HB 507 -- Tax Credits for Technology Donations to Schools

Co-Sponsors:  Johnson (61), Carnahan, Shelton, Johnson (90),
Coleman

This bill establishes 2 income tax credits for business firms
for gifts to public schools and their libraries for the years
2001 through 2004.

The first authorizes an income tax credit for donations of high
technology equipment.  The tax credit will be 50% of the value
of the donation.  In districts with a high percentage of at-risk
students, the credit will be 75% of the value.  The limit on
each taxpayer is $5,000.

The second authorizes tax credits for cash donations to purchase
books, materials, computers, or Internet services or for
donations of new books, new equipment, or Internet services to
maintain or update school libraries.  The credit will be up to
50% of the value or $5,000, whichever is less.

Neither type of credit is refundable or transferrable, and the
Department of Elementary and Secondary Education will promulgate
rules for each type of credit.  The amount of credits statewide
is limited to $5 million for each program.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:02 pm