MO HB3118

Increases the maximum tax credit for contributions to approved benevolent programs from 50% to 70% of the total amount contributed by business firms and financial institutions

Tax credits can be applied against various state taxes including insurance company premium taxes, bank taxes, financial institution taxes, corporation franchise taxes, state income taxes, and express company gross receipts taxes

Individual tax credits remain capped at $250,000 annually, except for services provided in impoverished, economically distressed, or blighted areas, or services limited to impoverished persons

Total tax credits for all programs under sections 32.100 to 32.125 cannot exceed $32 million per fiscal year, with $6 million reserved for credits under section 135.460

Unused tax credits may be carried forward for five succeeding calendar or fiscal years until fully claimed