MO HB907

Allows taxpayers to claim a tax credit equal to 5% of contributions made to qualified public school foundations.

Defines qualified public school foundations as non-profit charitable organizations in school districts with above-median current expenditures per average daily attendance divided by assessed valuation.

Permits unused tax credits to be carried forward and applied to the next three succeeding taxable years until fully claimed.

Requires the Department of Elementary and Secondary Education to establish procedures for determining qualified foundations and issuing tax credit certificates, with foundation information reported to the Director of Revenue.

Program becomes effective January 1, 2014, and automatically sunsets on December 31, 2019, unless reauthorized by the General Assembly.