SCS/SB 864 - This act creates a tax credit for the abatement of lead contamination and designates a dollar check-off on the Missouri income tax return for the Childhood Lead Testing Fund.

This act creates the "Lead Abatement Tax Credit Program", which allows a tax credit for costs incurred for the abatement of lead contamination in an individual's dwelling, provided that there is a reduction in the lead levels. The amount of the tax credit shall be equal to the lesser of 50% of the costs or $5,000 per dwelling. However, the aggregate amount of these credits shall not exceed $2 million dollars. These credits shall be transferrable and negotiable, but non-refundable. These credits shall not apply to certain primary responsible parties (PRPs). This Program shall apply to all tax years ending on or after December 31, 2005.

The Director of the Department of Economic Development shall determine what the eligible costs are for the credit to be claimed. Eligible costs will be limited to the reasonable costs for abating the property and returning the dwelling to a substantially similar condition. The Director must certify the tax credits to the Department of Revenue. Rule-making authority is given to the Director of the Department of Economic Development, who must consult with the Directors of the Departments of Health and Senior Services and Revenue.

A new Section 143.603 creates a one dollar check-off on the Missouri income tax return form. The money designated by the check-off will be deposited into the Childhood Lead Testing Fund, which was created in section 701.345, RSMo. The check-off of one dollar is primarily for taxpayers who are to receive a refund. However, taxpayers who owe taxes may also contribute to the fund and any taxpayer may elect to contribute more than one dollar.
LORIE TOWE