SB 756 - This act creates a method for publicly financing elections. Under the act, the Missouri Election Campaign Fund (MECF) is created for the purpose of providing matching funds to candidates that solicit qualifying contributions. The General Assembly is required to appropriate funds annually to ensure that funds are available to provide matching funds to candidates in a 6:1 ratio.
The act further permits candidates for any statewide-elected office, state senate, or state representative to receive a matching fund of $6 from the MECF for every $1 of qualifying contributions received by his or her candidate committee. Qualifying contributions must be $25 or less and candidates may only receive matching funds for up to $25 in qualifying contributions from any one person in a single calendar year. Individuals may receive a tax credit for qualifying contributions. This tax credit is limited to $25 in any tax year, to increase annually based upon the Consumer Price Index. The tax credit is also refundable.
The Secretary of State is required to promulgate rules for the purpose of certifying and verifying each qualifying contribution that is entitled to receive matching funds and for the purpose of implementing and enforcing the provisions of this act.