MO HB1362

Allows taxpayers to claim a tax credit against state income tax for donations of cash or non-expired food to local food pantries exempt under Internal Revenue Code section 501(c)(3).

Tax credit equals 50 percent of donation value, capped at $2,500 per taxpayer per year, and cannot exceed the taxpayer's state tax liability for that year.

Unused credits may be carried forward to the three subsequent tax years but are not refundable or transferable.

Establishes a cumulative annual cap of $2 million in tax credits allocated across all taxpayers, with the Director of Revenue apportioning credits by April 15th.

Requires taxpayer affidavit with tax return, prohibits credits for employers of unauthorized workers, and sunsets the program four years after August 28, 2007 unless reauthorized (with a 12-year sunset if reauthorized).