EXPLANATION-Matter enclosed in bold-faced brackets [thus] in this bill is not enacted
and is intended to be omitted in the law.
FIRST REGULAR SESSION
SENATE BILL NO. 723
103RD GENERAL ASSEMBLY
INTRODUCED BY SENATOR COLEMAN.
2906S.03I KRISTINA MARTIN, Secretary
AN ACT
To repeal sections 33.282 and 376.975, RSMo, and to enact in lieu thereof two new sections
relating to unused tax credits.
Be it enacted by the General Assembly of the State of Missouri, as follows:
Section A. Sections 33.282 and 376.975, RSMo, are repealed 1
and two new sections enacted in lieu thereof, to be known as 2
sections 33.282 and 376.975, to read as follo ws:3
33.282. 1. Subject to appropriation the office of 1
administration shall develop a tax expenditure budget for 2
submission to the general assembly in conjunction with the 3
submission of the state budget as required in section 4
33.280. The tax expenditure budget shall indicate, on an 5
annual basis, the reduction in revenue collections for each 6
fiscal year as a result of each deduction, exemption, credit 7
or other tax preference as may be authorized by law, and 8
shall indicate, where appropriate, the tax source of each 9
state-funded program. Periodically the tax expenditure 10
budget shall include a cost -benefit analysis of the 11
following: 12
(1) The neighborhood assistance program, sections 13
32.100 to 32.125; 14
(2) Tax increment financing, s ections 99.800 to 99.865; 15
(3) Export and infrastructure funding, sections 16
100.250 to 100.297; 17 SB 723 2
(4) Credit for new expanded business facility, 18
sections 135.100 to 135.150; 19
(5) Enterprise zones, sections 135.200 to 135.256; 20
(6) Main street program, sections 251.470 to 251.485; 21
(7) Economic development districts, sections 251.500 22
to 251.510; 23
(8) Rural economic development, sections 620.155 to 24
620.165; 25
(9) Export development, sections 620.170 to 620.174; 26
(10) Small business incubator program, section 27
620.495; and 28
(11) Other programs as may be practical. 29
Pursuant to the provisions of section 32.057, the department 30
of revenue shall not release information as part of the tax 31
expenditure budget in a manne r that would allow the 32
identification of any individual taxpayer. 33
2. On or before October first of each year each state 34
department authorized by law to offer deductions, 35
exemptions, credits or other tax preferences shall submit to 36
the budget director the estimated amount of such tax 37
expenditures for the fiscal year beginning July first of the 38
following year and a cost/benefit analysis of such tax 39
expenditures for the preceding fiscal year. Such estimates 40
and analysis shall be in the manner an d form prescribed by 41
the budget director and shall be submitted by the budget 42
director to the chairman of the senate appropriations 43
committee and the chairman of the house budget committee by 44
January first of each year. 45
3. No new tax credits, exc ept the senior citizens 46
property tax credit as referenced in chapter 135, shall be 47
issued or certified for any tax year beginning after July 48 SB 723 3
first of the following year unless the estimate of such 49
credits have been reviewed and approved by a majority o f the 50
senate appropriations committee and the house budget 51
committee. 52
4. The office of administration shall, by no later 53
than December thirty -first of each year, submit a report to 54
the general assembly detailing each tax credit program for 55
which no tax credit has been authorized or redeemed during 56
the five year period ending on June thirtieth of such year. 57
376.975. Each member's proportion of participation in 1
the pool shall be determined annually by the board based on 2
annual statements and other reports deemed necessary by the 3
board and filed by the member with it. Any deficit incurred 4
by the pool shall be recouped by assessments apportioned as 5
provided in subsections 1, 2, and 3 of section 376.973 by 6
the board among members. [The amount of assessments 7
incurred by each member of the pool shall be allowed as an 8
offset against certain taxes, and shall be subject to 9
certain limitations, as follows: Each pool member subject 10
to chapter 148 may deduct from premium taxes payable for any 11
calendar year to the state any and all assessments paid for 12
the same year pursuant to sections 376.960 to 376.989. ] All 13
assessments, for a fiscal year, shall not exceed the net 14
premium tax due and payable by such member in the previous 15
year. [If the assessment exceeds any premium tax due or 16
payable in such year, the excess shall be a credit or offset 17
carried forward against any premium tax due or payable in 18
succeeding years until the excess is exhausted. ] 19