33.282. Tax expenditure budget, content, submitted when--cost--benefit analysis, contents--department reports on tax credits, exemptions, deductions or preferences, failure to file.
Tax expenditure budget, content, submitted when--cost--benefitanalysis, contents--department reports on tax credits, exemptions,deductions or preferences, failure to file.
33.282. 1. Subject to appropriation the office of administrationshall develop a tax expenditure budget for submission to the generalassembly in conjunction with the submission of the state budget as requiredin section 33.280. The tax expenditure budget shall indicate, on an annualbasis, the reduction in revenue collections for each fiscal year as aresult of each deduction, exemption, credit or other tax preference as maybe authorized by law, and shall indicate, where appropriate, the tax sourceof each state-funded program. Periodically the tax expenditure budget shallinclude a cost-benefit analysis of the following:
(1) The neighborhood assistance program, sections 32.100 to 32.125,RSMo;
(2) Tax increment financing, sections 99.800 to 99.865, RSMo;
(3) Export and infrastructure funding, sections 100.250 to 100.297,RSMo;
(4) Credit for new expanded business facility, sections 135.100 to135.150, RSMo;
(5) Enterprise zones, sections 135.200 to 135.256, RSMo;
(6) Main street program, sections 251.470 to 251.485, RSMo;
(7) Economic development districts, sections 251.500 to 251.510,RSMo;
(8) Rural economic development, sections 620.155 to 620.165, RSMo;
(9) Export development, sections 620.170 to 620.174, RSMo;
(10) Small business incubator program, section 620.495, RSMo; and
(11) Other programs as may be practical.Pursuant to the provisions of section 32.057, RSMo, the department ofrevenue shall not release information as part of the tax expenditure budgetin a manner that would allow the identification of any individual taxpayer.
2. On or before October first of each year each state departmentauthorized by law to offer deductions, exemptions, credits or other taxpreferences shall submit to the budget director the estimated amount ofsuch tax expenditures for the fiscal year beginning July first of thefollowing year and a cost/benefit analysis of such tax expenditures for thepreceding fiscal year. Such estimates and analysis shall be in the mannerand form prescribed by the budget director and shall be submitted by thebudget director to the chairman of the senate appropriations committee andthe chairman of the house budget committee by January first of each year.
3. No new tax credits, except the senior citizens property tax creditas referenced in chapter 135, RSMo, shall be issued or certified for anytax year beginning after July first of the following year unless theestimate of such credits have been reviewed and approved by a majority ofthe senate appropriations committee and the house budget committee.
(L. 1988 H.B. 1054, et al. § 2, A.L. 1993 H.B. 566, A.L. 1995 H.B. 414)