173.796. Tax credit for donations to fund--tax credits prohibited, when.
Tax credit for donations to fund--tax credits prohibited, when.
173.796. 1. As used in this section, the term "taxpayer" means anindividual, a partnership, or a corporation as described in section 143.441or 143.471, RSMo, and includes any charitable organization which is exemptfrom federal income tax and whose Missouri unrelated business taxableincome, if any, would be subject to the state income tax imposed underchapter 143, RSMo.
2. Any taxpayer may make a contribution to the fund. Within thelimits specified in subsection 3 of this section, a taxpayer shall beallowed a credit against the taxes imposed pursuant to chapter 143, RSMo,except for sections 143.191 to 143.265, RSMo, on that individual or entityof up to fifty percent of the total amount contributed to the fund, not toexceed one hundred thousand dollars per taxpayer.
3. The department of revenue shall administer the tax creditspursuant to this section, and shall certify eligibility for the tax creditsin the order applications are received. The total amount of tax creditscertified in any one calendar year shall not exceed five million dollarsannually. Contributions of up to one hundred thousand dollars per annumper taxpayer may be certified by the department of revenue as a qualifiedcontribution for purposes of receiving a tax credit under this program.
4. If the amount of tax credit exceeds the total tax liability forthe year in which the tax credit is claimed, the amount that exceeds thestate tax liability may be carried forward for credit against the taxesimposed pursuant to chapter 143, RSMo, except for sections 143.191 to143.265, RSMo, for the succeeding ten years, or until the full credit isused, whichever occurs first.
5. For all tax years beginning on or after January 1, 2005, no taxcredits shall be authorized, awarded, or issued to any person or entityclaiming any tax credit under this section.
6. The provisions of this section shall become effective January 1,1999.
(L. 1998 H.B. 1694, A.L. 2004 S.B. 1099, A.L. 2007 1st Ex. Sess. H.B. 1)Effective 11-28-07