MO SB608

Repeals and replaces section 135.1150 to establish the "Residential Treatment Agency Tax Credit Act" allowing taxpayers a 50% tax credit on eligible donations to licensed residential treatment agencies for children, effective for taxable years beginning January 1, 2007.

Enacts new section 135.1180 creating the "Developmental Disability Care Provider Tax Credit Program" allowing taxpayers a 50% tax credit on eligible donations to care providers serving persons with developmental disabilities, effective for taxable years beginning January 1, 2010.

Tax credits apply against state income, corporation franchise, and insurance premium taxes, cannot exceed the taxpayer's annual tax liability, and unused credits may be carried forward up to four subsequent taxable years.

Eligible donations include cash, publicly traded stocks and bonds, and real estate used solely for direct care services and employee compensation or training improvements.

Both programs automatically sunset six years after their effective dates unless reauthorized by the general assembly, at which point they would sunset twelve years after reauthorization.