The bill proposes the addition of a new section, 135.2000, to chapter 135 of the Revised Statutes of Missouri, which establishes a tax credit for qualifying newspaper printing plants. This tax credit allows eligible taxpayers to claim a credit equal to fifty percent of their labor costs incurred during the tax year, starting from January 1, 2026. The bill defines key terms such as "qualifying newspaper printing plant," "labor costs," and "taxpayer," and specifies that the total amount of tax credits authorized in any tax year shall not exceed seven million dollars. Additionally, any tax credits exceeding a taxpayer's state tax liability will be refunded, and these credits may be transferred, sold, or assigned. To apply for the tax credits, taxpayers must submit an application to the Missouri Department of Revenue, including their name, address, and total labor costs. The department is also granted the authority to promulgate rules for implementing the provisions of this section. The program is subject to a sunset provision, which means it will automatically terminate six years after its effective date unless reauthorized by the General Assembly. The bill includes stipulations to ensure that the state's obligations related to tax credits incurred before the program's sunset are not impaired.

Statutes affected:
Introduced (3885H.01): 135.2000