HB1181--TAXCREDITSFORCERTAINENDOWMENTCONTRIBUTIONS
SPONSOR: Riggs
Thisbillestablishesthe"MissouriGivesTaxCreditAct".
BeginningJanuary1,2026,ataxpayercanclaimataxcreditinan
amountequalto25%ofacontributionmadeasanendowmentgiftto
apermanentendowmentfund.
Thecreditscannotberefundableorcarriedforwardtoany
subsequenttaxyear,norcantheybeassigned,transferred,sold,
orotherwiseconveyed.
Thecumulativeamountofcreditsawardedtoasingletaxpayer
cannotexceed$100,000pertaxyear.Thecumulativeamountof
creditstoalltaxpayerscannotexceed$5millionpertaxyear,and
ifsuchtotalofclaimedcreditsisexceeded,thecreditsmustbe
allowedbasedontheorderinwhichtheyareclaimed. Ofthis
cumulativeamountof$5milliontoalltaxpayersperyear,25%must
bereservedforendowmentgiftsthatdonotexceedthesmall-gift
maximumof$25,000. Thecumulativeamountofcontributionstoany
specificfoundationmustnotexceed$3millionpertaxyear.
Eachtaxpayerclaimingacreditmustfileareceiptandaffidavit
withtheirincometaxreturnverifyingtheamountcontributedasan
endowmentgift.
TheprovisionsofthisbillsunsetonDecember31,sixyearsafter
itseffectivedate,unlessreauthorized.