FIRST REGULAR SESSION
HOUSE BILL NO. 507
91ST GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES JOHNSON (61), CARNAHAN, SHELTON,
JOHNSON (90) AND COLEMAN (Co-sponsors).
Read 1st time January 24, 2001, and 1000 copies ordered printed.
TED WEDEL, Chief Clerk
AN ACT
To amend chapter 161, RSMo, by adding thereto two new sections relating to the department of elementary and secondary education.
Section A. Chapter 161, RSMo, is amended by adding thereto two new sections, to be known as sections 161.700 and 161.703, to read as follows:
161.700. 1. For tax years beginning on or after January 1, 2001, but before January 1, 2005, a business firm, as defined in section 32.105, RSMo, which makes a donation of high technology equipment to a public school district shall receive a credit against the tax otherwise due pursuant to chapter 143, 147 or 148, RSMo, other than taxes withheld pursuant to sections 143.191 to 143.265, RSMo, in an amount equal to fifty percent of the value of the donation. The amount of the tax credit shall be increased from fifty percent to seventy-five percent for donations to public school districts with a high percentage of high-risk students. The credit shall be applied to the taxpayer's tax liability for the tax year in which the donation was made after all other credits provided by law have been applied. The tax credit authorized by this section is not refundable, may not be carried back or forward to another tax year and is not transferrable. No taxpayer may receive a tax credit greater than five thousand dollars per tax year pursuant to this section. The total amount of tax credits authorized by this section shall not exceed five million dollars.
2. The department of elementary and secondary education shall promulgate all rules and regulations necessary to implement the credit authorized by this section, including regulations defining the phrases "high technology equipment" and "public school districts with a high percentage of high-risk students", and regulations which devise a method for valuation of donations. No rule or portion of a rule promulgated pursuant to the authority of this section shall become effective unless it has been promulgated pursuant to the provisions of chapter 536, RSMo.
161.703. 1. For tax years beginning on or after January 1, 2001, but before January 1, 2005, a business firm, as defined in section 32.105, RSMo, which makes a cash donation to a public school district library to fund the purchase of books, materials, computers, internet services and equipments, and to otherwise keep such library updated, shall receive a credit against the tax otherwise due pursuant to chapter 143, 147 or 148, RSMo, other than taxes withheld pursuant to sections 143.191 to 143.265, RSMo, in an amount equal to the lesser of fifty percent of the donation or five thousand dollars. The credit shall be applied to the taxpayer's tax liability for the tax year in which the donation was made after all other credits provided by law have been applied. The tax credit authorized by this section is not refundable, may not be carried back or forward to another tax year and is not transferrable. The total amount of tax credits authorized by this section shall not exceed five million dollars.
2. The department of elementary and secondary education shall promulgate all rules and regulations necessary to
implement the credit authorized by this section. No rule or portion of a rule promulgated pursuant to the authority
of this section shall become effective unless it has been promulgated pursuant to the provisions of chapter 536,
RSMo.
Missouri House of
Representatives