Bring Jobs Home Act
Senate Bill 861 was passed by the General Assembly in the 2016 Regular session and it was signed into law by Governor Nixon on July 1, 2016. Senate Bill 861 creates the Bring Job Homes Act and provides for a deduction if your corporation accrued expenses associated with relocating a business to Missouri from federal taxable income to determine Missouri taxable income. The deduction is limited to 50% of eligible in-sourcing expenses and cannot exceed the taxpayer’s Missouri taxable income. The Bring Jobs Home Deduction is approved by the Missouri Department of Economic Development. For additional information, visit http://ded.mo.gov or contact the Department of Economic Development at P.O. Box 118, Jefferson City, MO 65102-0118.
Filing Deadline for 2017
The tax filing deadline for 2017 calendar year filers will be April 17, 2018. This deadline is consistent with the deadline change for filing federal tax returns.
Transportation Facilities Deductions
Senate Bill 861 was passed by the General Assembly in the 2016 Regular session and it was signed into law by Governor Nixon on July 1, 2016. Senate Bill 861 created Section 143.2100, 143.2105, 143.2110, and 143.2115, RSMo, which allows for certain deductions from Missouri Taxable Income. If your corporation received approval from the Department of Economic Development to claim one or more of the Transportation Facilities Deductions allowed under Section 143.2105, 143.2110, and 143.2115, RSMo, select the approved deduction(s) on Form MO-1120 and enter the total approved amount on Line 13. The Qualified Trade Activities deduction cannot exceed 50% of a taxpayer’s Missouri Taxable Income. Attach a schedule detailing the deduction(s) and amount(s) claimed to your return.