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MO HB1176

Bill

Official Source

Status

Introduced

1/8/2014

Primary Sponsor

Michael Butler

Click for details

Origin

House of Representatives

2014 Regular Session

AI Summary

  • Creates a 65% tax credit for contributions made to qualified public school foundations, effective for taxable years beginning January 1, 2015
  • Defines qualified public school foundations as not-for-profit charitable organizations in school districts with above-median current expenditures per average daily attendance divided by assessed valuation
  • Allows tax credits to be claimed by individuals, businesses, corporations, insurance companies, and tax-exempt charitable organizations with unrelated business taxable income
  • Permits unused tax credits to be carried forward up to three subsequent taxable years and allows tax credit certificates to be assigned, transferred, or sold
  • Automatically sunsets December 31, six years after effective date unless reauthorized by the legislature; if reauthorized, sunsets December 31, twelve years after reauthorization

Legislative Description

Authorizes an income tax credit for a contribution to a qualified public school foundation

Last Action

Public Hearing Completed (H)

4/29/2014

Committee Referrals

Ways And Means1/9/2014

Full Bill Text

No bill text available