For Immediate Release: March 13, 2013 |
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Senate Tax Credit Legislation Designed to
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JEFFERSON CITY – The first Senate bills voted out of the upper chamber this session are the first measures to reach the governor’s desk for his signature this year. Senate Bill 20, 15 & 19, sponsored by Sen. Bob Dixon, R-Springfield; Majority Floor Leader Ron Richard, R-Joplin; and Sen. Jay Wasson, R-Nixa, respectively, would modify various provisions in state law regarding certain benevolent tax credits. In addition, Senate Bill 10, sponsored by Sen. Eric Schmitt, R-Glendale, would create a tax credit to attract amateur sporting events to the Show-Me State. Senate Bill 20 and its corresponding measures would change Missouri law regarding certain benevolent tax credit programs. The legislation would:
The House amended the bill by removing the Senate’s provision that would prohibit ethnic background or membership in a minority group from being the sole factor that is used to consider youth who cannot be returned to their parents’ home as children with special needs. This factor would have been considered in determining whether or not individuals receive a tax credit for adopting special needs children. Senate Bill 20, 15 & 19 contains an emergency clause, meaning the legislation would take effect immediately upon receipt of the governor’s signature. Senate Bill 10, also on its way to the governor for his approval, would create a refundable income and financial institutions tax credit which would be available for sports commissions, certain nonprofit organizations, counties and municipalities to offset expenses incurred in attracting amateur sporting events to the state, such as national collegiate championship games. Applicants for this tax credit would have to submit their game support contracts to the Department of Economic Development for approval. This tax credit would equal $5 for every ticket sold to the sporting event or 100 percent of eligible expenses incurred, with no more than $3 million in tax credits issued per fiscal year. Senate Bill 10 would take effect on Aug. 28 upon the governor’s approval. To follow these and other bills moving through the legislative process during the 2013 session, visit www.senate.mo.gov. |