Modifies tax credit provisions for donated food in Missouri, allowing credits for donations to food banks, pantries, soup kitchens, and homeless.
The bill modifies provisions relating to a tax credit for donated food in Missouri. It allows taxpayers to claim a credit for donations of cash or food to food banks, local food pantries, local soup kitchens, or local homeless shelters. The credit is equal to 70% of the value of the donations, up to a certain limit per taxpayer. The bill also sets a cumulative limit on the total tax credits that can be claimed in a fiscal year. The tax credit program will automatically sunset on December 31, 2032, unless reauthorized by the general assembly.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.