FIRST REGULAR SESSION
94TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES PORTWOOD (Sponsor), DIXON, FAITH, CORCORAN, WELLS, MEINERS, DUSENBERG AND DOUGHERTY (Co-sponsors).
Read 1st time January 29, 2007 and copies ordered printed.
D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 143, RSMo, by adding thereto one new section relating to an income tax deduction for contributions to the Missouri Housing Trust Fund.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 143, RSMo, is amended by adding thereto one new section, to be known as section 143.116, to read as follows:
143.116. 1. As used in this section, the following terms mean:
(1) "Contribution", any gift of money to the Missouri housing trust fund established in section 215.034, RSMo, made in the taxable year for which a deduction is claimed under this section;
(2) "Deduction", an amount subtracted from the taxpayer's Missouri adjusted gross income to determine Missouri taxable income for the taxable year in which such deduction is claimed;
(3) "Taxpayer", any individual subject to the income tax imposed in this chapter.
2. In addition to the deductions listed in section 143.111, for all taxable years beginning on or after January 1, 2008, a taxpayer shall be allowed a deduction for any contribution made under this section. The deduction amount shall be equal to the full amount of the contribution.
3. The department of revenue shall establish the procedure by which the deduction provided in this section may be claimed, and may promulgate rules to implement the provisions of this section. Any rule or portion of a rule, as that term is defined in section 536.010, RSMo, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536, RSMo, and, if applicable, section 536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536, RSMo, to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2007, shall be invalid and void.
4. Under section 23.253, RSMo, of the Missouri Sunset Act:
(1) The provisions of the new program authorized under this section shall automatically sunset on December thirty-first six years after the effective date of this section unless reauthorized by an act of the general assembly; and
(2) If such program is reauthorized, the program authorized under this section shall automatically sunset on December thirty-first twelve years after the effective date of the reauthorization of this section; and
(3) This section shall terminate on September first of the calendar year immediately following the calendar year in which the program authorized under this section is sunset.
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