Bill > HB1303

This bill modifies the Neighborhood Assistance Act tax credit program in Missouri, which provides tax incentives for businesses that contribute to community development and affordable housing initiatives. The bill allows tax credits to be applied against various state taxes, including insurance premium taxes, bank taxes, and state income taxes. The credits can cover up to 50-70% of a business's contributions, depending on the type of program and community characteristics. For programs in smaller communities or those focusing on special priorities, businesses can receive up to 70% tax credits, with an annual cap of $250,000 (with exceptions for contributions to impoverished or distressed areas). The bill also includes specific provisions for affordable housing assistance, allowing tax credits for investments in housing projects, with credits that can be carried forward for up to 10 years. A key change in this version allows unused tax credits from affordable housing programs (section 32.111) to be potentially reallocated to neighborhood organization programs (section 32.112), ensuring that up to $11 million in total credits can be utilized annually across these two program areas. The bill aims to incentivize business investments in community development, affordable housing, and neighborhood revitalization efforts.

https://house.mo.gov/Bill.aspx?bill=HB1303&year=2025&code=R