Missouri HB3118: Modifies provisions relating to benevolent tax credits

What the bill says

From the introduced text:

SECOND REGULAR SESSION HOUSE BILL NO. 3118 103RD GENERAL ASSEMBLY INTRODUCED BY REPRESENTATIVE CASTEEL. 6650H.01I JOSEPH ENGLER, Chief Clerk To repeal section 32.115, RSMo, and to enact in lieu thereof one new section relating to benevolent tax credits. Section A. Section 32.115, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 32.115, to read as follows: 32.115. 1. The department of revenue shall grant a tax credit, to be applied in the following order until used, (2) The tax on banks determined pursuant to subdivision (2) of subsection 2 of section 148.030; (3) The tax on banks determined in subdivision (1) of subsection 2 of section 148.030; (4) The tax on other financial institutions in chapter 148; (5) The corporation franchise tax in chapter 147; (6) The state income tax in chapter 143; and (7) The annual tax on gross receipts of express companies in chapter 153. 2. For proposals approved pursuant to section 32.110: (1) The amount of the tax credit shall not exceed [fifty] seventy percent of the total amount contributed during the taxable year by the business firm or, in the case of a financial institution, where applicable, during the relevant income period in programs approved pursuant to section 32.110; EXPLANATION -- Matter enclosed in bold-faced brackets [thus] in the …

Read the full official text

Sponsors

• David Casteel (R, 097) · primary sponsor

Latest actions

1. May 15, 2026: Referred: Emerging Issues(H)
2. January 29, 2026: Read Second Time (H)
3. January 28, 2026: Introduced and Read First Time (H)

Common questions

What is HB3118?

HB3118 is a bill in the Missouri Legislature (2026 Regular Session): Modifies provisions relating to benevolent tax credits.

What is the status of HB3118?

In committee as of May 15, 2026. Latest action: Referred: Emerging Issues(H) (May 15, 2026).

Who sponsored HB3118?

David Casteel (R, 097).

Where is the official record for HB3118?

On the Missouri Legislature website: https://house.mo.gov/BillContent.aspx?bill=HB3118&year=2026&code=R