Bill > SB399

This bill modifies the tax credit program for neighborhood assistance programs in Missouri, establishing a detailed framework for tax credits that can be applied across various types of taxes including insurance, bank, franchise, income, and express company taxes. The bill allows businesses and financial institutions to receive tax credits for contributions to approved neighborhood assistance programs, with credit percentages varying based on the type and location of the program. Key provisions include allowing tax credits up to 50-70% of total contributions, with special considerations for programs in smaller communities or areas designated as impoverished or economically distressed. The bill sets annual limits on total tax credits, with specific allocations for different types of programs such as affordable housing, community services, crime prevention, education, and job training. Credits not used in a given year can be carried forward for up to five or ten years depending on the program type. The bill also includes detailed compliance requirements for housing-related programs, such as income eligibility verification for tenants and owner-occupants, and provisions for potential enforcement actions if program requirements are not met. Additionally, the bill includes a mechanism to reallocate unused tax credits between different types of neighborhood assistance programs within annual funding limits.

Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=465