Of the many Missouri tax credit programs (61 in total), perhaps none are more important than those that help generate donations to benevolent organizations that assist Missouri citizens in need. Tax credits, like the one that benefits food pantries and the credit benefiting pregnancy resource centers, have built-in spending caps, restricting the dollar amount any particular program can redeem in a fiscal year.
Unfortunately, both of these two important tax credits expired in the last two years. Victims of a larger debate about tax credit reform, the benevolent tax credits are now getting significant legislative attention. House Bill 87 (Burlison, R-Springfield), Senate Bill 15 (Richard, R-Joplin), and Senate Bill 20 (Dixon, R-Springfield) have already been filed re-authorizing these and other benevolent credits.
In addition, House Speaker Tim Jones (R-Eureka), indicated in his opening remarks this week that he is supportive of the re-authorization bills, stating “[t]hese credits have been instrumental in helping so many worthwhile causes, …we must work to reinstate [them].”
The MCC will be working this session with members on both sides of the isle to get these bills through the general assembly and on to the Governor’s desk.