Bill > SB1188

This bill modifies provisions relating to tax credits by making several significant changes to existing tax credit programs and creating new oversight mechanisms. The bill introduces a comprehensive approach to tax credit management by adding sunset provisions to many existing tax credit programs, which means these programs will automatically expire on August 28, 2032, unless reauthorized by the general assembly. For fiscal years beginning on or after January 1, 2027, the bill establishes new rules for tax credit programs, including: 1) requiring the general assembly to reduce existing tax credits when creating new tax credits or increasing existing credit caps, 2) limiting tax credit carry-forward to three years, and 3) making most tax credits subject to appropriations, with some specific exceptions like the Missouri Low-Income Housing Tax Credit and the Show MO Act tax credits. The bill also introduces annual caps on many tax credit programs, typically based on the highest annual amount of tax credits issued in fiscal years 2024-2026. Additionally, the bill transfers administrative responsibilities for various tax credit programs from the Department of Revenue to other departments like the Department of Social Services, Department of Agriculture, and Department of Economic Development. These changes aim to provide more oversight, limit potential fiscal impacts, and ensure more strategic management of state tax credit programs.

Labor and Employment

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=605