SB 259 Summary

• Purpose: Repeals and reenacts 24 sections of Missouri law to impose sunset provisions on various tax credit programs, with all provisions sunsetting four, six, or two years after August 28, 2011.

• Tax Credit Programs Affected: Includes sunset dates for credits related to community development, low-income housing, neighborhood assistance, quality jobs, agricultural development, historic preservation, insurance company assessments, and shared care for elderly persons.

• Sunset Timeline: Credits sunset at different intervals—most expire four years after August 28, 2011, while some housing and shared care credits expire after six years, and insurance-related credits expire after two years.

• Key Provisions: Maintains existing credit structures, eligibility requirements, and benefit amounts while adding automatic termination dates; allows existing approved credits to continue through their designated periods before expiring.

• Compliance Requirements: Tax credit applicants must verify they have no delinquent state taxes before issuance, and any credits issued must be applied first to delinquencies before the taxpayer receives benefits.