MO HB1248

Allows individuals and corporations entitled to tax refunds to designate $1 or more (single return) or $2 or more (combined return) to the Missouri Veterans' Medical Research Trust Fund, effective for taxable years beginning January 1, 2012.

Permits taxpayers without sufficient refunds to make separate contributions to the fund by check or other negotiable instrument sent with or separately from tax payments.

Creates the Missouri Veterans' Medical Research Trust Fund as a dedicated fund held by the state treasurer, with half of collected moneys distributed at least quarterly (or when balance reaches $250,000) in equal amounts to Missouri not-for-profit research corporations authorized under federal law to support Veterans Affairs-approved research and education projects.

Requires the Director of Revenue to deposit contributions monthly to the fund after satisfying other refund claims, with a collection fee not exceeding one-fourth of one percent of annual contributions deducted from corporate contributions.

Program sunsets December 31, six years after the effective date unless reauthorized, with a 12-year sunset for reauthorized programs.