NEIGHBORHOOD ASSISTANCE TAX CREDITS

Current law authorizes multiple tax credits for contributions made to and investments made for the purposes of providing physical revitalization, economic development, job training or education for individuals, community services, crime prevention, and affordable housing assistance, with such tax credits being equal to varying percentages of the contributions or investments made. This act sets each tax credit equal to 70% of the amount of such contributions or investments. (Section 32.115)

This provision is identical to a provision in SB 1041 (2024) and SCS/SB 455 (2023), and is substantially similar to HCS/HB 1210 (2023) and to a provision in SB 1179 (2024), HCS/HB 1935 (2024), HB 2089 (2024), HCS/SS/SB 143 (2023), and HCS/HB 714 (2023).

THEATER, CULTURAL ARTS, AND ENTERTAINMENT DISTRICTS

Current law authorizes certain counties to establish a theater, cultural arts, and entertainment district and to impose a sales tax to fund such district. This act adds counties that border the Lake of the Ozarks to the list of counties authorized to establish such districts. (Section 67.2500)

This provision is identical to SB 1431 (2024) and HB 2068 (2024), and to a provision in SCS/HCS/HB 1564 (2024) and HCS/HB 2348 (2024).

SPORTING EVENTS TAX CREDIT

Current law authorizes a tax credit for costs incurred relating to the conduct of amateur and collegiate sporting events. This act modifies such tax credit by requiring certified sponsors to be active members of the Sports Events and Tourism Association rather than of the National Association of Sports Commissions.

This act also removes the definition of "eligible costs" and bases the amount of the tax credit on either the number of admission tickets sold or the number of registered participants.

The act requires an applicant to submit a ticket sales or box office statement, or a list of registered participants, rather than documentation of eligible costs.

The amount of the tax credit shall be equal to either $6 for every admission ticket sold, rather than $5, or $12 for every registered participant, rather than $10. The Department of Revenue shall pay the amount of the tax credit within ninety days of the applicant's submission of a valid tax credit certificate.

Current law limits the total annual amount of tax credits to $3 million, with a limit of $2.7 million for events held in Jackson County or St. Louis City. This act increases such limits to $6 million and $5.5 million, respectively.

This act extends the sunset on the tax credit from August 28, 2025, to August 28, 2031. (Section 67.3000)

Current law also authorizes a tax credit in the amount of fifty percent of an eligible donation made to a certified sponsor or local organizing committee, with the total annual amount of such tax credits limited to $10 million. This act reduces such allowable annual amount of tax credits to $5 million. This act also extends the sunset on such tax credit from August 28, 2025, to August 28, 2031. (Section 67.3005)

These provisions are identical to provisions in HCS/HB 1935 (2024) and are substantially similar to SCS/SB 1036 (2024).

YOUTH OPPORTUNITIES AND VIOLENCE PREVENTION TAX CREDIT

Current law authorizes a tax credit in the amount of 50% of contributions made to certain youth programs. This act increases such tax credit to 70% of the amount of such contributions made. (Section 135.460)

This provision is identical to a provision in SB 1041 (2024), SB 1179 (2024), HCS/HB 1935 (2024), HB 2089 (2024), SCS/SB 455 (2023), HCS/SS/SB 143 (2023), and HCS/HB 714 (2023).

LONG-TERM DIGNITY SAVINGS ACCOUNT TAX DEDUCTION

Current law authorizes an income tax deduction for one hundred percent of a participating taxpayer's contributions to a long-term dignity savings account, with such deduction scheduled to sunset on December 31, 2024. This act extends the sunset on the deduction until December 31, 2029. (Section 143.1160)

This provision is identical to SB 1010 (2024).

JOSH NORBERG