Senate Committee Substitute for Senate Bills 588 & 585 Summary

• Establishes two new tax credit programs under Missouri law (sections 67.3000 and 67.3005) to incentivize hosting amateur sporting events in the state.

• Creates a refundable tax credit equal to the lesser of 100% of eligible costs or $5 per admission ticket sold, capped at $3 million per fiscal year, with applicants required to submit support contracts and cost documentation within specified timelines.

• Allows taxpayers making eligible donations to certified sponsors or local organizing committees to claim a 50% tax credit against state income tax liability, capped at $10 million per fiscal year, with credits transferable and carryforward available for up to four years.

• Eligible applicants include nonprofit sports commissions, endorsing municipalities and counties, and local organizing committees bidding to host events from qualifying site selection organizations including NCAA, NAIA, USOC, and major amateur sports associations.

• Program automatically sunsets six years after August 28, 2012, unless reauthorized by the general assembly, with a 12-year sunset if the program is subsequently reauthorized.