MO HB541

Repeals and reenacts section 135.647 of Missouri law to extend the tax credit program for food donations to local food pantries through August 28, 2015

Allows taxpayers (individuals, firms, corporations, S corporation shareholders) to claim a credit against state income tax equal to 50% of cash or food donations to 501(c)(3) food pantries, with a maximum annual credit of $2,500 per taxpayer

Requires donations to be valued at fair market value, or wholesale value for donations from retail grocers, food brokers, wholesalers, or restaurants; excludes food donated after expiration date

Caps total cumulative tax credits available statewide at $2 million per fiscal year, with the Director of Revenue establishing procedures to apportion credits among all taxpayers by April 15

Prohibits taxpayers employing unauthorized workers from claiming the credit; unused credits may be carried forward up to three subsequent tax years but are otherwise non-refundable and non-transferable