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MO HB734

Bill

Official Source

Status

Introduced

3/2/2011

Primary Sponsor

Ellen Brandom

Click for details

Origin

House of Representatives

2011 Regular Session

AI Summary

  • Reduces the cumulative annual tax credit allocation for food pantry donations from $2 million to $1 million for all taxpayers combined
  • Extends the program expiration date to August 28, 2020 (previously would have sunset in 2011)
  • Taxpayers can claim up to a 50% tax credit on cash or unexpired food donations to local 501(c)(3) food pantries, capped at $2,500 per taxpayer per year
  • Credits can be carried forward up to three subsequent tax years if not fully used in the year claimed
  • Requires the Department of Revenue to establish procedures to proportionally allocate available credits among all claiming taxpayers by April 15th each fiscal year

Legislative Description

Reduces the annual cumulative amount of tax credits that can be authorized for donations to a food pantry from $2 million to $1 million and extends the expiration date to August 28, 2020

Last Action

Public Hearing Completed (H)

3/15/2011

Committee Referrals

Economic Development3/3/2011

Full Bill Text

No bill text available