Be it enacted by the people of the state of Missouri, as follows:
Article X, Constitution of Missouri, is amended by adding one new section, to be known as section 18(f), to read as follows:
Section 18(f). 1. This section shall be known as the “Missouri Tax Fairness Initiative”.
2. The general assembly shall not enact legislation that allows for the issuance of credits or deductions against any corporate tax due pursuant to Missouri law including but not limited to chapters 143, 147, and 148 , RSMo 2007, or their successors, without voter approval where the total cost of such credits and deductions in any fiscal year is more than the amount of the limitation on increases in taxes or fees in a fiscal year without voter approval in section 18(e) of this article. In the event that an individual or series of credit or deductions exceed the ceiling established in section 18(e), the credits or deductions shall be submitted by the general assembly to a public vote starting with the largest credit or deduction in the given year, and including all credits or deductions in descending order, until the aggregate of the remaining credit or deductions is less than the ceiling provided in this subsection.
3. For purposes of this calculation, the "total cost of such credits and deductions in any fiscal year" shall include the cost of all bills that are truly agreed to and finally passed except bills vetoed by the governor and not overridden by the general assembly in all fiscal years after the effective date of this section.
4. For purposes of this calculation, until June 30, 2010, the “total cost of such credits and deductions in any fiscal year” shall not include the cost of all credits against the corporate tax that were issued in the fiscal year that ended on June 30, 2008, minus the amount of the limitation on increases in taxes or fees in a fiscal year without voter approval in section 18(e) of this article.
5. For purposes of this calculation, the “total cost of such credits and deductions in any fiscal year” shall not include the cost of deductions against the corporate tax that existed prior to the effective date of this section.
6. For purposes of this calculation, the “total cost of such credits and deductions in any fiscal year” shall not include any projected economic activity from such credits or deductions.
7. Compliance with the limit in this section shall be measured by calculating the cost of the credit or deduction in the first fiscal year that each individual credit or deduction is fully effective.
8. Except as provided in subsection 2 of this section, beginning July 1, 2010, no law granting a credit against any corporate tax due pursuant to Missouri law including but not limited to chapters 143, 147, and 148, RSMo 2007 shall be valid except that any credit that was issued prior to the effective date of this section shall be valid.
9. Any taxpayer or statewide elected official may bring an action under the provisions of section 23 of this article to enforce compliance with the provisions of this section. The Missouri supreme court shall have original jurisdiction to hear any challenge brought by any statewide elected official to enforce this section. In such enforcement actions, the court shall invalidate the credit or deductions which should have received a public vote as defined in subsection 2 of this section.