Missouri’s alternative fuel infrastructure tax credit is now defined easily in a website sponsored by the Department of Natural Resources (DNR). Retailers can take advantage of this credit in the taxable years between Jan. 1, 2009 and Jan. 1, 2012.
The Missouri tax credit is allowable on top of the income tax credit offered by the Federal Government in the amount of 50 percent up to $50,000 of the total cost of the project. Qualifying retailers can receive a state tax credit of 20 percent up to $20,000 of the total cost of the project. According to the website, DNR states that the cumulative amount of tax credits which may be filed for by eligible applicants claiming all credits authorized will not exceed the following amounts:
In taxable year 2009 – $3 million.
In taxable year 2010 – $2 million.
In taxable year 2011 – $1 million.
Desiring applicants must supply an application to MO DNR where they will review and certify eligibility. The application can be found by clicking here. A complete description of the MO alternative fuel tax credit rules can be found by going to: http://dnr.mo.gov/pubs/pub2382.pdf.