Bill > SB490

This bill modifies two existing tax credit provisions in Missouri law, specifically focusing on expanding benevolent tax credits for businesses and organizations. The first section updates Section 32.115 to increase the tax credit percentage from fifty to seventy percent for contributions to certain approved programs, particularly those in smaller communities or serving economically distressed areas. The bill allows businesses to claim these credits against various state taxes, including insurance, bank, franchise, and income taxes. For proposals related to community services, crime prevention, education, job training, physical revitalization, or economic development in impoverished areas, the credit limits are removed. The second section modifies Section 135.460, known as the "Youth Opportunities and Violence Prevention Act", also increasing the tax credit percentage from fifty to seventy percent for monetary contributions to youth-focused programs. These programs include adopt-a-school initiatives, employment programs for youth, mentorship programs, drug prevention training, youth activity centers, and conflict resolution programs. The bill maintains existing provisions about tax credit carryover, reporting requirements, and the types of organizations eligible for these credits, while expanding the potential financial incentives for businesses to support community and youth-oriented initiatives.

Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=254628