Tax News

CCH (cch.taxgroup.com) reports:

Missouri Governor Matt Blunt has signed special session legislation that provides new and enhanced corporate income, corporate franchise, financial institutions franchise, express companies (utilities), insurance gross premiums, and personal income tax credits designed to spur economic development in the state. Specifically, the legislation increases the annual tax credit cap and makes other changes relating to the quality jobs program, enacts a new distressed-area land assemblage tax credit, enacts a new tax credit for sales of beef from cattle born in Missouri, authorizes a tax credit for qualified equity investments in qualified community development entities, lowers eligibility requirements for film production tax credits and revises credit amounts, increases the annual tax credit cap and makes other changes relating to the enhanced enterprise zone tax credit, and expands definitions to make various tax credits available to tax-exempt charitable organizations.