SS SCS SB 1229 -- Tax Credit for Children in Crisis

Sponsor:  Champion

This substitute authorizes an income tax credit up to 50% of
contributions to an entity which receives funding from the Court
Appointed Special Advocate Fund, a child advocacy center, or a
crisis care center.  To receive the credit, donations must be in
excess of $50, and the qualified agency receiving the
contribution will issue to the taxpayer a contribution
verification to be attached to his or her income tax return.

In order to become a qualified agency, each year prior to
December 31, an agency must apply to the Department of Social
Services to verify its status.  By February 1 of each year, the
department will provide a list of qualified agencies to the
Department of Revenue.

The children in crisis tax credit has a cumulative cap equal to
the unclaimed portion of the resident adoption tax credit.  The
amount available will be equally divided among the agencies, and
any unused portion not used by an agency will be available to the
remaining agencies.  After all the children in crisis tax credits
have been claimed, any remaining unclaimed portion of the
reserved allocation will be made available for non-resident
adoption tax credits claims.

The substitute removes the requirement that the Director of the
Department of Revenue submit an annual report to the General
Assembly on the income levels of taxpayers claiming the tax
credit.

The substitute also requires applications to claim the adoption
credit for special needs children must be filed between July 1
and April 15 of each fiscal year.  The credit is not refundable,
but can be carried forward and claimed for up to five consecutive
years.

The provisions of the substitute will expire six years from the
effective date.

Missouri House of Representatives
93rd General Assembly, 2nd Regular Session
Last Updated November 29, 2006 at 9:47 am