Bill > HB1731

This bill authorizes a tax credit for certain charitable donations made by individual taxpayers to local hospital foundations. The key provisions are: 1. The bill defines a "local hospital foundation" as a tax-exempt 501(c)(3) organization that provides financial relief for unpaid hospital bills for services provided at not-for-profit hospitals to individuals deemed in need of relief in the taxpayer's area. 2. The bill allows qualified taxpayers, defined as individuals subject to state income tax (excluding withholding tax), to claim a tax credit equal to 50% of their donations to a local hospital foundation, up to a maximum of $2,500 per taxpayer per year. 3. The total amount of tax credits allowed statewide is capped at $2 million per calendar year, with credits allocated on a first-come, first-served basis if the cap is reached. 4. The tax credit is non-refundable but can be carried forward for up to 3 subsequent tax years. The credit cannot be assigned, transferred, sold, or conveyed. 5. The tax credit is subject to the provisions of the Tax Credit Accountability Act of 2004 and is categorized as a "domestic and social tax credit" under Missouri law.