NAEGER (Co-sponsors), CRAWFORD, HOWERTON, SUMMERS, PRYOR, PHILLIPS, BARNETT,
LEGAN, McCLELLAND, GROSS, BLACK, CHAMPION, SALLEE, BLUNT, MARBLE, BERKSTRESSER,
LOUDON, BARTELSMEYER, LEVIN, KASTEN, CIERPIOT, DOLAN, OSTMANN, GASKILL,
REINHART, ALTER AND LUETKEMEYER.
Read 1st time January 17, 2000, and 1000 copies ordered printed.
ANNE C. WALKER, Chief Clerk
AN ACT
To amend chapter 135, RSMo, relating to tax relief by adding thereto one new section relating to donations to schools.
Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.343, to read as follows:
135.343. 1. As used in this section, the following terms shall mean:
(1) "Qualified contribution", a donation of cash, stock, bonds or other marketable securities to be used by a school district for the purchase of high technology equipment, or a donation of high technology equipment to a school;
(2) "High technology equipment", equipment as defined by the department of elementary and secondary education;
(3) "State tax liability", in the case of a business taxpayer, any liability incurred by such taxpayer pursuant to the provisions of chapter 143, RSMo, chapter 147, RSMo, chapter 148, RSMo, and chapter 153, RSMo, exclusive of the provisions relating to the withholding of tax as provided for in sections 143.191 to 143.265, RSMo, and related provisions, and in the case of an individual taxpayer, any liability incurred by such taxpayer pursuant to the provisions of chapter 143, RSMo;
(4) "Taxpayer", a person, a firm, a partner in a firm, a corporation or a shareholder in an S corporation doing business in the state of Missouri and subject to the state income tax imposed by the provisions of chapter 143, RSMo, or a corporation subject to the annual corporation franchise tax imposed by the provisions of chapter 147, RSMo, or an insurance company paying an annual tax on its gross premium receipts in this state, or other financial institution paying taxes to the state of Missouri or any political subdivision of this state pursuant to the provisions of chapter 148, RSMo, or an express company which pays an annual tax on its gross receipts in this state pursuant to chapter 153, RSMo, or an individual subject to the state income tax imposed by the provisions of chapter 143, RSMo.
2. For tax years beginning on or after January 1, 2001, a taxpayer shall be allowed to claim a tax credit against the taxpayer's state tax liability, in an amount equal to the lesser of two hundred dollars or the amount such taxpayer's qualified contribution to a school district. The tax credit shall be nonrefundable, but may be carried over to the next four succeeding taxable years until the full credit has been claimed. Except for any excess credit which is carried over pursuant to this subsection, a taxpayer shall not be allowed to claim a tax credit unless the total amount of such taxpayer's qualified contribution to a school district in such taxpayer's taxable year has a value of at least one hundred dollars. School districts shall be permitted to decline a qualified contribution.
3. The department of elementary and secondary education is authorized to adopt any rules or regulations deemed
necessary for the effective administration of this section. No rule or portion of a rule promulgated pursuant to the
authority of this section shall become effective unless it has been promulgated pursuant to the provisions of
chapter 536, RSMo.
Missouri House of Representatives