MO SB472

Repeals and enacts 21 sections relating to taxation, creating sunset dates of August 28, 2012 for most economic development tax credit programs including distressed areas land assemblage, wood energy producer, beef tax credit, film production, and manufacturing jobs credits.

Establishes that no new tax credits shall be authorized after August 28, 2012 under affected programs, but allows previously authorized credits to continue being issued and redeemed.

Adds requirement that beginning July 1, 2013, the Department of Revenue shall examine revenue increases from reduced tax credit redemption and annually reduce the corporate income tax rate (section 143.071) to offset gains from this act.

Makes technical modifications to historic structures rehabilitation tax credits, low-income housing tax credits, and other economic development incentives to implement the August 28, 2012 authorization deadline.

Maintains grandfathered status for tax credits and benefits authorized prior to August 28, 2012, allowing taxpayers to continue claiming previously approved credits.