Missouri HB3118 modifies provisions relating to benevolent tax credits.

Missouri HB3118 modifies provisions relating to benevolent tax credits. It sets limits on the amount of tax credits that can be claimed for contributions to programs in distressed communities. The bill specifies that the tax credit cannot exceed 70% of the total amount contributed by a business firm. It also outlines the conditions under which tax credits can be carried over to the next fiscal year. The bill further details the types of tax credits that can be applied against various taxes, including the annual tax on gross premium receipts of insurance companies and the tax on banks.

Missouri HB3118 modifies provisions relating to benevolent tax credits.

Missouri HB3118 modifies provisions relating to benevolent tax credits. It sets limits on the amount of tax credits that can be claimed for contributions to programs in distressed communities. The bill specifies that the tax credit cannot exceed 70% of the total amount contributed by a business firm. It also outlines the conditions under which tax credits can be carried over to the next fiscal year. The bill further details the types of tax credits that can be applied against various taxes, including the annual tax on gross premium receipts of insurance companies and the tax on banks.