HB 1739 -- Income Tax:  Scholarship Charity Tax Credit

Co-Sponsors:  Cunningham, Portwood, Hendrickson, Gambaro

This bill authorizes an income tax credit for 50% of
contributions to qualified educational and scholarship charities.
Educational and scholarship charities are defined as charitable
organizations that allocate at least 90% of their annual revenue
for educational scholarships.

The tax credit is not refundable, but can be carried forward and
claimed for up to four taxable years.  The statewide maximum of
tax credits that can be taken in any one year cannot exceed $20
million.  Ten million dollars are designated for educational
charities and $10 million for scholarship credits.  The bill
provides for the Department of Economic Development to certify
the charities and tax credits and to apportion the credits when
the applications for the credits exceed the statewide cap.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:02 am