MO SB203

Establishes a tax credit program for applicants hosting major sporting events in Missouri, including NCAA championships, Olympic trials, professional tournaments, and other eligible events approved by the Department of Economic Development.

Tax credits equal the lesser of 100% of eligible costs incurred or 50% of increased tax revenues in the event's market area, with credits claimed against income and corporate taxes under chapters 143 and 148.

Applicants must submit a support contract to the department for certification within 60 days, then submit documentation of eligible costs within 30 days after the event concludes for credit issuance within 60 days thereafter.

Caps tax credits at $10 million per fiscal year statewide, with a maximum of $8 million available annually for events in cities outside counties with populations exceeding 300,000 residents.

Support contracts can only be certified for events where the site selection organization has not yet chosen a location as of August 28, 2011, and no new contracts may be certified after August 28, 2017.