Gov. Jay Nixon has signed a bill into law that extends several tax-credit programs.
Nixon signed the bill today at the Southeast Missouri Food Bank in Cape Girardeau, one organization that benefits from the extension.
The bill encourages private donations to charitable organizations such as food pantries and crisis nurseries, and provides tax credits to those who give.
“Continuing to move our state forward means making sure we don’t leave our most vulnerable citizens behind,” Nixon says. “That is why I am pleased to sign this bipartisan legislation that will help charitable organizations across Missouri feed the hungry, protect children in crisis, and assist families in need.”
Senate Bill 20 reinstates or extends seven separate tax credit programs, including incentives for contributions to food pantries, crisis nurseries, child advocacy centers, and pregnancy resource centers. A donor who contributes financially to a qualifying charitable organization can receive a tax credit worth half of that contribution. By leveraging private donations, these tax credits can decrease the need for more costly state services.
The bill also renews property tax credits for the surviving spouses of public safety officers killed in the line of duty and extends tax credits that help low- and middle-income Missourians make their homes more accessible to loved ones with disabilities. For families adopting a child with special needs, the bill authorizes a tax credit of up to $10,000 for non-recurring adoption expenses. Senate Bill 20 also authorizes an incentive for businesses to create jobs in distressed communities.
“As we extend these tax credits that work, we must also acknowledge the unfinished business of reforming those that do not,” Nixon says. “The Senate has passed a bill that reins in some of the state’s most costly and least effective tax credit expenditures, and I urge the House to do the same. Comprehensive tax credit reform will create jobs, strengthen communities, and deliver the best possible return on investment for taxpayers.”
The bill was sponsored by Sen. Bob Dixon and handled in the House of Representatives by Rep. Eric Burlison.
Nixon has also signed a bill that authorizes a refundable tax credit aimed at attracting amateur sporting events to the state.