Missouri HB2882: Authorizes a tax credit for charitable contributions to certain organizations providing mental health services to veterans

What the bill says

To amend chapter 135, RSMo, by adding thereto one new section relating to a tax credit for contributions to certain organizations. Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.588, to read as follows: 135.588. 1. As used in this section, the following terms mean: (1) "Contribution", a donation of cash, stock, bonds, or other marketable securities, or real property valued at the current property tax-assessed valuation of the property. If a property has not been assessed or has no assessed valuation, no credit shall be authorized for the.

From the introduced text:

To amend chapter 135, RSMo, by adding thereto one new section relating to a tax credit for contributions to certain organizations. Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.588, to read as follows: 135.588. 1. As used in this section, the following terms mean: (1) "Contribution", a donation of cash, stock, bonds, or other marketable securities, or real property valued at the current property tax-assessed valuation of the property. If a property has not been assessed or has no assessed valuation, no credit shall be authorized for the donation of the property; (2) "Department", the department of mental health; (3) "Director", the director of the department of mental health; (4) "Qualified organization", an organization or other nonprofit entity located in this state that is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, that provides a comprehensive array of mental health services, rehabilitation, support, and assistance to veterans with mental health disorders through licensed mental health professionals in compliance with Missouri statutes or other alternative treatments or services determined by the department; (5) "Tax credit", a credit against the tax otherwise due under chapter 143, excluding withholding tax imposed under sections 143.191 to 143.265; (6) "Taxpayer", any individual, firm, partner in a firm, …

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