SB 953 Summary

• Repeals and replaces section 135.600, RSMo, to establish a tax credit for donations to Missouri maternity homes that are exempt from federal income tax

• Allows taxpayers to claim a tax credit equal to 50 percent of contributions made to qualified maternity homes, with a maximum credit of $50,000 per taxable year

• Unused credits may be carried forward for up to four succeeding taxable years, and a minimum contribution of $100 is required to claim the credit

• Increases the cumulative statewide tax credit cap from $2 million for fiscal years ending on or before June 30, 2014, to $2.5 million for fiscal years beginning on or after July 1, 2014

• Directs the Department of Social Services to classify eligible maternity homes, establish procedures for taxpayer contributions and credit claims, and apportion available credits among facilities