TRAINING & EDUCATIONAL TAX CREDITS 4. Skills Development Account Tax Credit Purpose: The credit was created to encourage employee advancement and skill development by offering tax credits to participating companies located in “distressed communities.” The intent was to help employees with lower skills and limited income upgrade their work skills and earn a higher wage. The program was repealed in 2004. Testimony: Amy Deem, Department of Economic Development The Department testified for information purposes only. Recommendation: The committee recommends that all references to the credit be removed from statute.
Manufacturer Recycling Flexible Cellulose Casings Tax Credit as described in Section 260.285, RSMo. Purpose: The tax credit was designed to encourage recycling of cellulose casings of sausage products. The entity that applies for the credit is eligible for a tax credit worth the sales tax that they pay for the cellulose casings if the entity recycles the casings. A definition from the University of Nebraska- Lincoln, Animal Science Department’s meat glossary is as follows: Tesimony: Jim McNichols, Department of Natural Resources Testified for information purposes only regarding the credit. DNR certifies to the Department of Revenue that the flexible cellulose casings have been recycled. Casey Richey , Department of Revenue Testified for information purposes only. DOR awards the credit after receiving certification from DNR that the materials have been recycled. Recommendation: The committee recommends that the credit be repealed and all references to such credit be removed from statute.
Testimony: Roger Korenberg and Jim McNichols, Department of Natural Resources Charcoal producers wanted to use this credit along with the charcoal producer tax credit to help offset the costs of environmental regulations. Approximately 500-600 people are employed in the industry. Steve Flick, Show Me Energy Cooperative Expressed support for any tax credit that encouraged renewable energy. Phil Wright, Midwest Alliance for Renewable Energy Expressed support for any tax credit that encouraged renewable energy. Missouri should promote renewable energy through its tax scheme. Brian Brookshire, Missouri Forest Products Association Expressed his support and advocated for maintaining of the Wood Energy Tax Credit. Recommendation: The committee recommends that no new credits be authorized after June 30, 2010. FOXLoanz - Online Payday loans : Fast Approval Short-term credits are available in form of payday loans.
Wood Energy Tax Credit as described in Sections 135.300-135.311, RSMo. Purpose: The credit was originally enacted in 1985 to provide an incentive to sawmills to make fuel pellets from their sawdust instead of letting the sawdust pile up on sawmill property; the credit expired on June 30, 1991. The tax credit was reenacted in 1996 but was changed to extend the eligibility of the credit to include charcoal producers. The credit also encouraged the use of wood pellets as an energy source instead of natural gas. The credit is worth $5 per ton of wood pellets or wood flour produced and is worth $20 for each ton of wood char produced. The EPA has determined that four tons of wood residue is needed to produce one ton of wood char. Documentation of the sale of the processed wood is required to receive the credit. The Department of Natural Resources certifies to the Department of Revenue that a wood energy tax credit applicant qualifies as a wood energy-producing facility.
Testimony: - Peter Yronwode and Jim McNichols, Department of Natural Resources Overall, the program was successful in accomplishing its intended purpose. The Department of Natural Resources performs stack tests to determine the emissions of chemicals in the charcoal smoke as they are released into the air. The eligibility for the credit may have been too lax as some of the companies may have qualified for the credit that may not have been intended by the legislature to receive the credit. Recommendation: The committee recommends no change be made.
ENVIRONMENTAL TAX CREDITS 1. Charcoal Producer Tax Credit as described in Section 135.313, RSMo. Purpose: Charcoal smoke contains chemicals that are toxic or carcinogenic. An afterburner can destroy the harmful chemicals. To provide an incentive to implement safe and efficient environmental controls, a tax credit award of up to 50% of the purchase price for best available control technology equipment was created. The credit was set to terminate 8 years after its inception (1998). The credit could be awarded for purchases of the equipment up until the end of 2005. Credits could be redeemed through 2012 because of the 7 year carry-forward provision built into the credit. The Department of Natural Resources certified the best available technology and the cost associated with building the environmental control device. The Department of Economic Development Awards the credits and the Department of Revenue redeems the credit.