MO SB571

Repeals section 135.802, RSMo and enacts two new sections (130.045 and 135.802) relating to campaign finance disclosure for tax recipients.

Recipients of specified tax credits (agricultural product utilization, new generation cooperative incentive, business recruitment, entrepreneurial, low-income housing, redevelopment, and any tax credits authorized after August 28, 2012) must file yearly reports with the Missouri Ethics Commission by January 1st for ten years after receiving the credit.

Annual reports must document all contributions and expenditures made to or on behalf of any committee in the prior year, including the type and amount of tax credit received, committee names and addresses, contribution amounts, and cumulative accounting of contributions to candidates, ballot measures, and political committees.

Existing section 135.802 requirements for tax credit applications remain in effect, including submission of applicant information, taxpayer details, industry codes, program names, and estimated job creation numbers.

Administering agencies must inform all applicants, prior to authorization of their tax credit application, of the reporting requirements, annual reporting obligations under section 135.805, and penalty provisions under section 135.810.