HB 430 Modifies provisions relating to benevolent tax credits

     Handler: Rehder

Current Bill Summary

- Prepared by Senate Research -


SS/SCS/HCS/HB 430 - This act modifies provisions relating to benevolent tax credits.

ADOPTION TAX CREDITS

Current law authorizes the Special Needs Adoption Tax Credit for nonrecurring expenses relating to the adoption of a special needs child. This act modifies such program by renaming it the Adoption Tax Credit, and by expanding such program to allow tax credits for nonrecurring expenses relating to the adoption of any child adopted on or after January 1, 2022, regardless of whether such child is a special needs child. Beginning July 1, 2021, this act increases the annual limit on the amount of tax credits that may be authorized from two million dollars to six million dollars. (Sections 135.325 to 135.335, 135.800, 191.975)

These provisions are identical to provisions contained in SS/SB 327 (2021) and SCS/HCS/HB 429 (2021).

DOMESTIC VIOLENCE SHELTER TAX CREDIT

Current law authorizes a tax credit for contributions to domestic violence shelters in an amount equal to fifty percent of the contribution, with the maximum annual amount of tax credits limited to $2 million. This act increases the tax credit from fifty percent of the amount contributed to seventy percent beginning July 1, 2022, and removes the limit on the cumulative amount of tax credits claimed by all taxpayers in a fiscal year beginning July 1, 2022. This act also shortens the ability to carry forward any unused credit from four years to one year.

This act also adds a definition of "rape crisis center" to allow taxpayers to receive tax credits for contributions to such facilities. (Section 135.550)

This provision is identical to a provision contained in SB 155 (2021) and SS/SCS/SB 648 (2020), and is substantially similar to SB 958 (2020) and to a provision contained in SS#2/SB 704 (2020).

MATERNITY HOME TAX CREDIT

Current law authorizes a tax credit for contributions to maternity homes in an amount equal to fifty percent of the contribution, with the maximum annual amount of tax credits limited to $3.5 million. This act increases the tax credit from fifty percent of the amount contributed to seventy percent beginning July 1, 2022, removes the limit on the cumulative amount of tax credits claimed by all taxpayers in a fiscal year beginning July 1, 2022, and removes the sunset provision. (Section 135.600)

This provision is identical to a provision contained in SB 155 (2021).

JOSH NORBERG


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