| 1 | 1 | | FIRSTREGULARSESSION |
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| 2 | 2 | | HOUSEBILLNO.1181 |
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| 3 | 3 | | 103RDGENERALASSEMBLY |
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| 4 | 4 | | INTRODUCEDBYREPRESENTATIVERIGGS. |
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| 5 | 5 | | 2257H.01I JOSEPHENGLER,ChiefClerk |
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| 6 | 6 | | ANACT |
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| 7 | 7 | | Toamendchapter135,RSMo,byaddingtheretoonenewsectionrelatingtotaxcreditsfor |
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| 8 | 8 | | certainendowmentcontributions. |
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| 9 | 9 | | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: |
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| 10 | 10 | | SectionA.Chapter135,RSMo,isamendedbyaddingtheretoonenewsection,tobe |
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| 11 | 11 | | 2knownassection135.1850,toreadasfollows: |
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| 12 | 12 | | 135.1850.1.Thissectionshallbeknownandmaybecitedasthe"Missouri |
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| 13 | 13 | | 2GivesTaxCreditAct". |
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| 14 | 14 | | 3 2.Asusedinthissection,thefollowingtermsmean: |
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| 15 | 15 | | 4 (1)"Businessentity",acorporation,trust,estate,partnership,limitedliability |
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| 16 | 16 | | 5company,orsoleproprietorship; |
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| 17 | 17 | | 6 (2)"Donoradvisedfund",thesamemeaningassuchtermisdefinedunder |
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| 18 | 18 | | 7subsection(d)ofSection4966oftheInternalRevenueCodeof1986,asamended; |
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| 19 | 19 | | 8 (3)"Endowmentgift",anirrevocablecontributiontoapermanentendowment |
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| 20 | 20 | | 9fundheldbyaqualifiedcommunityfoundation; |
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| 21 | 21 | | 10 (4)"Permanentendowmentfund",afundthat: |
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| 22 | 22 | | 11 (a)Isheldbyaqualifiedcommunityfoundation; |
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| 23 | 23 | | 12 (b)Providescharitablegrantsexclusivelyforthebenefitofresidentsofthestate |
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| 24 | 24 | | 13orcharitiesandcharitableprojectslocatedinthestate; |
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| 25 | 25 | | 14 (c)Isintendedtoexistinperpetuity; |
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| 26 | 26 | | 15 (d)Hasanannualspendingratebasedonthefoundationspendingpolicy,but |
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| 27 | 27 | | 16nottoexceedsevenpercent;and |
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| 28 | 28 | | 17 (e)Isnotadonoradvisedfund; |
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| 29 | 29 | | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis |
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| 30 | 30 | | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 18 (5)"Qualifiedcommunityfoundation",acommunityfoundationorsimilar |
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| 31 | 31 | | 19publiclysupportedorganizationdescribedunderSection170(b)(1)(A)(vi)oftheInternal |
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| 32 | 32 | | 20RevenueCodeof1986,asamended,thatisorganizedoroperatinginthisstateandthat |
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| 33 | 33 | | 21substantiallycomplieswiththenationalstandardsforU.S.communityfoundations |
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| 34 | 34 | | 22establishedbytheCommunityFoundationsNationalStandards,asdeterminedbythe |
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| 35 | 35 | | 23department; |
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| 36 | 36 | | 24 (6)"Taxpayer",anyindividualorbusinessentitysubjecttothestateincometax |
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| 37 | 37 | | 25imposedunderchapter143; |
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| 38 | 38 | | 26 (7)"Taxcredit",acreditagainstthetaxotherwisedueunderchapter143, |
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| 39 | 39 | | 27excludingwithholdingtaximposedundersections143.191to143.265. |
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| 40 | 40 | | 28 3.ForalltaxyearsbeginningonorafterJanuary1,2026,ataxpayershallbe |
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| 41 | 41 | | 29allowedtoclaimataxcreditagainstthetaxpayer'sstatetaxliabilityinanamountequal |
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| 42 | 42 | | 30totwenty-fivepercentofacontributionmadeasanendowmentgifttoapermanent |
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| 43 | 43 | | 31endowmentfundduringthetaxyear. |
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| 44 | 44 | | 32 4.Taxcreditsissuedundertheprovisionsofthissectionshallnotberefundable. |
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| 45 | 45 | | 33Notaxcreditclaimedunderthissectionshallbecarriedforwardtoanysubsequenttax |
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| 46 | 46 | | 34year.Notaxcreditclaimedunderthissectionshallbeassigned,transferred,sold,or |
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| 47 | 47 | | 35otherwiseconveyed. |
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| 48 | 48 | | 36 5.Thecumulativeamountoftaxcreditsawardedtoanysingletaxpayerpertax |
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| 49 | 49 | | 37yearshallnotexceedonehundredthousanddollarspertaxyear.Thecumulative |
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| 50 | 50 | | 38amountofcontributionstoanyspecificqualifiedcommunityfoundationthatareeligible |
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| 51 | 51 | | 39forthetaxcreditsunderthissectioninanytaxyearshallnotexceedthreemillion |
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| 52 | 52 | | 40dollars. |
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| 53 | 53 | | 41 6.(1)Thecumulativeamountoftaxcreditsallowedtoalltaxpayersunderthis |
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| 54 | 54 | | 42sectionshallnotexceedfivemilliondollarspertaxyear.Iftheamountoftaxcredits |
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| 55 | 55 | | 43claimedinataxyearunderthissectionexceedsfivemilliondollars,taxcreditsshallbe |
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| 56 | 56 | | 44allowedbasedontheorderinwhichtheyareclaimed. |
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| 57 | 57 | | 45 (2)Ofthecumulativeamountavailablefortaxcreditspertaxyeartoall |
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| 58 | 58 | | 46taxpayersunderthissubsection,twenty-fivepercentshallbereservedforendowment |
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| 59 | 59 | | 47giftsthatdonotexceedthesmall-giftmaximumsetforthinthissubdivision.Thesmall- |
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| 60 | 60 | | 48giftmaximumistwenty-fivethousanddollars.Forpurposesofdeterminingifa |
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| 61 | 61 | | 49donationmeetsthesmall-giftmaximum,theamountofthecreditauthorization |
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| 62 | 62 | | 50certificateissuedbythedepartmentunderthissectionshallbeused. |
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| 63 | 63 | | 51 7.Eachtaxpayerclaimingataxcreditunderthissectionshallfileareceiptand |
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| 64 | 64 | | 52affidavitwithhisorherincometaxreturnverifyingtheamountthetaxpayer |
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| 65 | 65 | | 53contributedasanendowmentgift,intheformandmannerasprescribedbythe |
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| 66 | 66 | | 54department.Uponrequestbythedepartment,eachqualifiedcommunityfoundation |
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| 67 | 67 | | HB1181 2 55shallprovideinformationtothedepartmentconcerningtheidentityofeachtaxpayer |
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| 68 | 68 | | 56makinganendowmentgiftandtheamountofthecontributionforthepurposesofthis |
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| 69 | 69 | | 57section. |
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| 70 | 70 | | 58 8.Notwithstandinganyprovisionofsection105.1500tothecontrary,any |
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| 71 | 71 | | 59requirementtoprovideinformation,documents,orrecordsunderthissection,andany |
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| 72 | 72 | | 60requirementestablishedbythedepartmentofrevenuetoprovideinformation, |
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| 73 | 73 | | 61documents,orrecordsforthepurposeofadministeringandenforcingthissection, |
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| 74 | 74 | | 62shallbeexemptfromsection105.1500. |
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| 75 | 75 | | 63 9.Thetaxcreditauthorizedunderthissectionshallconstituteadomesticand |
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| 76 | 76 | | 64socialtaxcredit,assuchtermisdefinedundersection135.800,andshallbesubjectto |
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| 77 | 77 | | 65theprovisionsofsections135.800to135.830. |
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| 78 | 78 | | 66 10.Thedepartmentofrevenueshallpromulgateallnecessaryrulesand |
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| 79 | 79 | | 67regulationsfortheadministrationofthissectionincluding,butnotlimitedto,rules |
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| 80 | 80 | | 68relatingtotheverificationofataxpayer'scontributionamount.Anyruleorportionofa |
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| 81 | 81 | | 69rule,asthattermisdefinedinsection536.010,thatiscreatedundertheauthority |
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| 82 | 82 | | 70delegatedinthissectionshallbecomeeffectiveonlyifitcomplieswithandissubjectto |
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| 83 | 83 | | 71alloftheprovisionsofchapter536and,ifapplicable,section536.028.Thissectionand |
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| 84 | 84 | | 72chapter536arenonseverableandifanyofthepowersvestedwiththegeneralassembly |
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| 85 | 85 | | 73pursuanttochapter536toreview,todelaytheeffectivedate,ortodisapproveandannul |
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| 86 | 86 | | 74arulearesubsequentlyheldunconstitutional,thenthegrantofrulemakingauthority |
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| 87 | 87 | | 75andanyruleproposedoradoptedafterAugust28,2025,shallbeinvalidandvoid. |
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| 88 | 88 | | 76 11.Undersection23.253oftheMissourisunsetact: |
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| 89 | 89 | | 77 (1)Theprovisionsofthenewprogramauthorizedunderthissectionshall |
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| 90 | 90 | | 78automaticallysunsetonDecemberthirty-first,sixyearsaftertheeffectivedateofthis |
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| 91 | 91 | | 79sectionunlessreauthorizedbyanactofthegeneralassembly; |
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| 92 | 92 | | 80 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissection |
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| 93 | 93 | | 81shallautomaticallysunsetonDecemberthirty-first,twelveyearsaftertheeffectivedate |
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| 94 | 94 | | 82ofthereauthorizationofthissection; |
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| 95 | 95 | | 83 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear |
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| 96 | 96 | | 84immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunderthis |
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| 97 | 97 | | 85sectionissunset;and |
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| 98 | 98 | | 86 (4)Nothinginthissubsectionshallpreventataxpayerfromclaimingataxcredit |
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| 99 | 99 | | 87properlyissuedbeforethisprogramwassunsetinataxyearaftertheprogramissunset. |
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| 100 | 100 | | âś” |
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| 101 | 101 | | HB1181 3 |
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