2012 Initiative Petitions
Approved for Circulation in Missouri
Constitutional Amendment to Article X, Relating to Taxation, 2012-077
Submitting to the qualified voters of Missouri, a new Section 26 to Article X -TAXATION of the Constitution of Missouri
Be it resolved by the people of Missouri that the Constitution be amended:
ARTICLE X - TAXATION
Section 26. Individual and corporation donors and contributors to Missouri free public schools, as they are defined in the Missouri Constitution Article IX - Education, and Missouri higher education colleges and universities, and Missouri incorporated and operated educational not-for-profit corporations, organizations, institutions and foundations, as they are defined and approved by the United States Department of the Treasury, Internal Revenue Service, and from whom the donor or contributor for their donation or contribution currently receives a tax deduction against their Federal and Missouri state income taxes due for the taxable year in which the donation or contribution is made, would also receive a sixty percent (60%) Missouri state income tax credit to be applied to the actual amount of their donation or contribution and to be subtracted from their Missouri state income tax due for the taxable year in which the donation or contribution is made, but not to exceed their Missouri state income tax liability for that taxable year. This tax credit would be in addition to all Federal and Missouri state income tax deductions currently allowable to the donor or contributor. If the Missouri state income tax on individuals or corporations is abolished or repealed by a constitutional amendment approved by the voters or by the general assembly and the governor with approval by the voters, and a different form or type of taxation is legislated to replace the revenue lost, then the sixty percent (60%) of the amount of the donation would be refunded by the Missouri Department of Revenue to the donor or contributor from state tax revenues then collected through any new method of taxation.