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BILL WOULD LIMIT TAX CREDIT USERS CAMPAIGN CONTRIBUTIONS

Friday, January 21, 2011 - 8:00AM

Mo. State Senator Jason Crowell, R-Cape Girardeau, introduced S.B. 141 on Wednesday. The bill would prohibit anyone who has made a campaign contribution in the past two years from applying for state credits. The bill would also prohibit tax credit recipients from making campaign contribution for two years after they receive the state tax credits. Violation of the campaign contribution restrictions would result in recapture of the state tax credits. The act would apply to more than two dozen existing state tax credit programs, including the state historic tax credit, low-income housing tax credit, new markets tax credit, distressed areas land assemblage tax credit and brownfield redevelopment tax credit. Crowell also introduced several other tax credit related bills on Wednesday, including S.B. 139, which would subject all state tax credits to appropriation; S.B. 142, which would remove statewide elected officials from the Missouri Development Finance Board and the Missouri Housing Development Commission; and S.B. 144, which would place a one-year moratorium on the issuance of low-income housing and Missouri development finance board infrastructure development fund contribution tax credits. If passed, all of the bills would have an August 28, 2011 effective date, except for S.B. 144, which would be effective as soon as it was passed.

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