Missouri HB 1479: Establishes earnings tax opportunity zones

Bill Text

SECOND REGULAR SESSION
HOUSE BILL NO. 1479
102ND GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE CHRIST.
4098H.01I DANA RADEMAN MILLER, Chief Clerk
AN ACT
To amend chapter 92, RSMo, by adding thereto one new section relating to earnings tax
opportunity zones.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 92, RSMo, is amended by adding thereto one new section, to be
2 known as section 92.205, to read as follows:
92.205. 1. For the purposes of this section, the following terms mean:
2 (1) "Distressed community", the same meaning as provided in section 135.530;
3 (2) "Earnings tax opportunity zone", each opportunity zone cluster wholly
4 comprised of qualified census tracts located wholly or partially in a distressed
5 community imposing the earnings tax under sections 92.105 to 92.200;
6 (3) "Opportunityzonecluster",areasdesignatedasaqualifiedopportunity zone
7 under 26 U.S.C. Section 1400Z-1 organized within a distressed community to connect
8 and reinforce priority areas for investment, redevelopment, and economic growth;
9 (4) "Qualified census tract", the same meaning as provided in section 253.545.
10 2. Notwithstanding any other provision of law to the contrary, for all tax years
11 beginning on or after January 1, 2024, the following shall be exempt from the earnings
12 tax imposed under sections 92.105 to 92.200:
13 (1) The salaries, wages, commissions, and other compensation earned by any
14 resident of an earnings tax opportunity zone;
15 (2) The salaries, wages, commissions, and other compensation earned by any
16 person who earns salaries, wages, commissions, and other compensation for work done
17 or services performed or rendered in an earnings tax opportunity zone;
EXPLANATION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is
intended to be omitted from the law. Matter in bold-face type in the above bill is proposed language.

18 (3) The net profits of associations, businesses, or other activities conducted by
19 any person in an earnings tax opportunity zone; and
20 (4) The net profits earned by all corporations as the result of work done or
21 services performed or rendered and business or other activities in an earnings tax
22 opportunity zone.
23 3. Any distressed community imposing the earnings tax under sections 92.105 to
24 92.200 shall publish and maintain an updated map of earnings tax opportunity zones on
25 its website and shall provide a copy of such map upon request.
✔
HB 1479 2