Vote Smart's Synopsis:

Vote to pass a bill that amends state tax credit programs.

Highlights:

• Specifies that certain tax credits will cease issuance on August 28, 2015. These include but are not limited to a tax credit for (Sec. A):
• Surviving spouses of deceased peace officers who were killed in the line of duty;
• Persons who have adopted special needs children;
• Businesses who build low-income housing;
• Businesses or other associations which create and run youth-centered programs focusing on school attendance and graduation; and
• Taxpayers who contribute to shelters for victims of domestic violence.

• Specifies that this act does not impair an individual's ability to redeem tax credits set to expire if the person takes action before the expiration of such a credit (Sec. A).

• Specifies that tax credits issued by the government will not exceed $10 million in any fiscal year (Sec. A).

• Establishes a $110 million cap on tax credit authorizations for projects not financed through tax-exempt bond issuance, to be lowered each subsequent year (Sec. A).

• Specifies that any agency may recapture tax credits if a taxpayer is found to be in noncompliance with the program (Sec. A).

• Establishes an air export tax credit for companies shipping cargo on an outbound flight, and specifies that these will cease issuance on August 28, 2011 (Sec. A).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends the Missouri tax code to reduce the number and amounts of available tax credits.

Highlights:

• Specifies that certain tax credits will cease issuance on August 28, 2015. These include but are not limited to a tax credit for (Sec. A):
• Surviving spouses of deceased peace officers who were killed in the line of duty;
• Persons who have adopted special needs children;
• Businesses who build low-income housing;
• Businesses or other associations which create and run youth-centered programs focusing on school attendance and graduation; and
• Taxpayers who contribute to shelters for victims of domestic violence.

• Specifies that this act does not impair an individual's ability to redeem tax credits set to expire if the person takes action before the expiration of such a credit (Sec. A).

• Specifies that tax credits issued by the government will not exceed $10 million in any fiscal year (Sec. A).

• Establishes a $110 million cap on tax credit authorizations for projects not financed through tax-exempt bond issuance, to be lowered each subsequent year (Sec. A).

• Specifies that any agency may recapture tax credits if a taxpayer is found to be in noncompliance with the program (Sec. A).

• Establishes an air export tax credit for companies shipping cargo on an outbound flight, and specifies that these will cease issuance on August 28, 2011 (Sec. A).

Full Bill Text