Bill > HB1007

This bill modifies provisions relating to tax credits across multiple sections of Missouri state law. Here's a summary of the key provisions: This bill introduces several significant changes to tax credit regulations, including: 1. Implementing a new sunset provision for many tax credit programs, which would automatically expire on August 28, 2031, unless reauthorized by the general assembly. After reauthorization, these programs would automatically sunset six years later. 2. Creating new restrictions on tax credits starting January 1, 2026: - Tax credits will not be carried forward beyond three years - Most tax credits will be subject to appropriation, with some exceptions like the Missouri Low-Income Housing Tax Credit and the Show MO Act tax credit - When creating a new tax credit or increasing an existing tax credit's cap, the legislature must reduce or repeal other existing tax credits to maintain a balanced fiscal impact 3. Establishing annual caps on tax credit issuance for many programs, typically based on the highest annual amount issued in fiscal years 2023-2025. 4. Transferring administration of several tax credit programs to different state departments, such as moving some programs from the Department of Revenue to the Department of Social Services or Department of Agriculture. 5. Adding reporting and accountability requirements for various tax credit programs, including more detailed annual reporting to the general assembly. The bill affects a wide range of tax credit programs across multiple sectors, including economic development, agricultural investments, renewable energy, healthcare, and education. The overall aim appears to be creating more fiscal discipline and oversight in the state's tax credit system.

Budget and Finance, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB1007&year=2025&code=R