MO HB2122

Establishes a tax credit equal to 100% of cash donations made to public Missouri community colleges, colleges, or universities that are earmarked for student scholarships, effective January 1, 2015.

Credits are issued on a first-come, first-served basis and may be sold by educational institutions to qualified taxpayers (individuals, businesses, and tax-exempt organizations), with sale proceeds returned to the scholarship program.

Tax credits cannot exceed a taxpayer's state tax liability in the year claimed, are non-refundable, and may be carried forward for up to three additional tax years.

Annual authorization cap of $10 million in tax credits per calendar year, with the Department of Higher Education establishing procedures for applications and credit transfers.

Program automatically sunsets six years after August 28, 2014, unless reauthorized by the general assembly, with a 12-year sunset period if reauthorized.