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MO HB428

Bill

Official Source

Status

Introduced

1/8/2015

Primary Sponsor

Kathryn Swan

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Creates a 50% tax credit for contributions to qualified organizations that fund unmet health, hunger, and hygiene needs for schoolchildren, effective January 1, 2016
  • Limits individual taxpayers to a maximum $50,000 tax credit per year, with unused credits carrying forward for up to four succeeding taxable years
  • Caps total tax credits at $2.5 million per fiscal year for all taxpayers combined, with credits issued in order contributions are received
  • Requires minimum contribution of $100 to claim credit; eligible contributions include cash, stocks, bonds, marketable securities, and real property
  • Program automatically expires December 31, 2021, unless reauthorized by the General Assembly

Legislative Description

Authorizes a tax credit for contributions to school foundations

Last Action

HCS Reported Do Pass (H) - AYES: 9 NOES: 1 PRESENT: 0

4/20/2015

Committee Referrals

Select Committee on Education3/11/2015
Elementary And Secondary Education2/18/2015

Full Bill Text

No bill text available