Bill > SB126

This bill modifies tax credit provisions for benevolent contributions, primarily increasing the percentage of tax credits from fifty to seventy percent for various types of contributions. Specifically, the bill changes tax credit rates for contributions to economic development programs, affordable housing assistance, and youth opportunity programs. For economic development programs, businesses can now receive a seventy percent tax credit (up from fifty percent) for contributions to certain community development initiatives, with special provisions for smaller communities and impoverished areas. The bill also expands tax credit opportunities for contributions to youth-focused programs like adopt-a-school initiatives, employment programs for youth, mentorship programs, and drug prevention training. The tax credits can be applied across multiple tax categories, including gross premium receipts, bank taxes, corporation franchise taxes, and state income taxes. Importantly, the bill maintains existing provisions that allow unused tax credits to be carried forward for several years, ensuring that businesses can fully utilize their tax credit benefits. The changes aim to incentivize private sector investment in community development, education, and youth support programs by making the tax credit more attractive to potential contributors.

Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=85