MO SB561

Creates automatic sunset of all tax credit programs not subject to sections 23.250 to 23.298 effective January 1, 2016, unless reauthorized by the general assembly.

Allows recipients to continue redeeming tax credits and agencies to issue credits authorized before January 1, 2016, despite the sunset provision.

Requires the director of revenue beginning January 1, 2017, to examine revenue increases from the previous calendar year attributable to reduced tax credit redemptions.

Mandates the department promulgate a rule effective January 1, 2018, reducing the income tax rate by an amount corresponding to any revenue increase from the tax credit sunset, to be reviewed annually.

Exempts annual tax rate adjustments if the revenue increase would result in a rate decrease of less than 0.01 percent.