SS HCS HB 453 -- INCOME TAX CREDITS FOR CERTAIN DONATIONS

Beginning January 1, 2007, this bill authorizes an income tax
credit for donations of cash or food to any local food pantry.
The amount of the tax credit will be equal to one-half the value
of the donation and cannot exceed $2,500 per taxpayer.  The
taxpayer must file an affidavit with his or her income tax return
verifying the contribution.  The tax credit is nonrefundable and
cannot be transferred, sold, or assigned but can be carried
forward three years.  The cumulative amount of the tax credit
that can be issued to all taxpayers will be $2 million per year.
If the applications exceed that amount, the Director of the
Department of Revenue will establish a procedure by which the
credits are apportioned among all applicants.

The Residential Treatment Agency Tax Credit Act is revised so
that an eligible donation made to a state agency providing
services for children in residential facilities can include cash,
publicly traded stocks and bonds, and real estate.  These
donations will be valued and documented according to rules
established by the Department of Social Services.

The provisions regarding the tax credit for donations to food
pantries will expire four years from the effective date.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:19 am