MO SB585

Establishes two new tax incentive programs under Missouri law (sections 67.3000 and 67.3005) to attract amateur sporting events to the state through tax credits and donations.

Creates a refundable tax credit equal to the lesser of 100% of eligible costs or $5 per admission ticket sold, with a $3 million annual fiscal year cap for sporting event organizers and applicants.

Allows taxpayers making eligible donations to certified sponsors or local organizing committees to claim a tax credit equal to 50% of the donation amount, with a $10 million annual fiscal year cap and ability to carry forward unused credits for up to four years.

Limits participation to sporting events where site selection organizations (NCAA, USOC, NAIA, USGA, USTA, ASA, and similar organizations) have not yet selected a location as of August 28, 2012, and restricts certification of support contracts to before August 28, 2017.

Establishes a sunset provision requiring the program to automatically expire six years after August 28, 2012, unless reauthorized by the legislature; if reauthorized, the program expires twelve years after reauthorization.