Missouri HB 798: Modifies provisions relating to taxation

Bill Text

FIRST REGULAR SESSION
[PERFECTED]
HOUSE COMMITTEE SUBSTITUTE FOR
HOUSE BILL NO. 798
103RD GENERAL ASSEMBLY
1412H.02P JOSEPH ENGLER, Chief Clerk
AN ACT
To repeal sections 135.600, 135.621, 135.630, 143.011, 143.031, 143.071, 143.121, 143.131,
and143.177,RSMo,andtoenactinlieuthereofninenewsectionsrelatingtotaxation.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Sections 135.600, 135.621, 135.630, 143.011, 143.031, 143.071, 143.121,
2 143.131, and 143.177, RSMo, are repealed and nine new sections enacted in lieu thereof, to
3 be known as sections 135.600, 135.621, 135.630, 143.011, 143.031, 143.071, 143.121,
4 143.131, and 143.512, to read as follows:
135.600. 1. As used in this section, the following terms shall mean:
2 (1) "Contribution", a donation of cash, stock, bonds or other marketable securities, or
3 real property;
4 (2) "Maternity home", a residential facility located in this state:
5 (a) Established for the purpose of providing housing and assistance to pregnant
6 women who are carrying their pregnancies to term;
7 (b) That does not perform, induce, or refer for abortions and that does not hold itself
8 out as performing, inducing, or referring for abortions;
9 (c) That provides services at no cost to clients; and
10 (d) That is exempt from income taxation under the United States Internal Revenue
11 Code;
12 (3) "State tax liability", in the case of a business taxpayer, any liability incurred by
13 suchtaxpayerpursuanttotheprovisionsofchapter143,chapter147,chapter148,andchapter
14 153, exclusive of the provisions relating to the withholding of tax as provided for in sections
EXPLANATION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is
intended to be omitted from the law. Matter in bold-face type in the above bill is proposed language.

15 143.191 to 143.265, and related provisions, and in the case of an individual taxpayer, any
16 liability incurred by such taxpayer pursuant to the provisions of chapter 143;
17 (4) "Taxpayer", a person, firm, a partner in a firm, corporation or a shareholder in an
18 S corporation doing business in the state of Missouri and subject to the state income tax
19 imposed by the provisions of chapter 143, including any [charitable] organization which is
20 exempt from federal income tax and whose Missouri unrelated business taxable income, if
21 any, would be subject to the state income tax imposed under chapter 143, or a corporation
22 subject to the annual corporation franchise tax imposed by the provisions of chapter 147, or
23 an insurance company paying an annual tax on its gross premium receipts in this state, or
24 other financial institution paying taxes to the state of Missouri or any political subdivision of
25 this state pursuant to the provisions of chapter 148, or an express company which pays an
26 annualtaxonitsgrossreceiptsinthisstatepursuanttochapter153,oranindividualsubjectto
27 the state income tax imposed by the provisions of chapter 143.
28 2. A taxpayer shall be allowed to claim a tax credit against the taxpayer's state tax
29 liability, in an amount equal to fifty percent of the amount such taxpayer contributed to a
30 maternity home for all fiscal years ending on or before June 30, 2022, and seventy percent of
31 the amount such taxpayer contributed to a maternity home for all fiscal years beginning on or
32 after July 1, 2022, but ending on or before June 30, 2026. For all fiscal years beginning
33 on or after July 1, 2026, a taxpayer shall be allowed to claim a tax credit against the
34 taxpayer's state tax liability in an amount equal to one hundred percent of the amount
35 such taxpayer contributed to a maternity home.
36 3. The amount of the tax credit claimed shall not exceed the amount of the taxpayer's
37 state tax liability for the tax year that the credit is claimed, and such taxpayer shall not be
38 allowed to claim a tax credit in excess of fifty thousand dollars per tax year. However, any
39 tax credit that cannot be claimed in the tax year the contribution was made may be carried
40 over only to the next succeeding tax year. No tax credit issued under this section shall be
41 assigned, transferred, or sold.
42 4. Except for any excess credit which is carried over pursuant to subsection 3 of this
43 section, a taxpayer shall not be allowed to claim a tax credit unless the total amount of such
44 taxpayer's contribution or contributions to a maternity home or homes in such taxpayer's tax
45 year has a value of at least one hundred dollars.
46 5. The director of the department of social services shall determine, at least annually,
47 which facilities in this state may be classified as maternity homes. The director of the
48 department of social services may require of a facility seeking to be classified as a maternity
49 home whatever information is reasonably necessary to make such a determination. The
50 director of the department of social services shall c