SB 638 Raises the cap on issuance of certain benevolent tax credits
Sponsor: Romine
LR Number: 4975S.03P Fiscal Note available
Committee: Jobs, Economic Development and Local Government
Last Action: 5/16/2014 - S Calendar S Bills with H Amendments--SCS for SBs 638 & 647-Romine, with HA 1 & HA 2 Journal Page:
Title: SCS SBs 638 & 647 Calendar Position: 3
Effective Date: August 28, 2014
House Handler: Engler

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Current Bill Summary


SCS/SBs 638 & 647 - This act modifies provision relating to certain benevolent tax credits.

YOUTH OPPORTUNITIES TAX CREDIT (Section 135.460)

This act expands the Youth Opportunities Tax Credit to allow donation to programs that provide food for school age children to eat during non-school hours to qualify for the credit. These donations will fall under a separate $500,000 fiscal year cap.

MATERNITY HOMES TAX CREDIT (Section 135.600)

Currently, taxpayers may receive a tax credit for donations to maternity homes. The cumulative amount of tax credits that may be issued in a fiscal year is $2 million. This amendment raises the cap to $2.5 million per fiscal year, beginning with the 2015 fiscal year. The amendment also prohibits issuance of the tax credit after June 30, 2020. This provision is similar to HB 2119 (2014), SB 953 (2014), and to a provision in SCS/HB 1132 (2014).

PREGNANCY RESOURCE CENTERS TAX CREDIT (Section 135.630)

Currently, taxpayers that make donations to a pregnancy resource center may be eligible for an income tax credit. The amount of tax credits that may be issued in a fiscal year is limited to $2 million. This act raises the cap to $2.5 million, beginning with the 2015 fiscal year. This provision is similar to HB 1132 (2014).

FOOD PANTRIES TAX CREDIT (Section 135.647)

Currently, taxpayers that make donations to food pantries may be eligible for an income tax credit. The amount of food pantry tax credits that may be issued in a fiscal year is limited to $1.25 million. This act raises the cap to $1.75 million, beginning with the 2015 fiscal year. This provision is similar to a provision in SCS/HB 1132 (2014).

MIKE HAMMANN

HA#1 - CAPS THE WINE AND GRAPE PRODUCERS TAX CREDIT AT $200,00 PER FISCAL YEAR AND CREATES A TAX CREDIT FOR ALCOHOL DISTILLERS WITH A $200,000 PER FISCAL YEAR CAP.

HA#2 - REAUTHORIZES THE WOOD ENERGY PRODUCERS TAX CREDIT FOR SIX YEARS, ADDS A $6 MILLION PER FISCAL YEAR CAP, AND MAKES IT SUBJECT TO APPROPRIATIONS.