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MO SB551
Bill
Status
2/26/2015
Primary Sponsor
Daniel Hegeman
Click for details
AI Summary
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Creates a 50% state tax credit for donations made to endowment funds of qualified community foundations focused on rural economic revitalization
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Qualified community foundations must meet national council on foundations standards, be 501(c)(3) exempt, and dedicate at least 50% of activities to economic revitalization of their geographic area
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Caps total tax credits authorized at $500,000 per calendar year, issued on a first-come, first-served basis
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Tax credits cannot be transferred, sold, or assigned, and must be used in the year the donation was made
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Program expires five years after August 28, 2015, and requires the Department of Economic Development to submit annual reports to the General Assembly on program costs and benefits
Legislative Description
Creates a tax credit for donation to an endowment fund of a community foundation
Last Action
Second Read and Referred S Jobs, Economic Development and Local Government Committee
3/18/2015