The bill proposes the addition of a new section, 135.588, to chapter 135 of the Revised Statutes of Missouri, establishing a tax credit for contributions made to qualified organizations that provide mental health services to veterans. Under this new provision, starting from January 1, 2027, taxpayers can claim a tax credit equal to 70% of their contributions to these organizations, with a maximum credit limit of $50,000 per tax year. The bill outlines specific definitions for terms such as "contribution," "qualified organization," and "taxpayer," and stipulates that contributions must have a minimum value of $100 to qualify for the credit. Additionally, the bill mandates that the director of the Department of Mental Health will determine which organizations qualify for this tax credit and will establish a procedure for taxpayers to verify an organization's status. The tax credits are non-refundable but can be carried forward to the next tax year if not fully utilized. The bill also includes provisions for the director to create necessary rules for administration and enforcement, and it specifies that the program will sunset six years after its effective date unless reauthorized by the General Assembly.

Statutes affected:
Introduced (5257H.01): 135.588