135.575. Definitions--tax credit, amount--limitations--director of revenue, rules--sunset provision. - Missouri Statutes

Definitions--tax credit, amount--limitations--director of revenue,rules--sunset provision.

135.575. 1. As used in this section, the following terms mean:

(1) "Missouri health care access fund", the fund created in section191.1056, RSMo;

(2) "Tax credit", a credit against the tax otherwise due underchapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to143.265, RSMo;

(3) "Taxpayer", any individual subject to the tax imposed in chapter143, RSMo, excluding withholding tax imposed by sections 143.191 to143.265, RSMo.

2. The provisions of this section shall be subject to section 33.282,RSMo. For all taxable years beginning on or after January 1, 2007, ataxpayer shall be allowed a tax credit for donations in excess of onehundred dollars made to the Missouri health care access fund. The taxcredit shall be subject to annual approval by the senate appropriationscommittee and the house budget committee. The tax credit amount shall beequal to one-half of the total donation made, but shall not exceedtwenty-five thousand dollars per taxpayer claiming the credit. If theamount of the tax credit issued exceeds the amount of the taxpayer's statetax liability for the tax year for which the credit is claimed, thedifference shall not be refundable but may be carried forward to any of thetaxpayer's next four taxable years. No tax credit granted under thissection shall be transferred, sold, or assigned. The cumulative amount oftax credits which may be issued under this section in any one fiscal yearshall not exceed one million dollars.

3. The department of revenue may promulgate rules to implement theprovisions of this section. Any rule or portion of a rule, as that term isdefined in section 536.010, RSMo, that is created under the authoritydelegated in this section shall become effective only if it complies withand is subject to all of the provisions of chapter 536, RSMo, and, ifapplicable, section 536.028, RSMo. This section and chapter 536, RSMo, arenonseverable and if any of the powers vested with the general assemblypursuant to chapter 536, RSMo, to review, to delay the effective date, orto disapprove and annul a rule are subsequently held unconstitutional, thenthe grant of rulemaking authority and any rule proposed or adopted afterAugust 28, 2007, shall be invalid and void.

4. Pursuant to section 23.253, RSMo, of the Missouri sunset act:

(1) The provisions of the new program authorized under this sectionshall automatically sunset six years after August 28, 2007, unlessreauthorized by an act of the general assembly; and

(2) If such program is reauthorized, the program authorized underthis section shall automatically sunset twelve years after the effectivedate of the reauthorization of this section; and

(3) This section shall terminate on September first of the calendaryear immediately following the calendar year in which the programauthorized under this section is sunset.

(L. 2007 S.B. 577)

Sunset date 8-28-13, unless reauthorized

Termination date 9-01-14, unless reauthorized