MO SB718

Allows the Missouri development finance board to pledge the development and reserve fund, infrastructure development fund, or export finance fund to secure bonds, notes, and loans up to $5 million with terms not exceeding five years for export trade activities.

Permits taxpayers, including charitable organizations exempt from federal income tax, to receive a tax credit equal to 50% of contributions made to these funds against state income tax liabilities under chapters 143, 147, and 148, RSMo.

Allows taxpayers to sell, assign, or transfer earned tax credits for no less than 75% of par value, with transferred credits usable to offset up to 100% of tax liabilities; unused credits may be carried forward for up to five years.

Caps tax credit authorization at $10 million annually prior to June 30, 2011, and requires the development finance board to request allocation amounts from the legislature's budget and appropriations committees annually after that date.

Establishes that allocations for multi-year programs must be made for the total credit amount upfront, and unauthorized allocations expire on June 30 of each fiscal year.