SB 718 - This act repeals the provision of law which allows the statutory ten million dollar annual cap on issuance of development fund contribution tax credits to be exceeded upon joint agreement by the Commissioner of Administration, the director of the Department of Economic Development, and the director of the Department of Revenue. Beginning FY 2012, no MDFB infrastructure development fund tax credits can be issued unless a fiscal year allocation is made.
The act creates a procedure for the allocation of tax credit authorizations after June 30, 2011. Unless specifically allocated, no tax credits may be authorized after June 30, 2011. No later than October 1, 2010, the administering agency of each tax credit program, now or hereafter authorized by state law, must provide the House Budget Committee and the Senate Appropriations Committee with a request for tax credit allocation. Where Missouri law allows the issuance of tax credits to a recipient over the course of several years, such tax credit authorization must be allocated in the aggregate, and subsequent issuance of such tax credits will not be used in calculating any statutory limitation on the fiscal year authorization allocation of tax credits. Fiscal year allocations of tax credits must be made in the annual appropriations bill for public debt and specifically provide: the name of the tax credit program; the actual amount allocated for authorization; the administering agency for the program; and whether the amount is authorized for streaming tax credit issuance and the amount of streamed credits. Allocations for tax credits which remain unauthorized at the end of the fiscal year will expire on the last day of such fiscal year.