HB 1554 -- Income Tax Credit for Special Needs Education Support
Organizations

Sponsor:  Hughes

Beginning January 1, 2009, this bill authorizes an income tax
credit equal to 50% of the amount of a contribution to a
nonprofit special needs education support organization.  The
contribution must be at least $100, and the maximum amount of the
tax credit will be $50,000 per taxpayer annually.  The cumulative
amount of tax credits cannot exceed $2 million.  The Director of
the Department of Elementary and Secondary Education will
determine which organizations may be classified as eligible
organizations for this credit.  The tax credit may be taken
against individual and corporate income tax, corporate franchise
tax, financial institution tax, and express company tax
liability.  The tax credit is not refundable, but can be carried
forward and claimed for up to four taxable years.

The provisions of the bill will expire December 31 six years from
the effective date.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:10 pm