HB1299 Creates a state income tax credit for contributions to qualified scholarship charities beginning in tax year 2001.
Sponsor: Hanaway, Catherine L (87) Effective Date:00/00/0000
CoSponsor: LR Number: 2714L.01I
Last Action: COMMITTEE: WAYS AND MEANS
01/25/2000 - Public Hearing Held (H)
HB1299
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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BILL SUMMARIES

INTRODUCED

HB 1299 -- Income Tax:  Credit for Scholarship Charities

Sponsor:  Hanaway

This  bill authorizes a state income tax credit for donations to
scholarship charities.  A scholarship charity is a tax-exempt
charitable organization which allocates at least 90% of its
annual revenue for scholarships to children to allow them to
attend a public or non-discriminatory private elementary or
secondary school.  The credit is not refundable, but may be
carried forward and applied to future tax liabilities for up to
4 years.

The total annual amount of credits is limited to $5 million.
The Department of Economic Development will determine which
organizations qualify as scholarship charities.  Credits will be
allocated equally at the beginning of each year to all
scholarship charities and those not used by a date determined
under rules of the department may be reallocated to ensure the
maximum amount of credits are used each year.

The bill will apply to tax year 2000 and thereafter.


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Last Updated October 5, 2000 at 11:32 am