MO SB532

Allows individuals and businesses subject to Missouri income tax to claim a tax credit equal to 50 percent of cash or food donations made to local food pantries exempt under IRC section 501(c)(3).

Limits the tax credit to $2,500 per taxpayer per year, with unused credits eligible to carry forward for up to three subsequent tax years.

Establishes a cumulative cap of $2 million in total tax credits that can be allocated statewide in any fiscal year, with the Department of Revenue apportioning credits among eligible taxpayers by April 15.

Requires food donations to be at fair market value (or wholesale value for retail grocers, food brokers, wholesalers, and restaurants) and prohibits donation of expired food items.

Extends the program's sunset date from August 28, 2007 to August 28, 2012, requiring reauthorization by the General Assembly to continue beyond that date.