;
(4) Was hired to a full-time position of at least 40 hours per week on or after January 1, 2025; and
(5) Has worked on a full-time basis for at least 12 consecutive months or at least 46 weeks out the year if at least some portion of that employment occurs during the tax year for which the credit is claimed.
The qualified taxpayer must submit to the Department of Revenue the receipts of purchase to verify the amount paid, documentation of the eligible employee's vocational trade or trade union certification, and either mileage logs or other evidence showing the use of the vehicle for transportation of eligible employees.
A qualified taxpayer can not exceed five tax credits for any given tax year, and can only claim such credit for the initial year that a state-owned vehicle was purchased. The cumulative amount of tax credits allowed to all taxpayers can not exceed $75,000 per calendar year. If the credits claimed in a calendar year exceed $75,000, the credits will be allowed on the order in which they are claimed.
The tax credits will not be refundable, nor will any of the credits be carried forward to any subsequent tax year. No tax credits will be assigned, transferred, sold, or otherwise conveyed.
The provisions of this program automatically sunset six years after the effective date.
Statutes affected: