MO SB407

Repeals and reenacts sections of Missouri tax code (100.286, 135.010, 135.020, 135.025, 135.030, 135.352, 208.798, and 253.559) to redirect funding to the MO RX prescription drug program through cost savings from reduced tax credits.

Eliminates authorization of new tax credits under sections 100.286 (economic development), 135.352 (low-income housing), and 253.545-253.559 (historic preservation) effective upon the bill's passage, while allowing previously authorized credits to be issued and redeemed.

Modifies property tax credit definitions by removing rent constituting property taxes as an eligible component and eliminating the $750 rent equivalent credit limit under sections 135.010-135.030.

Funds sections 208.780 to 208.798 (MO RX program) through cost savings realized by the repealed tax credit provisions, with the program set to expire August 28, 2014.

Includes non-severability clause stating that if any part of the act is ruled unenforceable by a court, the entire act becomes null and void.

Declares the act an emergency measure effective immediately upon passage and approval.