SECONDREGULARSESSION
HOUSECOMMITTEESUBSTITUTEFOR
HOUSEBILLNO.2319
102NDGENERALASSEMBLY
4638H.02C DANARADEMANMILLER,ChiefClerk
ANACT
Torepealsections32.125,99.1205,100.260,100.286,100.297,100.850,135.090,135.110,
135.313,135.326,135.339,135.341,135.403,135.432,135.460,135.487,135.490,
135.500,135.503,135.505,135.508,135.516,135.523,135.526,135.529,135.530,
135.545,135.546,135.562,135.647,135.680,135.682,135.690,135.700,135.710,
135.719,135.766,135.772,135.775,135.778,135.800,135.1150,135.1180,143.119,
143.177,143.471,148.064,148.330,148.350,173.196,192.2015,208.770,320.092,
320.093,348.302,348.304,348.306,348.308,348.310,348.312,348.316,348.318,
348.505,447.708,620.635,620.638,620.641,620.644,620.647,620.650,620.653,
and620.2600,RSMo,andsection348.300asenactedbysenatebillno.7,ninety-sixth
generalassembly,firstextraordinarysession,andsection348.300asenactedbyhouse
billno.1,ninety-fourthgeneralassembly,firstextraordinarysession,andtoenactin
lieuthereofthirty-sixnewsectionsrelatingtotaxcredits.
BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows:
SectionA.Sections32.125,99.1205,100.260,100.286,100.297,100.850,135.090,
2135.110,135.313,135.326,135.339,135.341,135.403,135.432,135.460,135.487,135.490,
3135.500,135.503,135.505,135.508,135.516,135.523,135.526,135.529,135.530,135.545,
4135.546,135.562,135.647,135.680,135.682,135.690,135.700,135.710,135.719,135.766,
5135.772,135.775,135.778,135.800,135.1150,135.1180,143.119,143.177,143.471,
6148.064,148.330,148.350,173.196,192.2015,208.770,320.092,320.093,348.302,
7348.304,348.306,348.308,348.310,348.312,348.316,348.318,348.505,447.708,
8620.635,620.638,620.641,620.644,620.647,620.650,620.653,and620.2600,RSMo,
9andsection348.300asenactedbysenatebillno.7,ninety-sixthgeneralassembly,first
10extraordinarysession,andsection348.300asenactedbyhousebillno.1,ninety-fourth
EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis
intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 11generalassembly,firstextraordinarysession,arerepealedandthirty-sixnewsectionsenacted
12inlieuthereof,tobeknownassections32.125,100.260,100.286,100.297,100.850,135.090,
13135.110,135.326,135.339,135.341,135.432,135.460,135.487,135.490,135.530,135.562,
14135.647,135.690,135.719,135.772,135.775,135.778,135.800,135.1150,135.1180,
15143.119,143.177,143.471,148.064,148.330,148.350,192.2015,208.770,320.092,
16348.505,and447.708,toreadasfollows:
32.125.1.Noruleorportionofarulepromulgatedundertheauthorityofthischapter
2shallbecomeeffectiveunlessithasbeenpromulgatedpursuanttotheprovisionsofsection
3536.024.
4 2.Undersection23.253oftheMissourisunsetact:
5 (1)Theprovisionsoftheprogramauthorizedundersections32.105to32.125
6shallautomaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthe
7generalassembly;
8 (2)Ifsuchprogramisreauthorized,theprogramauthorizedundersections
932.105to32.125shallautomaticallysunsetsixyearsaftertheeffectivedateofthe
10reauthorizationofsections32.105to32.125;
11 (3)Sections32.105to32.125shallterminateonSeptemberfirstofthecalendar
12yearimmediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunder
13sections32.105to32.125issunset;and
14 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
15impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
16programauthorizedunderthissectionexpires.
100.260.1.Thereareherebycreatedfourspecialfunds,tobeknownasthe
2"IndustrialDevelopmentandReserveFund",the"IndustrialDevelopmentGuaranteeFund",
3the"ExportFinanceFund",andthe"JobsNowFund",intowhichthefollowingmaybe
4depositedasandwhenreceivedanddesignatedfordepositinoneofsuchfunds:
5 (1)Anymoneysappropriatedbythegeneralassemblyforusebytheboardin
6carryingoutthepowerssetforthinsections100.250to100.297;
7 (2)Anymoneysmadeavailablethroughtheissuanceofrevenuebondsunderthe
8provisionsofsections100.250to100.295;
9 (3)Anymoneysreceivedfromgrantsorwhicharegiven,donated,orcontributedto
10thefundfromanysource;
11 (4)Anymoneysreceivedinrepaymentofloansorfromapplicationfees,reserve
12participationfees,guaranteefeesandpremiumpaymentsasprovidedforundersections
13100.250to100.297;
14 (5)Anymoneysreceivedasinterestondepositsorasincomeonapproved
15investmentsofthefund;
HCSHB2319 2 16 (6)Anymoneysobtainedfromtheissuanceofrevenuebondsornotesbytheboard;
17 (7)Anymoneysthatwereintheindustrialdevelopmentfundauthorizedbythis
18section,theeconomicdevelopmentreserveauthorizedbysection620.215,ortheindustrial
19revenuebondguaranteefundauthorizedbysection620.240,respectively,asofSeptember28,
201985;and
21 (8)Anymoneysobtainedfromanyotheravailablesource.
22 2.Thedevelopmentandreservefund,theguaranteefund,thejobsnowfund,andthe
23exportfinancefundshallbeadministeredbytheboardasprovidedinsections100.250to
24100.297.Separateaccountsmaybecreatedwithinthedevelopmentandreservefundandthe
25guaranteefundformoneysspecificallyappropriated,donatedorotherwisereceivedfor
26industrialdevelopmentpurposes.Theboardmayalsocreatesuchotherseparateaccounts
27withinanyofsuchfundsasdeemednecessaryorappropriatebytheboardtocarryoutthe
28dutiesandpurposesofsections100.250to100.297.Allsuchseparateaccountsmaybe
29administeredbyacorporatetrusteeonbehalfoftheboarduponthetermsandconditions
30establishedbytheboard.
31 3.Moneysinthejobsnowfund,thedevelopmentandreservefund,theguarantee
32fund,andtheexportfinancefundshallbeinvestedbytheboardinthemannerprescribedby
33theboardandanyinterestearnedoninvestedmoneysshallaccruetothebenefitofthe
34respectivefund.
35 4.Noneofthefundsandaccountsoftheboardshallbeconsideredastatefund,and
36moneydepositedthereinmaynotbeappropriatedtherefrom,norshallanymoneydeposited
37thereinbesubjecttotheprovisionsofsection33.080.
38 5.Thecommissionerofadministrationshallannuallycalculatetheincreasedamount
39ofrevenuetothestatetreasuryduetotheprovisionsofsections135.155,135.286,[135.546,]
40andsubsection7ofsection620.1039,asenactedormodifiedbythisactandshallallocateup
41totwelvemilliondollarsofsuchrevenuetothejobsnowfund.
100.286.1.Withinthediscretionoftheboard,thedevelopmentandreservefund,the
2infrastructuredevelopmentfundortheexportfinancefundmaybepledgedtosecurethe
3paymentofanybondsornotesissuedbytheboard,ortosecurethepaymentofanyloanmade
4bytheboardoraparticipatinglenderwhichloan:
5 (1)Isrequestedtofinanceanyprojectorexporttradeactivity;
6 (2)Isrequestedbyaborrowerwhoisdemonstratedtobefinanciallyresponsible;
7 (3)Canreasonablybeexpectedtoprovideabenefittotheeconomyofthisstate;
8 (4)Isotherwisesecuredbyamortgageordeedoftrustonrealorpersonalpropertyor
9othersecuritysatisfactorytotheboard;providedthatloanstofinanceexporttradeactivities
10maybesecuredbyexportaccountsreceivableorinventoriesofexportablegoodssatisfactory
11totheboard;
HCSHB2319 3 12 (5)Doesnotexceedfivemilliondollars;
13 (6)Doesnothaveatermlongerthanfiveyearsifsuchloanismadetofinanceexport
14tradeactivities;and
15 (7)Is,whenusedtofinanceexporttradeactivities,madetosmallormediumsize
16businessesoragriculturalbusinesses,asmaybedefinedbytheboard.
17 2.Theboardshallprescribestandardsfortheevaluationofthefinancialcondition,
18businesshistory,andqualificationsofeachborrowerandthetermsandconditionsofloans
19whichmaybesecured,andmayrequireeachapplicationtoincludeafinancialreportand
20evaluationbyanindependentcertifiedpublicaccountingfirm,inadditiontosuch
21examinationandevaluationasmaybeconductedbyanyparticipatinglender.
22 3.Eachapplicationforaloansecuredbythedevelopmentandreservefund,the
23infrastructuredevelopmentfundortheexportfinancefundshallbereviewedinthefirst
24instancebyanyparticipatinglendertowhomtheapplicationwassubmitted.Ifsatisfiedthat
25thestandardsprescribedbytheboardaremetandthattheloanisotherwiseeligibletobe
26securedbythedevelopmentandreservefund,theinfrastructuredevelopmentfundorthe
27exportfinancefund,theparticipatinglendershallcertifythesameandforwardtheapplication
28forfinalapprovaltotheboard.
29 4.Thesecuringofanyloansbythedevelopmentandreservefund,theinfrastructure
30developmentfundortheexportfinancefundshallbeconditioneduponapprovalofthe
31applicationbytheboard,andreceiptofanannualreserveparticipationfee,asprescribedby
32theboard,submittedbyoronbehalfoftheborrower.
33 5.Thesecuringofanyloanbytheexportfinancefundforexporttradeactivitiesshall
34beconditionedupontheboard'scompliancewithanyapplicabletreatiesandinternational
35agreements,suchasthegeneralagreementontariffsandtradeandthesubsidiescode,to
36whichtheUnitedStatesisthenaparty.
37 6.Anytaxpayer,includinganycharitableorganizationthatisexemptfromfederal
38incometaxandwhoseMissouriunrelatedbusinesstaxableincome,ifany,wouldbesubjectto
39thestateincometaximposedunderchapter143,may,subjecttothelimitationsprovided
40undersubsection8ofthissection,receiveataxcreditagainstanytaxotherwisedueunderthe
41provisionsofchapter143,excludingwithholdingtaximposedbysections143.191to
42143.261,chapter147,orchapter148,intheamountoffiftypercentofanyamount
43contributedinmoneyorpropertybythetaxpayertothedevelopmentandreservefund,the
44infrastructuredevelopmentfundortheexportfinancefundduringthetaxpayer'staxyear,
45provided,however,thetotaltaxcreditsawardedinanycalendaryearbeginningafterJanuary
461,1994,shallnotbethegreateroftenmilliondollarsorfivepercentoftheaveragegrowthin
47generalrevenuereceiptsintheprecedingthreefiscalyears.Thislimitmaybeexceededonly
48uponjointagreementbythecommissionerofadministration,thedirectorofthedepartmentof
HCSHB2319 4 49economicdevelopment,andthedirectorofthedepartmentofrevenuethatsuchactionis
50essentialtoensureretentionorattractionofinvestmentinMissouri.Iftheboardreceives,asa
51contribution,realproperty,thecontributoratsuchcontributor'sownexpenseshallhavetwo
52independentappraisalsconductedbyappraiserscertifiedbytheMasterAppraisalInstitute.
53Bothappraisalsshallbesubmittedtotheboard,andthetaxcreditcertifiedbytheboardtothe
54contributorshallbebaseduponthevalueofthelowerofthetwoappraisals.Theboardshall
55notcertifythetaxcredituntilthepropertyisdeededtotheboard.Suchcreditshallnotapply
56toreserveparticipationfeespaidbyborrowersundersections100.250to100.297.The
57portionofearnedtaxcreditswhichexceedsthetaxpayer'staxliabilitymaybecarriedforward
58foruptofiveyears.
59 7.Notwithstandinganyprovisionoflawtothecontrary,anytaxpayermaysell,
60assign,exchange,conveyorotherwisetransfertaxcreditsallowedinsubsection6ofthis
61sectionunderthetermsandconditionsprescribedinsubdivisions(1)and(2)ofthis
62subsection.Suchtaxpayer,hereinaftertheassignorforthepurposeofthissubsection,may
63sell,assign,exchangeorotherwisetransferearnedtaxcredits:
64 (1)Fornolessthanseventy-fivepercentoftheparvalueofsuchcredits;and
65 (2)Inanamountnottoexceedonehundredpercentofannualearnedcredits.
66
67Thetaxpayeracquiringearnedcredits,hereinaftertheassigneeforthepurposeofthis
68subsection,mayusetheacquiredcreditstooffsetuptoonehundredpercentofthetax
69liabilitiesotherwiseimposedbychapter143,excludingwithholdingtaximposedbysections
70143.191to143.261,chapter147,orchapter148.Unusedcreditsinthehandsoftheassignee
71maybecarriedforwardforuptofiveyears,providedallsuchcreditsshallbeclaimedwithin
72tenyearsfollowingthetaxyearsinwhichthecontributionwasmade.Theassignorshall
73enterintoawrittenagreementwiththeassigneeestablishingthetermsandconditionsofthe
74agreementandshallperfectsuchtransferbynotifyingtheboardinwritingwithinthirty
75calendardaysfollowingtheeffectivedayofthetransferandshallprovideanyinformationas
76mayberequiredbytheboardtoadministerandcarryouttheprovisionsofthissection.
77Notwithstandinganyotherprovisionoflawtothecontrary,theamountreceivedbythe
78assignorofsuchtaxcreditshallbetaxableasincomeoftheassignor,andtheexcessofthepar
79valueofsuchcreditovertheamountpaidbytheassigneeforsuchcreditshallbetaxableas
80incomeoftheassignee.
81 8.Provisionsofsubsections1to7ofthissectiontothecontrarynotwithstanding,no
82morethantenmilliondollarsintaxcreditsprovidedunderthissection,maybeauthorizedor
83approvedannually.Thelimitationontaxcreditauthorizationandapprovalprovidedunder
84thissubsectionmaybeexceededonlyuponmutualagreement,evidencedbyasignedand
85properlynotarizedletter,bythecommissioneroftheofficeofadministration,thedirectorof
HCSHB2319 5 86thedepartmentofeconomicdevelopment,andthedirectorofthedepartmentofrevenuethat
87suchactionisessentialtoensureretentionorattractionofinvestmentinMissouriprovided,
88however,thatinnocaseshallmorethantwenty-fivemilliondollarsintaxcreditsbe
89authorizedorapprovedduringsuchyear.Taxpayersshallfile,withtheboard,anapplication
90fortaxcreditsauthorizedunderthissectiononaformprovidedbytheboard.Theprovisions
91ofthissubsectionshallnotbeconstruedtolimitorinanywayimpairtheabilityoftheboard
92toauthorizetaxcreditsforissuanceforprojectsauthorizedorapproved,byavoteofthe
93board,onorbeforethethirtiethdayfollowingtheeffectivedateofthisact,orataxpayer's
94abilitytoredeemsuchtaxcredits.
95 9.Undersection23.253oftheMissourisunsetact:
96 (1)Thetaxcreditprovisionsoftheprogramauthorizedunderthissectionshall
97automaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthegeneral
98assembly;
99 (2)Ifsuchtaxcreditprovisionsarereauthorized,thetaxcreditprovisions
100authorizedunderthissectionshallautomaticallysunsetsixyearsaftertheeffectivedate
101ofthereauthorizationofthissection;
102 (3)Thetaxcreditprovisionsoftheprogramauthorizedunderthissectionshall
103terminateonSeptemberfirstofthecalendaryearimmediatelyfollowingthecalendar
104yearinwhichtheprogramauthorizedunderthissectionissunset;and
105 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
106impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
107programauthorizedunderthissectionexpires.
100.297.1.Theboardmayauthorizeataxcredit,asdescribedinthissection,tothe
2ownerofanyrevenuebondsornotesissuedbytheboardpursuanttotheprovisionsof
3sections100.250to100.297,forinfrastructurefacilitiesasdefinedinsubdivision(9)of
4section100.255,if,priortotheissuanceofsuchbondsornotes,theboarddeterminesthat:
5 (1)Theavailabilityofsuchtaxcreditisamaterialinducementtotheundertakingof
6theprojectinthestateofMissouriandtothesaleofthebondsornotes;
7 (2)Theloanwithrespecttotheprojectisadequatelysecuredbyafirstdeedoftrustor
8mortgageorcomparablelien,orothersecuritysatisfactorytotheboard.
9 2.Uponmakingthedeterminationsspecifiedinsubsection1ofthissection,theboard
10maydeclarethateachownerofanissueofrevenuebondsornotesshallbeentitled,inlieuof
11anyotherdeductionwithrespecttosuchbondsornotes,toataxcreditagainstanytax
12otherwiseduebysuchownerpursuanttotheprovisionsofchapter143,excluding
13withholdingtaximposedbysections143.191to143.261,chapter147,orchapter148,inthe
14amountofonehundredpercentoftheunpaidprincipalofandunpaidinterestonsuchbonds
15ornotesheldbysuchownerinthe[taxable] taxyearofsuchownerfollowingthecalendar
HCSHB2319 6 16yearofthedefaultoftheloanbytheborrowerwithrespecttotheproject.Theoccurrenceofa
17defaultshallbegovernedbydocumentsauthorizingtheissuanceofthebonds.Thetaxcredit
18allowedpursuanttothissectionshallbeavailabletotheoriginalownersofthebondsornotes
19oranysubsequentownerorownersthereof.Onceanownerisentitledtoaclaim,anysuch
20taxcreditsshallbetransferableasprovidedinsubsection7ofsection100.286.
21NotwithstandinganyprovisionofMissourilawtothecontrary,anyportionofthetax
22credittowhichanyownerofarevenuebondornoteisentitledpursuanttothissectionwhich
23exceedsthetotalincometaxliabilityofsuchownerofarevenuebondornoteshallbecarried
24forwardandallowedasacreditagainstanyfuturetaxesimposedonsuchownerwithinthe
25nexttenyearspursuanttotheprovisionsofchapter143,excludingwithholdingtaximposed
26bysections143.191to143.261,chapter147,orchapter148.Theeligibilityoftheownerof
27anyrevenuebondornoteissuedpursuanttotheprovisionsofsections100.250to100.297for
28thetaxcreditprovidedbythissectionshallbeexpresslystatedonthefaceofeachsuchbond
29ornote.Thetaxcreditallowedpursuanttothissectionshallalsobeavailabletoanyfinancial
30institutionorguarantorwhichexecutesanycreditfacilityassecurityforbondsissued
31pursuanttothissectiontothesameextentasifsuchfinancialinstitutionorguarantorwasan
32ownerofthebondsornotes,providedhowever,insuchcasethetaxcreditsprovidedbythis
33sectionshallbeavailableimmediatelyfollowinganydefaultoftheloanbytheborrowerwith
34respecttotheproject.Inadditiontoreimbursingthefinancialinstitutionorguarantorfor
35claimsrelatingtounpaidprincipalandinterest,suchclaimmayincludepaymentofany
36unpaidfeesimposedbysuchfinancialinstitutionorguarantorforuseofthecreditfacility.
37 3.Theaggregateprincipalamountofrevenuebondsornotesoutstandingatanytime
38withrespecttowhichthetaxcreditprovidedinthissectionshallbeavailableshallnotexceed
39fiftymilliondollars.
40 4.Undersection23.253oftheMissourisunsetact:
41 (1)Theprovisionsofthetaxcreditprogramauthorizedunderthissectionshall
42automaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthegeneral
43assembly;
44 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissection
45shallautomaticallysunsetsixyearsaftertheeffectivedateofthereauthorizationofthis
46section;
47 (3)Theprovisionsofthetaxcreditprogramauthorizedunderthissectionshall
48terminateonSeptemberfirstofthecalendaryearimmediatelyfollowingthecalendar
49yearinwhichtheprogramauthorizedunderthissectionissunset;and
50 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
51impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
52programauthorizedunderthissectionexpires.
HCSHB2319 7 100.850.1.Theapprovedcompanyshallremittotheboardajobdevelopment
2assessmentfee,nottoexceedfivepercentofthegrosswagesofeacheligibleemployee
3whosejobwascreatedasaresultoftheeconomicdevelopmentproject,ornottoexceedten
4percentiftheeconomicdevelopmentprojectislocatedwithinadistressedcommunityas
5definedinsection135.530,forthepurposeofretiringbondswhichfundtheeconomic
6developmentproject.
7 2.Anyapprovedcompanyremittinganassessmentasprovidedinsubsection1ofthis
8sectionshallmakeitspayrollbooksandrecordsavailabletotheboardatsuchreasonable
9timesastheboardshallrequestandshallfilewiththeboarddocumentationrespectingthe
10assessmentastheboardmayrequire.
11 3.Anyassessmentremittedpursuanttosubsection1ofthissectionshallceaseonthe
12datethebondsareretired.
13 4.Anyapprovedcompanywhichhaspaidanassessmentfordebtreductionshallbe
14allowedataxcreditequaltotheamountoftheassessment.Thetaxcreditmaybeclaimed
15againsttaxesotherwiseimposedbychapters143and148,exceptwithholdingtaxesimposed
16undertheprovisionsofsections143.191to143.265,whichwereincurredduringthetax
17periodinwhichtheassessmentwasmade.
18 5.Innoeventshalltheaggregateamountoftaxcreditsauthorizedbysubsection4of
19thissectionexceedtwenty-fivemilliondollarsannually.Ofsuchamount,ninehundredfifty
20thousanddollarsshallbereservedforanapprovedprojectforaworldheadquartersofa
21businesswhoseprimaryfunctionistaxreturnpreparationthatislocatedinanyhomerulecity
22withmorethanfourhundredthousandinhabitantsandlocatedinmorethanonecounty,which
23amountreservedshallendintheyearofthefinalmaturityofthecertificatesissuedforsuch
24approvedproject.
25 6.Thedirectorofrevenueshallissuearefundtotheapprovedcompanytotheextent
26thattheamountofcreditsallowedinsubsection4ofthissectionexceedstheamountofthe
27approvedcompany'sincometax.
28 7.Undersection23.253oftheMissourisunsetact:
29 (1)Theprovisionsoftheprogramauthorizedundersections100.700to100.850
30shallautomaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthe
31generalassembly;
32 (2)Ifsuchprogramisreauthorized,theprogramauthorizedundersections
33100.700to100.850shallautomaticallysunsetsixyearsaftertheeffectivedateofthe
34reauthorizationofsections100.700to100.850;
35 (3)Sections100.700to100.850shallterminateonSeptemberfirstofthe
36calendaryearimmediatelyfollowingthecalendaryearinwhichtheprogramauthorized
37undersections100.700to100.850issunset;and
HCSHB2319 8 38 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
39impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
40programauthorizedunderthissectionexpires.
135.090.1.Asusedinthissection,thefollowingtermsmean:
2 (1)"Homestead",thedwellinginMissouriownedbythesurvivingspouseandnot
3exceedingfiveacresoflandsurroundingitasisreasonablynecessaryforuseofthedwelling
4asahome.Asusedinthissection,"homestead"shallnotincludeanydwellingwhichis
5occupiedbymorethantwofamilies;
6 (2)"Publicsafetyofficer",anyfirefighter,policeofficer,capitolpoliceofficer,parole
7officer,probationofficer,correctionalemployee,waterpatrolofficer,parkranger,
8conservationofficer,commercialmotorvehicleenforcementofficer,emergencymedical
9responder,asdefinedinsection190.100,emergencymedicaltechnician,firstresponder,or
10highwaypatrolmanemployedbythestateofMissouriorapoliticalsubdivisionthereofwho
11iskilledinthelineofduty,unlessthedeathwastheresultoftheofficer'sownmisconductor
12abuseofalcoholordrugs;
13 (3)"Survivingspouse",aspouse,whohasnotremarried,ofapublicsafetyofficer.
14 2.ForalltaxyearsbeginningonorafterJanuary1,2008,asurvivingspouseshallbe
15allowedacreditagainstthetaxotherwisedueunderchapter143,excludingwithholdingtax
16imposedbysections143.191to143.265,inanamountequaltothetotalamountofthe
17propertytaxesonthesurvivingspouse'shomesteadpaidduringthetaxyearforwhichthe
18creditisclaimed.Asurvivingspousemayclaimthecreditauthorizedunderthissectionfor
19eachtaxyearbeginningtheyearofdeathofthepublicsafetyofficerspouseuntilthetaxyear
20inwhichthesurvivingspouseremarries.Nocreditshallbeallowedforthetaxyearinwhich
21thesurvivingspouseremarries.Iftheamountallowableasacreditexceedstheincometax
22reducedbyothercredits,thentheexcessshallbeconsideredanoverpaymentoftheincome
23tax.Thedepartmentshallprescribethemethodforsubmittingapplicationsforclaiming
24thetaxcreditauthorizedunderthissection.Afterissuanceofataxcreditcertificateby
25thedepartmentofpublicsafety,suchtaxcreditshallberedeemedbyfilingacopyofthe
26taxcreditcertificatewiththetaxpayer'sincometaxreturnforthetaxyearforwhich
27suchcreditwasissued.
28 3.(1)ForallfiscalyearsbeginningonorafterJuly1,2025,thecumulative
29amountoftaxcreditsallowedtoalltaxpayersunderthissectionshallnotexceedthe
30totalcapamountwhichshallbeanamountequaltotwentypercentgreaterthanthe
31highestannualamountoftaxcreditsredeemedinanyonepreviousfiscalyear,from
32fiscalyear2018tofiscalyear2024,asdeterminedandcalculatedbythedepartmentof
33revenue.
HCSHB2319 9 34 (2)Iftheamountoftaxcreditsclaimedinafiscalyearunderthissectionexceeds
35thetotalcapdeterminedundersubdivision(1)ofthissubsection,taxcreditsshallbe
36allowedbasedontheorderinwhichtheyareclaimed.
37 4.OnandafterAugust28,2024,thedepartmentofpublicsafetyshall
38administerthetaxcreditprovidedunderthissection.
39 5.Thedepartmentof[revenue] publicsafetyshallpromulgaterulestoimplementthe
40provisionsofthissection.
41 [4.]6.Anyruleorportionofarule,asthattermisdefinedinsection536.010,thatis
42createdundertheauthoritydelegatedinthissectionshallbecomeeffectiveonlyifitcomplies
43withandissubjecttoalloftheprovisionsofchapter536and,ifapplicable,section536.028.
44Thissectionandchapter536arenonseverableandifanyofthepowersvestedwiththe
45generalassemblypursuanttochapter536toreview,todelaytheeffectivedate,orto
46disapproveandannularulearesubsequentlyheldunconstitutional,thenthegrantof
47rulemakingauthorityandanyruleproposedoradoptedafterAugust28,2007,shallbeinvalid
48andvoid.
49 [5.]7.Pursuanttosection23.253oftheMissourisunsetact:
50 (1)TheprogramauthorizedunderthissectionshallexpireonDecember31,2027,
51unlessreauthorizedbythegeneralassembly;and
52 (2)ThissectionshallterminateonSeptemberfirstofthecalendaryearimmediately
53followingthecalendaryearinwhichtheprogramauthorizedunderthissectionissunset;and
54 (3)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
55impairthedepartment'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
56programauthorizedunderthissectionexpiresorataxpayer'sabilitytoredeemsuchtax
57credits.
135.110.1.Anytaxpayerwhoshallestablishanewbusinessfacilityshallbeallowed
2acredit,eachyearfortenyears,inanamountdeterminedpursuanttosubsection2or3ofthis
3section,whicheverisapplicable,againstthetaximposedbychapter143,excluding
4withholdingtaximposedbysections143.191to143.265,oraninsurancecompanywhich
5shallestablishanewbusinessfacilitybysatisfyingtherequirementsinsubdivision(9)of
6section135.100shallbeallowedacreditagainstthetaxotherwiseimposedbychapter148,
7andinthecaseofaninsurancecompanyexemptfromthethirtypercentemployee
8requirementofsection135.230,againstanyobligationimposedpursuanttosection375.916,
9exceptthatnotaxpayershallbeentitledtomultipleten-yearperiodsforsubsequent
10expansionsatthesamefacility,exceptasotherwiseprovidedinthissection.Forthepurpose
11ofthissection,theterm"facility"shallmean,andbelimitedto,thefacilityorfacilitieswhich
12arelocatedonthesamesiteinwhichthenewbusinessfacilityislocated,andinwhichthe
13businessconductedatsuchfacilityorfacilitiesisdirectlyrelatedtothebusinessconductedat
HCSHB2319 10 14thenewbusinessfacility.Notwithstandingtheprovisionsofthissubsection,ataxpayermay
15beentitledtoanadditionalten-yearperiod,andanadditionalsix-yearperiodafterthe
16expirationofsuchadditionalten-yearperiod,ifanewbusinessfacilityisexpandedinthe
17eighth,ninthortenthyearofthecurrentten-yearperiodorinsubsequentyearsfollowingthe
18expirationoftheten-yearperiod,ifthenumberofnewbusinessfacilityemployeesattributed
19tosuchexpansionisatleasttwenty-fiveandtheamountofnewbusinessfacilityinvestment
20attributedtosuchexpansionisatleastonemilliondollars.Creditsmaynotbecarried
21forwardbutshallbeclaimedforthe[taxable] taxyearduringwhichcommencementof
22commercialoperationsoccursatsuchnewbusinessfacility,andforeachofthenine
23succeeding[taxable] taxyears.Aletterofintent,asprovidedforinsection135.258,mustbe
24filedwiththedepartmentofeconomicdevelopmentnolaterthanfifteendayspriortothe
25commencementofcommercialoperationsatthenewbusinessfacility.Theinitialapplication
26forclaimingtaxcreditsmustbemadeinthetaxpayer'staxperiodimmediatelyfollowingthe
27taxperiodinwhichcommencementofcommercialoperationsbeganatthenewbusiness
28facility.ThisprovisionshallhaveeffectonallinitialapplicationsfiledonorafterAugust28,
291992.Nocreditshallbeallowedpursuanttothissectionunlessthenumberofnewbusiness
30facilityemployeesengagedormaintainedinemploymentatthenewbusinessfacilityforthe
31[taxable] taxyearforwhichthecreditisclaimedequalsorexceedstwo;exceptthatthe
32numberofnewbusinessfacilityemployeesengagedormaintainedinemploymentbya
33revenue-producingenterpriseotherthanarevenue-producingenterprisedefinedinparagraphs
34(a)to(g)and(i)to(l)ofsubdivision(12)ofsection135.100whichestablishesanofficeas
35definedinsubdivision(9)ofsection135.100shallequalorexceedtwenty-five.
36 2.FortaxperiodsbeginningafterAugust28,1991,inthecaseofataxpayeroperating
37anexistingbusinessfacility,thecreditallowedbysubsection1ofthissectionshalloffsetthe
38greaterof:
39 (1)Someportionoftheincometaxotherwiseimposedbychapter143,excluding
40withholdingtaximposedbysections143.191to143.265,orinthecaseofaninsurance
41company,thetaxonthedirectpremiums,asdefinedinchapter148,andinthecaseofan
42insurancecompanyexemptfromthethirtypercentemployeerequirementofsection135.230,
43againstanyobligationimposedpursuanttosection375.916withrespecttosuchtaxpayer's
44newbusinessfacilityincomeforthe[taxable] taxyearforwhichsuchcreditisallowed;or
45 (2)Uptofiftypercentor,inthecaseofaneconomicdevelopmentprojectlocated
46withinadistressedcommunityasdefinedinsection135.530,seventy-fivepercentofthe
47businessincometaxotherwiseimposedbychapter143,excludingwithholdingtaximposed
48bysections143.191to143.265,orinthecaseofaninsurancecompany,thetaxonthedirect
49premiums,asdefinedinchapter148,andinthecaseofaninsurancecompanyexemptfrom
50thethirtypercentemployeerequirementofsection135.230,againstanyobligationimposed
HCSHB2319 11 51pursuanttosection375.916ifthebusinessoperatesnootherfacilitiesinMissouri.Inthecase
52ofanexistingbusinessfacilityoperatingmorethanonefacilityinMissouri,thecredit
53allowedinsubsection1ofthissectionshalloffsetuptothegreateroftheportionprescribed
54insubdivision(1)ofthissubsectionortwenty-fivepercentor,inthecaseofaneconomic
55developmentprojectlocatedwithinadistressedcommunityasdefinedinsection135.530,
56thirty-fivepercentofthebusiness'tax,exceptthatnotaxpayeroperatingmorethanone
57facilityinMissourishallbeallowedtooffsetmorethantwenty-fivepercentor,inthecaseof
58aneconomicdevelopmentprojectlocatedwithinadistressedcommunityasdefinedinsection
59135.530,thirty-fivepercentofthetaxpayer'sbusinessincometaxinanytaxperiodunderthe
60methodprescribedinthissubdivision.Suchcreditshallbeanamountequaltothesumofone
61hundreddollarsor,inthecaseofaneconomicdevelopmentprojectlocatedwithinadistressed
62communityasdefinedinsection135.530,onehundredfiftydollarsforeachnewbusiness
63facilityemployeeplusonehundreddollarsor,inthecaseofaneconomicdevelopmentproject
64locatedwithinadistressedcommunityasdefinedinsection135.530,onehundredfifty
65dollarsforeachonehundredthousanddollars,ormajorfractionthereof(whichshallbe
66deemedtobefifty-onepercentormore)innewbusinessfacilityinvestment.Forthepurpose
67ofthissection,taxcreditsearnedbyataxpayer,whoestablishesanewbusinessfacility
68becauseitsatisfiestherequirementsofparagraph(c)ofsubdivision(5)ofsection135.100,
69shalloffsetthegreateroftheportionprescribedinsubdivision(1)ofthissubsectionorupto
70fiftypercentor,inthecaseofaneconomicdevelopmentprojectlocatedwithinadistressed
71communityasdefinedinsection135.530,seventy-fivepercentofthebusiness'taxprovided
72thebusinessoperatesnootherfacilitiesinMissouri.Inthecaseofabusinessoperatingmore
73thanonefacilityinMissouri,thecreditallowedinsubsection1ofthissectionshalloffsetup
74tothegreateroftheportionprescribedinsubdivision(1)ofthissubsectionortwenty-five
75percentor,inthecaseofaneconomicdevelopmentprojectlocatedwithinadistressed
76communityasdefinedinsection135.530,thirty-fivepercentofthebusiness'tax,exceptthat
77notaxpayeroperatingmorethanonefacilityinMissourishallbeallowedtooffsetmorethan
78twenty-fivepercentor,inthecaseofaneconomicdevelopmentprojectlocatedwithina
79distressedcommunityasdefinedinsection135.530,thirty-fivepercentofthetaxpayer's
80businessincometaxinanytaxperiodunderthemethodprescribedinthissubdivision.
81 3.FortaxperiodsbeginningafterAugust28,1991,inthecaseofataxpayernot
82operatinganexistingbusinessfacility,thecreditallowedbysubsection1ofthissectionshall
83offsetthegreaterof:
84 (1)Someportionoftheincometaxotherwiseimposedbychapter143,excluding
85withholdingtaximposedbysections143.191to143.265,orinthecaseofaninsurance
86company,thetaxonthedirectpremiums,asdefinedinchapter148,andinthecaseofan
87insurancecompanyexemptfromthethirtypercentemployeerequirementofsection135.230,
HCSHB2319 12 88againstanyobligationimposedpursuanttosection375.916withrespecttosuchtaxpayer's
89newbusinessfacilityincomeforthe[taxable] taxyearforwhichsuchcreditisallowed;or
90 (2)Uptoonehundredpercentofthebusinessincometaxotherwiseimposedby
91chapter143,excludingwithholdingtaximposedbysections143.191to143.265,orinthe
92caseofaninsurancecompany,thetaxonthedirectpremiums,asdefinedinchapter148,and
93inthecaseofaninsurancecompanyexemptfromthethirtypercentemployeerequirementof
94section135.230,againstanyobligationimposedpursuanttosection375.916ifthebusiness
95hasnootherfacilitiesoperatinginMissouri.Inthecaseofataxpayernotoperatingan
96existingbusinessandoperatingmorethanonefacilityinMissouri,thecreditallowedby
97subsection1ofthissectionshalloffsetuptothegreateroftheportionprescribedin
98subdivision(1)ofthissubsectionortwenty-fivepercentor,inthecaseofaneconomic
99developmentprojectlocatedwithinadistressedcommunityasdefinedinsection135.530,
100thirty-fivepercentofthebusiness'tax,exceptthatnotaxpayeroperatingmorethanone
101facilityinMissourishallbeallowedtooffsetmorethantwenty-fivepercentor,inthecaseof
102aneconomicdevelopmentprojectlocatedwithinadistressedcommunityasdefinedinsection
103135.530,thirty-fivepercentofthetaxpayer'sbusinessincometaxinanytaxperiodunderthe
104methodprescribedinthissubdivision.Suchcreditshallbeanamountequaltothesumof
105seventy-fivedollarsor,inthecaseofaneconomicdevelopmentprojectlocatedwithina
106distressedcommunityasdefinedinsection135.530,onehundredtwenty-fivedollarsforeach
107newbusinessfacilityemployeeplusseventy-fivedollarsor,inthecaseofaneconomic
108developmentprojectlocatedwithinadistressedcommunityasdefinedinsection135.530,
109onehundredtwenty-fivedollarsforeachonehundredthousanddollars,ormajorfraction
110thereof(whichshallbedeemedtobefifty-onepercentormore)innewbusinessfacility
111investment.
112 4.Thenumberofnewbusinessfacilityemployeesduringany[taxable] taxyearshall
113bedeterminedbydividingbytwelvethesumofthenumberofindividualsemployedonthe
114lastbusinessdayofeachmonthofsuch[taxable] taxyear.Ifthenewbusinessfacilityisin
115operationforlessthantheentire[taxable] taxyear,thenumberofnewbusinessfacility
116employeesshallbedeterminedbydividingthesumofthenumberofindividualsemployedon
117thelastbusinessdayofeachfullcalendarmonthduringtheportionofsuch[taxable] taxyear
118duringwhichthenewbusinessfacilitywasinoperationbythenumberoffullcalendar
119monthsduringsuchperiod.Forthepurposeofcomputingthecreditallowedbythissection
120inthecaseofafacilitywhichqualifiesasanewbusinessfacilitybecauseitqualifiesasa
121separatefacilitypursuanttosubsection6ofthissection,and,inthecaseofanewbusiness
122facilitywhichsatisfiestherequirementsofparagraph(c)ofsubdivision(5)ofsection
123135.100,orsubdivision(11)ofsection135.100,thenumberofnewbusinessfacility
124employeesatsuchfacilityshallbereducedbytheaveragenumberofindividualsemployed,
HCSHB2319 13 125computedasprovidedinthissubsection,atthefacilityduringthe[taxable] taxyear
126immediatelyprecedingthe[taxable] taxyearinwhichsuchexpansion,acquisition,or
127replacementoccurredandshallfurtherbereducedbythenumberofindividualsemployedby
128thetaxpayerorrelatedtaxpayerthatwassubsequentlytransferredtothenewbusinessfacility
129fromanotherMissourifacilityandforwhichcreditsauthorizedinthissectionarenotbeing
130earned,whethersuchcreditsareearnedbecauseofanexpansion,acquisition,relocationorthe
131establishmentofanewfacility.
132 5.Forthepurposeofcomputingthecreditallowedbythissectioninthecaseofa
133facilitywhichqualifiesasanewbusinessfacilitybecauseitqualifiesasaseparatefacility
134pursuanttosubsection6ofthissection,and,inthecaseofanewbusinessfacilitywhich
135satisfiestherequirementsofparagraph(c)ofsubdivision(5)ofsection135.100or
136subdivision(11)ofsection135.100,theamountofthetaxpayer'snewbusinessfacility
137investmentinsuchfacilityshallbereducedbytheaverageamount,computedasprovidedin
138subdivision(8)ofsection135.100fornewbusinessfacilityinvestment,oftheinvestmentof
139thetaxpayer,orrelatedtaxpayerimmediatelyprecedingsuchexpansionorreplacementorat
140thetimeofacquisition.Furthermore,theamountofthetaxpayer'snewbusinessfacility
141investmentshallalsobereducedbytheamountofinvestmentemployedbythetaxpayeror
142relatedtaxpayerwhichwassubsequentlytransferredtothenewbusinessfacilityfromanother
143Missourifacilityandforwhichcreditsauthorizedinthissectionarenotbeingearned,
144whethersuchcreditsareearnedbecauseofanexpansion,acquisition,relocationorthe
145establishmentofanewfacility.
146 6.Ifafacility,whichdoesnotconstituteanewbusinessfacility,isexpandedbythe
147taxpayer,theexpansionshallbeconsideredaseparatefacilityeligibleforthecreditallowed
148bythissectionif:
149 (1)Thetaxpayer'snewbusinessfacilityinvestmentintheexpansionduringthetax
150periodinwhichthecreditsallowedinthissectionareclaimedexceedsonehundredthousand
151dollars,or,ifless,onehundredpercentoftheinvestmentintheoriginalfacilitypriorto
152expansionandifthenumberofnewbusinessfacilityemployeesengagedormaintainedin
153employmentattheexpansionfacilityforthe[taxable] taxyearforwhichcreditisclaimed
154equalsorexceedstwo,exceptthatthenumberofnewbusinessfacilityemployeesengagedor
155maintainedinemploymentattheexpansionfacilityforthe[taxable] taxyearforwhichthe
156creditisclaimedequalsorexceedstwenty-fiveifanofficeasdefinedinsubdivision(9)of
157section135.100isestablishedbyarevenue-producingenterpriseotherthanarevenue-
158producingenterprisedefinedinparagraphs(a)to(g)and(i)to(l)ofsubdivision(12)of
159section135.100andthetotalnumberofemployeesatthefacilityaftertheexpansionisat
160leasttwogreaterthanthetotalnumberofemployeesbeforetheexpansion,exceptthatthe
161totalnumberofemployeesatthefacilityaftertheexpansionisatleastgreaterthanthe
HCSHB2319 14 162numberofemployeesbeforetheexpansionbytwenty-five,ifanofficeasdefinedin
163subdivision(9)ofsection135.100isestablishedbyarevenue-producingenterpriseotherthan
164arevenue-producingenterprisedefinedinparagraphs(a)to(g)and(i)to(l)ofsubdivision
165(12)ofsection135.100;and
166 (2)Theexpansionotherwiseconstitutesanewbusinessfacility.Thetaxpayer's
167investmentintheexpansionandintheoriginalfacilitypriortoexpansionshallbedetermined
168inthemannerprovidedinsubdivision(8)ofsection135.100.
169 7.Nocreditshallbeallowedpursuanttothissectiontoapublicutility,assuchtermis
170definedinsection386.020.Notwithstandinganyprovisionofthissubsectiontothecontrary,
171motorcarriers,bargelinesorrailroadsengagedintransportingpropertyforhire,orany
172interexchangetelecommunicationscompanyorlocalexchangetelecommunicationscompany
173thatestablishesanewbusinessfacilityshallbeeligibletoqualifyforcreditsallowedinthis
174section.
175 8.Forthepurposesofthecreditdescribedinthissection,inthecaseofacorporation
176describedinsection143.471orpartnership,incomputingMissouri'staxliability,thiscredit
177shallbeallowedtothefollowing:
178 (1)Theshareholdersofthecorporationdescribedinsection143.471;
179 (2)Thepartnersofthepartnership.
180
181Thiscreditshallbeapportionedtotheentitiesdescribedinsubdivisions(1)and(2)ofthis
182subsectioninproportiontotheirshareofownershiponthelastdayofthetaxpayer'stax
183period.
184 9.Notwithstandinganyprovisionoflawtothecontrary,anyemployee-owned
185engineeringfirmclassifiedasSIC8711,architecturalfirmasclassifiedSIC8712,or
186accountingfirmclassifiedSIC8721establishinganewbusinessfacilitybecauseitqualifies
187asaheadquartersasdefinedinsubsection10ofthissection,shallbeallowedthecredits
188describedinsubsection11ofthissectionunderthesametermsandconditionsprescribedin
189sections135.100to135.150;provided:
190 (1)Suchfacilitymaintainsanaverageofatleastfivehundrednewbusinessfacility
191employeesasdefinedinsubdivision(6)ofsection135.100duringthetaxpayer'staxperiodin
192whichsuchcreditsarebeingclaimed;and
193 (2)Suchfacilitymaintainsanaverageofatleasttwentymilliondollarsinnew
194businessfacilityinvestmentasdefinedinsubdivision(8)ofsection135.100duringthe
195taxpayer'staxperiodinwhichsuchcreditsarebeingclaimed.
196 10.Forthepurposeofthecreditsallowedinsubsection9ofthissection:
197 (1)"Employee-owned"meansthebusinessemployeesowndirectlyorindirectly,
198includingthroughanemployeestockownershipplanortrustatleast:
HCSHB2319 15 199 (a)Seventy-fivepercentofthetotalbusinessstock,ifthetaxpayerisacorporation
200describedinsection143.441;or
201 (b)Onehundredpercentoftheinterestinthebusinessifthetaxpayerisacorporation
202describedinsection143.471,apartnership,oralimitedliabilitycompany;and
203 (2)"Headquarters"means:
204 (a)Theadministrativemanagementofatleastthreeintegratedfacilitiesoperatedby
205thetaxpayerorrelatedtaxpayer;and
206 (b)Thetaxpayer'sbusinesshasbeenheadquarteredinthisstateformorethanfifty
207years.
208 11.Thetaxcreditsallowedinsubsection9ofthissectionshallbethegreaterof:
209 (1)Fourhundreddollarsforeachnewbusinessfacilityemployeeascomputedin
210subsection4ofthissectionandfourpercentofnewbusinessfacilityinvestmentascomputed
211insubsection5ofthissection;or
212 (2)Fivehundreddollarsforeachnewbusinessfacilityemployeeascomputedin
213subsection4ofthissection,andfivehundreddollarsofeachonehundredthousanddollarsof
214newbusinessfacilityinvestmentascomputedinsubsection5ofthissection.
215 12.Forthepurposeofthecreditdescribedinsubsection9ofthissection,inthecase
216ofasmallcorporationdescribedinsection143.471,orapartnership,oralimitedliability
217company,thecreditsallowedinsubsection9ofthissectionshallbeapportionedinproportion
218totheshareofownershipofeachshareholder,partnerorstockholderonthelastdayofthe
219taxpayer'staxperiodforwhichsuchcreditsarebeingclaimed.
220 13.Forthepurposeofthecreditdescribedinsubsection9ofthissection,taxcredits
221earned,totheextentsuchcreditsexceedthetaxpayer'sMissouritaxontaxablebusiness
222income,shallconstituteanoverpaymentoftaxesandinsuchcase,berefundedtothetaxpayer
223providedsuchrefundsareusedbythetaxpayertopurchasespecifiedfacilityitems.Forthe
224purposeoftherefundasauthorizedinthissubsection,"specifiedfacilityitems"means
225equipment,computers,computersoftware,copiers,tenantfinishing,furnitureandfixtures
226installedandinuseatthenewbusinessfacilityduringthetaxpayer's[taxable] taxyear.The
227taxpayershallperfectsuchrefundbyattestinginwritingtothedirector,subjecttothe
228penaltiesofperjury,therequirementsprescribedinthissubsectionhavebeenmetand
229submittinganyotherinformationthedirectormayrequire.
230 14.Notwithstandinganyprovisionoflawtothecontrary,anytaxpayermaysell,
231assign,exchange,conveyorotherwisetransfertaxcreditsallowedinsubsection9ofthis
232sectionunderthetermsandconditionsprescribedinsubdivisions(1)and(2)ofthis
233subsection.Suchtaxpayer,referredtoastheassignorforthepurposeofthissubsection,may
234sell,assign,exchangeorotherwisetransferearnedtaxcredits:
235 (1)Fornolessthanseventy-fivepercentoftheparvalueofsuchcredits;and
HCSHB2319 16 236 (2)Inanamountnottoexceedonehundredpercentofsuchearnedcredits.
237
238Thetaxpayeracquiringtheearnedcreditsreferredtoastheassigneeforthepurposeofthis
239subsectionmayusetheacquiredcreditstooffsetuptoonehundredpercentofthetax
240liabilitiesotherwiseimposedbychapter143,excludingwithholdingtaximposedbysections
241143.191to143.261,orchapter148,orinthecaseofaninsurancecompanyexemptfromthe
242thirtypercentemployeerequirementofsection135.230,againstanyobligationimposed
243pursuanttosection375.916.Unusedcreditsinthehandsoftheassigneemaybecarried
244forwardforuptofivetaxperiods,providedallsuchcreditsshallbeclaimedwithintentax
245periodsfollowingthetaxperiodinwhichcommencementofcommercialoperationsoccurred
246atthenewbusinessfacility.Theassignorshallenterintoawrittenagreementwiththe
247assigneeestablishingthetermsandconditionsoftheagreementandshallperfectsuchtransfer
248bynotifyingthedirectorinwritingwithinthirtycalendardaysfollowingtheeffectivedateof
249thetransferandshallprovideanyinformationasmayberequiredbythedirectortoadminister
250andcarryouttheprovisionsofthissubsection.Notwithstandinganyotherprovisionoflawto
251thecontrary,theamountreceivedbytheassignorofsuchtaxcreditshallbetaxableasincome
252oftheassignor,andthedifferencebetweentheamountpaidbytheassigneeandtheparvalue
253ofthecreditsshallbetaxableasincomeoftheassignee.
254 15.(1)ForallfiscalyearsbeginningonorafterJuly1,2025,thecumulative
255amountoftaxcreditsallowedtoalltaxpayersunderthissectionshallnotexceedthe
256totalcapamountwhichshallbeanamountequaltotwentypercentgreaterthanthe
257highestannualamountoftaxcreditsredeemedinanyonepreviousfiscalyear,from
258fiscalyear2018tofiscalyear2024,asdeterminedandcalculatedbythedepartment.
259 (2)Iftheamountoftaxcreditsclaimedinafiscalyearunderthissectionexceeds
260thetotalcapdeterminedundersubdivision(1)ofthissubsection,taxcreditsshallbe
261allowedbasedontheorderinwhichtheyareclaimed.
135.326.Asusedinsections135.325to135.339,thefollowingtermsshallmean:
2 (1)"Businessentity",person,firm,apartnerinafirm,corporationorashareholderin
3anScorporationdoingbusinessinthestateofMissouriandsubjecttothestateincometax
4imposedbytheprovisionsofchapter143,oracorporationsubjecttotheannualcorporation
5franchisetaximposedbytheprovisionsofchapter147,oraninsurancecompanypayingan
6annualtaxonitsgrosspremiumreceiptsinthisstate,orotherfinancialinstitutionpaying
7taxestothestateofMissourioranypoliticalsubdivisionofthisstateundertheprovisionsof
8chapter148,oranexpresscompanywhichpaysanannualtaxonitsgrossreceiptsinthisstate
9pursuanttochapter153;
10 (2)"Child",anyindividualwho:
11 (a)Hasnotattainedanageofatleasteighteenyears;or
HCSHB2319 17 12 (b)Iseighteenyearsofageorolderbutisphysicallyormentallyincapableofcaring
13forhimselforherself;
14 (3)"Department",thedepartmentofsocialservices;
15 (4)"Disability",amental,physical,oremotionalimpairmentthatsubstantiallylimits
16oneormoremajorlifeactivities,whethertheimpairmentiscongenitaloracquiredby
17accident,injuryordisease,andwheretheimpairmentisverifiedbymedicalfindings;
18 [(4)](5)"Nonrecurringadoptionexpenses",reasonableandnecessaryadoptionfees,
19courtcosts,[attorney] attorney'sfees,andotherexpenseswhicharedirectlyrelatedtothe
20legaladoptionofachildandwhicharenotincurredinviolationoffederal,state,orlocallaw;
21 [(5)](6)"Specialneedschild",achildforwhomithasbeendeterminedbythe
22children'sdivision,orbyachild-placingagencylicensedbythestate,orbyacourtof
23competentjurisdictiontobeachild:
24 (a)Thatcannotorshouldnotbereturnedtothehomeofhisorherparents;and
25 (b)Whohasaspecificfactororconditionsuchasage,membershipinasiblinggroup,
26medicalconditionordiagnosis,ordisabilitybecauseofwhichitisreasonabletoconcludethat
27suchchildcannotbeeasilyplacedwithadoptiveparents;
28 [(6)](7)"Statetaxliability",anyliabilityincurredbyataxpayerundertheprovisions
29ofchapter143,chapter147,chapter148,andchapter153,exclusiveoftheprovisionsrelating
30tothewithholdingoftaxasprovidedforinsections143.191to143.265andrelated
31provisions.
135.339.1.OnandafterAugust28,2024,thedepartmentofsocialservicesshall
2administerthetaxcreditprovidedundersections135.325to135.339.Thedepartment
3shallprescribethemethodforsubmittingapplicationsforclaimingthetaxcredit
4authorizedundersections135.325to135.339.Afterissuanceofataxcreditcertificate
5bythedepartmentofsocialservices,suchtaxcreditshallberedeemedbyfilingacopyof
6thetaxcreditcertificatewiththetaxpayer'sincometaxreturnforthetaxyearforwhich
7suchcreditwasissued.
8 2.Thedirectorofrevenue[, inconsultationwiththechildren'sdivision,] andthe
9directorofthedepartmentofsocialservicesshallprescribesuchrulesandregulations
10necessarytocarryouttheprovisionsofsections135.325to135.339.Noruleorportionofa
11rulepromulgatedundertheauthorityofsections135.325to135.339shallbecomeeffective
12unlessithasbeenpromulgatedpursuanttotheprovisionsofsection536.024.
13 3.Undersection23.253oftheMissourisunsetact:
14 (1)Theprovisionsoftheprogramauthorizedundersections135.325to135.339
15shallautomaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthe
16generalassembly;
HCSHB2319 18 17 (2)Ifsuchprogramisreauthorized,theprogramauthorizedundersections
18135.325to135.339shallautomaticallysunsetsixyearsaftertheeffectivedateofthe
19reauthorizationofsections135.325to135.339;
20 (3)Sections135.325to135.339shallterminateonSeptemberfirstofthe
21calendaryearimmediatelyfollowingthecalendaryearinwhichtheprogramauthorized
22undersections135.325to135.339issunset;and
23 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
24impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
25programauthorizedunderthissectionexpires.
135.341.1.Asusedinthissection,thefollowingtermsshallmean:
2 (1)"CASA",anentitywhichreceivesfundingfromthecourt-appointedspecial
3advocatefundestablishedundersection476.777,includinganassociationbasedinthisstate,
4affiliatedwithanationalassociation,organizedtoprovidesupporttoentitiesreceiving
5fundingfromthecourt-appointedspecialadvocatefund;
6 (2)"Childadvocacycenters",theregionalchildassessmentcenterslistedin
7subsection2ofsection210.001,includinganassociationbasedinthisstate,affiliatedwitha
8nationalassociation,andorganizedtoprovidesupporttoentitieslistedinsubsection2of
9section210.001;
10 (3)"Contribution",theamountofdonationtoaqualifiedagency;
11 (4)"Crisiscarecenter",entitiescontractedwiththisstatewhichprovidetemporary
12careforchildrenwhoseagerangesfrombirththroughseventeenyearsofagewhoseparents
13orguardianareexperiencinganunexpectedandunstableorseriousconditionthatrequires
14immediateactionresultinginshort-termcare,usuallythreetofivecontinuous,uninterrupted
15days,forchildrenwhomaybeatriskforchildabuse,neglect,orinanemergencysituation;
16 (5)"Department",thedepartmentof[revenue] socialservices;
17 (6)"Director",thedirectorofthedepartmentof[revenue] socialservices;
18 (7)"Qualifiedagency",CASA,childadvocacycenters,oracrisiscarecenter;
19 (8)"Taxliability",thetaxdueunderchapter143otherthantaxeswithheldunder
20sections143.191to143.265.
21 2.ForalltaxyearsbeginningonorafterJanuary1,2013,ataxcreditmaybeclaimed
22inanamountequaltouptofiftypercentofaverifiedcontributiontoaqualifiedagencyand
23shallbenamedthechampionforchildrentaxcredit.Theminimumamountofanytaxcredit
24issuedshallnotbelessthanfiftydollarsandshallbeappliedtotaxesdueunderchapter143,
25excludingsections143.191to143.265.Acontributionverificationshallbeissuedtothe
26taxpayerbytheagencyreceivingthecontribution.Suchcontributionverificationshall
27includethetaxpayer'sname,SocialSecuritynumber,amountoftaxcredit,amountof
28contribution,thenameandaddressoftheagencyreceivingthecredit,andthedatethe
HCSHB2319 19 29contributionwasmade.Thetaxcreditprovidedunderthissubsectionshallbeinitiallyfiled
30fortheyearinwhichtheverifiedcontributionismade.
31 3.Thecumulativeamountofthetaxcredits[redeemed] issuedshallnotexceedone
32milliondollarsforallfiscalyearsendingonorbeforeJune30,2019,andonemillionfive
33hundredthousanddollarsforallfiscalyearsbeginningonorafterJuly1,2019.Theamount
34availableshallbeequallydividedamongthethreequalifiedagencies:CASA,childadvocacy
35centers,orcrisiscarecenters,tobeusedtowardstaxcreditsissued.Intheeventtaxcredits
36claimedunderoneagencydonottotaltheallocatedamountforthatagency,theunused
37portionforthatagencywillbemadeavailabletotheremainingagenciesequally.Intheevent
38thetotalamountoftaxcreditsclaimedforanyoneagencyexceedstheamountavailablefor
39thatagency,theamount[redeemed] issuedshallandwillbeapportionedequallytoalleligible
40taxpayersclaimingthecreditunderthatagency.
41 4.PriortoDecemberthirty-firstofeachyear,eachqualifiedagencyshallapplytothe
42departmentofsocialservicesinordertoverifytheirqualifiedagencystatusandapplyfor
43thechampionforchildrentaxcredit.Uponadeterminationthattheagencyiseligibletobe
44aqualifiedagency,thedepartmentofsocialservicesshallprovidealetterofeligibilityand
45thetaxcreditcertificatetosuchagency.NolaterthanFebruaryfirstofeachyear,the
46departmentofsocialservicesshallprovidealistofqualifiedagenciestothedepartmentof
47revenue.Alltaxcreditapplicationstoclaimthechampionforchildrentaxcreditshallbe
48filedbetweenJulyfirstandAprilfifteenthofeachfiscalyear.Ataxpayershall[applyfor]
49redeemthechampionforchildrentaxcreditbyattachingacopyofthecontribution
50verificationprovidedbyaqualifiedagencyandthetaxcreditcertificatetosuchtaxpayer's
51incometaxreturn.
52 5.Anyamountoftaxcreditwhichexceedsthetaxdueorwhichisappliedforand
53otherwiseeligibleforissuancebutnotissuedshallnotberefundedbutmaybecarriedoverto
54anysubsequenttaxyear,nottoexceedatotaloffiveyears.
55 6.Taxcreditsmaynotbeassigned,transferredorsold.
56 7.(1)Intheeventacreditdenial,duetolackofavailablefunds,causesabalance-due
57noticetobegeneratedbythedepartmentofrevenue,oranyotherredeemingagency,the
58taxpayerwillnotbeheldliableforanypenaltyorinterest,providedthebalanceispaid,or
59approvedpaymentarrangementshavebeenmade,withinsixtydaysfromthenoticeofdenial.
60 (2)Intheeventthebalanceisnotpaidwithinsixtydaysfromthenoticeofdenial,the
61remainingbalanceshallbedueandpayableundertheprovisionsofchapter143.
62 8.Thedepartmentofsocialservicesmaypromulgatesuchrulesorregulationsasare
63necessarytoadministertheprovisionsofthissection.Anyruleorportionofarule,asthat
64termisdefinedinsection536.010,thatiscreatedundertheauthoritydelegatedinthissection
65shallbecomeeffectiveonlyifitcomplieswithandissubjecttoalloftheprovisionsof
HCSHB2319 20 66chapter536and,ifapplicable,section536.028.Thissectionandchapter536are
67nonseverableandifanyofthepowersvestedwiththegeneralassemblypursuanttochapter
68536toreview,todelaytheeffectivedate,ortodisapproveandannularulearesubsequently
69heldunconstitutional,thenthegrantofrulemakingauthorityandanyruleproposedor
70adoptedafterAugust28,2013,shallbeinvalidandvoid.
71 9.Pursuanttosection23.253,oftheMissourisunsetact:
72 (1)TheprogramauthorizedunderthissectionshallbereauthorizedasofDecember
7331,2019,andshallexpireonDecember31,2025,unlessreauthorizedbythegeneral
74assembly;and
75 (2)ThissectionshallterminateonSeptemberfirstofthecalendaryearimmediately
76followingthecalendaryearinwhichtheprogramauthorizedunderthissectionissunset;and
77 (3)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
78impairthedepartment'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
79programauthorizedunderthissectionexpiresorataxpayer'sabilitytoredeemsuchcredits.
80 10.BeginningonMarch29,2013,anyverifiedcontributiontoaqualifiedagency
81madeonorafterJanuary1,2013,shallbeeligiblefortaxcreditsasprovidedbythissection.
82 11.OnandafterAugust28,2024,thedepartmentofsocialservicesshall
83administerthetaxcreditprovidedunderthissection.
135.432.1.Thedepartmentofeconomicdevelopmentshallpromulgatesuchrules
2andregulationsasarenecessarytoimplementtheprovisionsofsections135.400to135.430.
3 2.Noruleorportionofarulepromulgatedundertheauthorityofthischaptershall
4becomeeffectiveuntilithasbeenapprovedbythejointcommitteeonadministrativerulesin
5accordancewiththeproceduresprovidedinthissection,andthedelegationofthelegislative
6authoritytoenactlawbytheadoptionofsuchrulesisdependentuponthepowerofthejoint
7committeeonadministrativerulestoreviewandsuspendrulespendingratificationbythe
8senateandthehouseofrepresentativesasprovidedinthissection.
9 3.Uponfilinganyproposedrulewiththesecretaryofstate,thedepartmentshall
10concurrentlysubmitsuchproposedruletothecommittee,whichmayholdhearingsuponany
11proposedruleorportionthereofatanytime.
12 4.Afinalorderofrulemakingshallnotbefiledwiththesecretaryofstateuntilthirty
13daysaftersuchfinalorderofrulemakinghasbeenreceivedbythecommittee.Thecommittee
14mayholdoneormorehearingsuponsuchfinalorderofrulemakingduringthethirty-day
15period.Ifthecommitteedoesnotdisapprovesuchorderofrulemakingwithinthethirty-day
16period,thedepartmentmayfilesuchorderofrulemakingwiththesecretaryofstateandthe
17orderofrulemakingshallbedeemedapproved.
HCSHB2319 21 18 5.Thecommitteemay,bymajorityvoteofthemembers,suspendtheorderof
19rulemakingorportionthereofbyactiontakenpriortothefilingofthefinalorderof
20rulemakingonlyforoneormoreofthefollowinggrounds:
21 (1)Anabsenceofstatutoryauthorityfortheproposedrule;
22 (2)Anemergencyrelatingtopublichealth,safetyorwelfare;
23 (3)Theproposedruleisinconflictwithstatelaw;
24 (4)Asubstantialchangeincircumstancesinceenactmentofthelawuponwhichthe
25proposedruleisbased.
26 6.Ifthecommitteedisapprovesanyruleorportionthereof,thedepartmentshallnot
27filesuchdisapprovedportionofanyrulewiththesecretaryofstateandthesecretaryofstate
28shallnotpublishintheMissouriRegisteranyfinalorderofrulemakingcontainingthe
29disapprovedportion.
30 7.Ifthecommitteedisapprovesanyruleorportionthereof,thecommitteeshallreport
31itsfindingstothesenateandthehouseofrepresentatives.Noruleorportionthereof
32disapprovedbythecommitteeshalltakeeffectsolongasthesenateandthehouseof
33representativesratifytheactofthejointcommitteebyresolutionadoptedineachhouse
34withinthirtylegislativedaysaftersuchruleorportionthereofhasbeendisapprovedbythe
35jointcommittee.
36 8.Uponadoptionofaruleasprovidedinthissection,anysuchruleorportionthereof
37maybesuspendedorrevokedbythegeneralassemblyeitherbybillor,pursuanttoSection8,
38ArticleIVoftheConstitutionofMissouri,byconcurrentresolutionuponrecommendationof
39thejointcommitteeonadministrativerules.Thecommitteeshallbeauthorizedtohold
40hearingsandmakerecommendationspursuanttotheprovisionsofsection536.037.The
41secretaryofstateshallpublishintheMissouriRegister,assoonaspracticable,noticeofthe
42suspensionorrevocation.
43 9.Undersection23.253oftheMissourisunsetact:
44 (1)Theprovisionsoftheprogramauthorizedundersections135.400to135.432
45shallautomaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthe
46generalassembly;
47 (2)Ifsuchprogramisreauthorized,theprogramauthorizedundersections
48135.400to135.432shallautomaticallysunsetsixyearsaftertheeffectivedateofthe
49reauthorizationofsections135.400to135.432;
50 (3)Sections135.400to135.432shallterminateonSeptemberfirstofthe
51calendaryearimmediatelyfollowingthecalendaryearinwhichtheprogramauthorized
52undersections135.400to135.432issunset;and
HCSHB2319 22 53 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
54impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
55programauthorizedunderthissectionexpires.
135.460.1.Thissectionandsections620.1100and620.1103shallbeknownand
2maybecitedasthe"YouthOpportunitiesandViolencePreventionAct".
3 2.Asusedinthissection,theterm"taxpayer"shallincludecorporationsasdefinedin
4section143.441or143.471,anycharitableorganizationwhichisexemptfromfederalincome
5taxandwhoseMissouriunrelatedbusinesstaxableincome,ifany,wouldbesubjecttothe
6stateincometaximposedunderchapter143,andindividuals,individualproprietorshipsand
7partnerships.
8 3.Ataxpayershallbeallowedataxcreditagainstthetaxotherwiseduepursuantto
9chapter143,excludingwithholdingtaximposedbysections143.191to143.265,chapter147,
10chapter148,orchapter153inanamountequaltothirtypercentforpropertycontributions
11andfiftypercentformonetarycontributionsoftheamountsuchtaxpayercontributedtothe
12programsdescribedinsubsection5ofthissection,nottoexceedtwohundredthousand
13dollarsper[taxable] taxyear,pertaxpayer;exceptasotherwiseprovidedinsubdivision(5)of
14subsection5ofthissection.Thedepartmentofeconomicdevelopmentshallprescribethe
15methodforclaimingthetaxcreditsallowedinthissection.Noruleorportionofarule
16promulgatedundertheauthorityofthissectionshallbecomeeffectiveunlessithasbeen
17promulgatedpursuanttotheprovisionsofchapter536.Allrulemakingauthoritydelegated
18priortoJune27,1997,isofnoforceandeffectandrepealed;however,nothinginthissection
19shallbeinterpretedtorepealoraffectthevalidityofanyrulefiledoradoptedpriortoJune27,
201997,ifsuchrulecompliedwiththeprovisionsofchapter536.Theprovisionsofthissection
21andchapter536arenonseverableandifanyofthepowersvestedwiththegeneralassembly
22pursuanttochapter536,includingtheabilitytoreview,todelaytheeffectivedate,orto
23disapproveandannularuleorportionofarule,aresubsequentlyheldunconstitutional,then
24thepurportedgrantofrulemakingauthorityandanyrulesoproposedandcontainedinthe
25orderofrulemakingshallbeinvalidandvoid.
26 4.Thetaxcreditsallowedbythissectionshallbeclaimedbythetaxpayertooffset
27thetaxesthatbecomedueinthetaxpayer'staxperiodinwhichthecontributionwasmade.
28Anytaxcreditnotusedinsuchtaxperiodmaybecarriedoverthenextfivesucceedingtax
29periods.
30 5.Thetaxcreditallowedbythissectionmayonlybeclaimedformonetaryor
31propertycontributionstopublicorprivateprogramsauthorizedtoparticipatepursuanttothis
32sectionbythedepartmentofeconomicdevelopmentandmaybeclaimedforthe
33development,establishment,implementation,operation,andexpansionofthefollowing
34activitiesandprograms:
HCSHB2319 23 35 (1)Anadopt-a-schoolprogram.Componentsoftheadopt-a-schoolprogramshall
36includedonationsforschoolactivities,seminars,andfunctions;school-businessemployment
37programs;andthedonationofpropertyandequipmentofthecorporationtotheschool;
38 (2)Expansionofprogramstoencourageschooldropoutstoreenterandcompletehigh
39schoolortocompleteagraduateequivalencydegreeprogram;
40 (3)Employmentprograms.Suchprogramsshallinitially,butnotexclusively,target
41unemployedyouthlivinginpovertyandyouthlivinginareaswithahighincidenceofcrime;
42 (4)Neworexistingyouthclubsorassociations;
43 (5)Employment/internship/apprenticeshipprogramsinbusinessortradesforpersons
44lessthantwentyyearsofage,inwhichcasethetaxcreditclaimedpursuanttothissection
45shallbeequaltoone-halfoftheamountpaidtotheinternorapprenticeinthattaxyear,except
46thatsuchcreditshallnotexceedtenthousanddollarsperperson;
47 (6)Mentorandrolemodelprograms;
48 (7)Drugandalcoholabusepreventiontrainingprogramsforyouth;
49 (8)Donationofpropertyorequipmentofthetaxpayertoschools,includingschools
50whichprimarilyeducatechildrenwhohavebeenexpelledfromotherschools,ordonationof
51thesametomunicipalities,ornot-for-profitcorporationsorothernot-for-profitorganizations
52whichofferprogramsdedicatedtoyouthviolencepreventionasauthorizedbythe
53department;
54 (9)Not-for-profit,privateorpublicyouthactivitycenters;
55 (10)Nonviolentconflictresolutionandmediationprograms;
56 (11)Youthoutreachandcounselingprograms.
57 6.Anyprogramauthorizedinsubsection5ofthissectionshall,atleastannually,
58submitareporttothedepartmentofeconomicdevelopmentoutliningthepurposeand
59objectivesofsuchprogram,thenumberofyouthserved,thespecificactivitiesprovided
60pursuanttosuchprogram,thedurationofsuchprogramandrecordedyouthattendancewhere
61applicable.
62 7.Thedepartmentofeconomicdevelopmentshall,atleastannuallysubmitareportto
63theMissourigeneralassemblylistingtheorganizationsparticipating,servicesofferedandthe
64numberofyouthservedastheresultoftheimplementationofthissection.
65 8.Thetaxcreditallowedbythissectionshallapplytoall[taxable] taxyears
66beginningafterDecember31,1995.
67 9.Forthepurposesofthecreditsdescribedinthissection,inthecaseofacorporation
68describedinsection143.471,partnership,limitedliabilitycompanydescribedinsection
69347.015,cooperative,marketingenterprise,orpartnership,incomputingMissouri'stax
70liability,suchcreditsshallbeallowedtothefollowing:
71 (1)Theshareholdersofthecorporationdescribedinsection143.471;
HCSHB2319 24 72 (2)Thepartnersofthepartnership;
73 (3)Themembersofthelimitedliabilitycompany;and
74 (4)Individualmembersofthecooperativeormarketingenterprise.
75
76Suchcreditsshallbeapportionedtotheentitiesdescribedinsubdivisions(1)and(2)ofthis
77subsectioninproportiontotheirshareofownershiponthelastdayofthetaxpayer'stax
78period.
79 10.Undersection23.253oftheMissourisunsetact:
80 (1)Theprovisionsoftheprogramauthorizedunderthissectionshall
81automaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthegeneral
82assembly;
83 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissection
84shallautomaticallysunsetsixyearsaftertheeffectivedateofthereauthorizationofthis
85section;
86 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear
87immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunderthis
88sectionissunset;and
89 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
90impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
91programauthorizedunderthissectionexpires.
135.487.1.Toobtainanycreditallowedpursuanttosections135.475to135.487,a
2taxpayershallsubmittothedepartment,forpreliminaryapproval,anapplicationfortax
3credit.Thedirectorshall,uponfinalapprovalofanapplicationandpresentationof
4acceptableproofofsubstantialcompletionofconstruction,issuethetaxpayeracertificateof
5taxcredit.Thedirectorshallissueallcreditsallowedpursuanttosections135.475to135.487
6intheordertheapplicationsarereceived.Inthecaseofataxpayerotherthananowner-
7occupant,thedirectorshallnotdelaytheissuanceofataxcreditpursuanttosections135.475
8to135.487untilthesaleofaresidenceatmarketrateforowner-occupancy.Ataxpayer,
9[taxpayer] otherthananowner-occupantwhoreceivesacertificateoftaxcreditpursuantto
10sections135.475to135.487, shall,withinthirtydaysofthedateofthesaleofaresidence,
11furnishtothedirectorsatisfactoryproofthatsuchresidencewassoldatmarketratefor
12owner-occupancy.Ifthedirectorreasonablydeterminesthataresidencewasnotingoodfaith
13intendedforlong-termowneroccupancy,thedirectormakerevokeanytaxcreditsissuedand
14seekrecoveryofanytaxcreditsissuedpursuanttosection620.017.
15 2.Thedepartmentmaycooperatewithamunicipalityoracountyinwhichaproject
16islocatedtohelpidentifythelocationoftheproject,thetypeandeligibilityoftheproject,the
17estimatedcostoftheprojectandthecompletiondateoftheproject.
HCSHB2319 25 18 3.Thedepartmentmaypromulgatesuchrulesorregulationsorissueadministrative
19guidelinesasarenecessarytoadministertheprovisionsofsections135.475to135.487.No
20ruleorportionofarulepromulgatedpursuanttotheauthorityofthissectionshallbecome
21effectiveunlessithasbeenpromulgatedpursuanttotheprovisionsofchapter536.
22 4.Thedepartmentshallconductannuallyacomprehensiveprogramevaluation
23illustratingwherethetaxcreditsallowedpursuanttosections135.475to135.487arebeing
24utilized,explainingtheeconomicimpactofsuchprogramandmakingrecommendationson
25appropriateprogrammodificationstoensuretheprogram'ssuccess.
26 5.Undersection23.253oftheMissourisunsetact:
27 (1)Theprovisionsoftheprogramauthorizedundersections135.475to135.487
28shallautomaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthe
29generalassembly;
30 (2)Ifsuchprogramisreauthorized,theprogramauthorizedundersections
31135.475to135.487shallautomaticallysunsetsixyearsaftertheeffectivedateofthe
32reauthorizationofsections135.475to135.487;
33 (3)Sections135.475to135.487shallterminateonSeptemberfirstofthe
34calendaryearimmediatelyfollowingthecalendaryearinwhichtheprogramauthorized
35undersections135.475to135.487issunset;and
36 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
37impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
38programauthorizedunderthissectionexpires.
135.490.1.Inordertoencourageandfostercommunityimprovement,aneligible
2smallbusiness,asdefinedinSection44oftheInternalRevenueCode,shallbealloweda
3creditnottoexceedfivethousanddollarsagainstthetaxotherwiseduepursuanttochapter
4143,notincludingsections143.191to143.265,inanamountequaltofiftypercentofall
5eligibleaccessexpendituresexceedingthemonetarycapprovidedbySection44ofthe
6InternalRevenueCode.Forpurposesofthissection,"eligibleaccessexpenditures"means
7amountspaidorincurredbythetaxpayerinordertocomplywithapplicableaccess
8requirementsprovidedbytheAmericansWithDisabilitiesActof1990,asfurtherdefinedin
9Section44oftheInternalRevenueCodeandfederalrulingsinterpretingSection44ofthe
10InternalRevenueCode.
11 2.Thedepartmentshallprescribethemethodforsubmittingapplicationsfor
12claimingthetaxcreditallowedbythissection. Afterissuanceofataxcreditcertificateby
13thedepartmentofeconomicdevelopment,suchtaxcreditshallbe[claimed] redeemedby
14[thetaxpayeratthetimesuchtaxpayerfilesa]filingacopyofthetaxcreditcertificatewith
15thetaxpayer'sincometaxreturnforthetaxyearforwhichsuchcreditwasissued. Any
HCSHB2319 26 16amountoftaxcreditwhichexceedsthetaxdueshallbecarriedovertoanysubsequent
17[taxable] taxyear,butshallnotberefundedandshallnotbetransferable.
18 3.OnandafterAugust28,2024,thedirectorofthedepartmentofeconomic
19development[andthedirectorofthedepartmentofrevenue] shall[jointly] administerthetax
20creditauthorizedbythissection.[Both] Thedirectorofthedepartmentofeconomic
21development[andthedirectorofthedepartmentofrevenueare]isauthorizedtopromulgate
22rulesandregulationsnecessarytoadministertheprovisionsofthissection.Noruleorportion
23ofarulepromulgatedpursuanttotheauthorityofthissectionshallbecomeeffectiveunlessit
24hasbeenpromulgatedpursuanttotheprovisionsofchapter536.
25 4.TheprovisionsofthissectionshallbecomeeffectiveonJanuary1,2000,andshall
26applytoall[taxable] taxyearsbeginningafterDecember31,1999.
27 5.(1)ForallfiscalyearsbeginningonorafterJuly1,2025,thecumulative
28amountoftaxcreditsallowedtoalltaxpayersunderthissectionshallnotexceedthe
29totalcapamountwhichshallbeanamountequaltotwentypercentgreaterthanthe
30highestannualamountoftaxcreditsredeemedinanyonepreviousfiscalyear,from
31fiscalyear2018tofiscalyear2024,asdeterminedandcalculatedbythedepartment.
32 (2)Iftheamountoftaxcreditsclaimedinafiscalyearunderthissectionexceeds
33thetotalcapdeterminedundersubdivision(1)ofthissubsection,taxcreditsshallbe
34allowedbasedontheorderinwhichtheyareclaimed.
35 6.Undersection23.253oftheMissourisunsetact:
36 (1)Theprovisionsoftheprogramauthorizedunderthissectionshall
37automaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthegeneral
38assembly;
39 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissection
40shallautomaticallysunsetsixyearsaftertheeffectivedateofthereauthorizationofthis
41section;
42 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear
43immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunderthis
44sectionissunset;and
45 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
46impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
47programauthorizedunderthissectionexpires.
135.530.Forthepurposesofsections[100.010,] 100.710,100.850,135.110,
2[135.200,135.258,135.313,135.403,] 135.405,[135.503,] 135.530,[135.545,] and215.030,
3[348.300,348.302,and620.1400to620.1460,] "distressedcommunity"meanseithera
4Missourimunicipalitywithinametropolitanstatisticalareawhichhasamedianhousehold
5incomeofunderseventypercentofthemedianhouseholdincomeforthemetropolitan
HCSHB2319 27 6statisticalarea,accordingtotheUnitedStatesCensusBureau'sAmericanCommunitySurvey,
7basedonthemostrecentoffive-yearperiodestimatedatainwhichthefinalyearofthe
8estimateendsineitherzeroorfive,oraUnitedStatescensusblockgrouporcontiguousgroup
9ofblockgroupswithinametropolitanstatisticalareawhichhasapopulationofatleasttwo
10thousandfivehundred,andeachblockgrouphavingamedianhouseholdincomeofunder
11seventypercentofthemedianhouseholdincomeforthemetropolitanareainMissouri,
12accordingtotheUnitedStatesCensusBureau'sAmericanCommunitySurvey,basedonthe
13mostrecentoffive-yearperiodestimatedatainwhichthefinalyearoftheestimateendsin
14eitherzeroorfive.Inadditionthedefinitionshallincludemunicipalitiesnotinametropolitan
15statisticalarea,withamedianhouseholdincomeofunderseventypercentofthemedian
16householdincomeforthenonmetropolitanareasinMissouriaccordingtotheUnitedStates
17CensusBureau'sAmericanCommunitySurvey,basedonthemostrecentoffive-yearperiod
18estimatedatainwhichthefinalyearoftheestimateendsineitherzeroorfiveoracensus
19blockgrouporcontiguousgroupofblockgroupswhichhasapopulationofatleasttwo
20thousandfivehundredwitheachblockgrouphavingamedianhouseholdincomeofunder
21seventypercentofthemedianhouseholdincomeforthenonmetropolitanareasofMissouri,
22accordingtotheUnitedStatesCensusBureau'sAmericanCommunitySurvey,basedonthe
23mostrecentoffive-yearperiodestimatedatainwhichthefinalyearoftheestimateendsin
24eitherzeroorfive.Inmetropolitanstatisticalareas,thedefinitionshallincludeareasthat
25weredesignatedaseitherafederalempowermentzone;orafederalenhancedenterprise
26community;orastateenterprisezonethatwasoriginallydesignatedbeforeJanuary1,1986,
27butshallnotincludeexpansionsofsuchstateenterprisezonesdoneafterMarch16,1988.
135.562.1.Ifanytaxpayerwithafederaladjustedgrossincomeofthirtythousand
2dollarsorlessincurscostsforthepurposeofmakingalloranyportionofsuchtaxpayer's
3principaldwellingaccessibletoanindividualwithadisabilitywhopermanentlyresideswith
4thetaxpayer,suchtaxpayershallreceiveataxcreditagainstsuchtaxpayer'sMissouriincome
5taxliabilityinanamountequaltothelesserofonehundredpercentofsuchcostsortwo
6thousandfivehundreddollarspertaxpayer,pertaxyear.
7 2.Anytaxpayerwithafederaladjustedgrossincomegreaterthanthirtythousand
8dollarsbutlessthansixtythousanddollarswhoincurscostsforthepurposeofmakingallor
9anyportionofsuchtaxpayer'sprincipaldwellingaccessibletoanindividualwithadisability
10whopermanentlyresideswiththetaxpayershallreceiveataxcreditagainstsuchtaxpayer's
11Missouriincometaxliabilityinanamountequaltothelesseroffiftypercentofsuchcostsor
12twothousandfivehundreddollarspertaxpayerpertaxyear.Notaxpayershallbeeligibleto
13receivetaxcreditsunderthissectioninanytaxyearimmediatelyfollowingataxyearin
14whichsuchtaxpayerreceivedtaxcreditsundertheprovisionsofthissection.
HCSHB2319 28 15 3.Taxcreditsissuedunderthissectionmayberefundableinanamountnottoexceed
16twothousandfivehundreddollarspertaxyear.
17 4.Eligiblecostsforwhichthecreditmaybeclaimedinclude:
18 (1)Constructingentranceorexitramps;
19 (2)Wideningexteriororinteriordoorways;
20 (3)Wideninghallways;
21 (4)Installinghandrailsorgrabbars;
22 (5)Movingelectricaloutletsandswitches;
23 (6)Installingstairwaylifts;
24 (7)Installingormodifyingfirealarms,smokedetectors,andotheralertingsystems;
25 (8)Modifyinghardwareofdoors;or
26 (9)Modifyingbathrooms.
27 5.Thetaxcreditsallowed,includingthemaximumamountthatmaybeclaimed,
28underthissectionshallbereducedbyanamountsufficienttooffsetanyamountofsuchcosts
29ataxpayerhasalreadydeductedfromsuchtaxpayer'sfederaladjustedgrossincomeortothe
30extentsuchtaxpayerhasappliedanyotherstateorfederalincometaxcredittosuchcosts.
31 6.[Ataxpayershallclaima]Thetaxcreditallowedbythissection[inthesametax
32yearasthecreditisissued,andatthetimesuch],afterissuanceofataxcreditcertificateby
33thedepartmentofeconomicdevelopment,shallberedeemedbyfilingacopyofthetax
34creditcertificatewhenthetaxpayerfileshisorherMissouriincometaxreturn[;] forthetax
35yearforwhichsuchcreditwasissued,providedthatsuchreturnistimelyfiled.
36 7.Thedepartmentofeconomicdevelopmentmay,inconsultationwiththe
37departmentofsocialservices,promulgatesuchrulesorregulationsasarenecessaryto
38administertheprovisionsofthissection.Anyruleorportionofarule,asthattermisdefined
39insection536.010,thatiscreatedundertheauthoritydelegatedinthissectionshallbecome
40effectiveonlyifitcomplieswithandissubjecttoalloftheprovisionsofchapter536and,if
41applicable,section536.028.Thissectionandchapter536arenonseverableandifanyofthe
42powersvestedwiththegeneralassemblypursuanttochapter536toreview,todelaythe
43effectivedateortodisapproveandannularulearesubsequentlyheldunconstitutional,then
44thegrantofrulemakingauthorityandanyruleproposedoradoptedafterAugust28,2007,
45shallbeinvalidandvoid.
46 8.Theprovisionsofthissectionshallapplytoalltaxyearsbeginningonorafter
47January1,2008.
48 9.TheprovisionsofthissectionshallexpireDecember31,2025,unlessreauthorized
49bythegeneralassembly.ThissectionshallterminateonSeptemberfirstofthecalendaryear
50immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunderthissection
51issunset.Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
HCSHB2319 29 52impairthe[department's] departmentofrevenue'sabilitytoredeemtaxcreditsauthorized
53onorbeforethedatetheprogramauthorizedunderthissectionexpiresorataxpayer'sability
54toredeemsuchtaxcredits.
55 10.Innoeventshalltheaggregateamountofalltaxcreditsallowedunderthissection
56exceedonehundredthousanddollarsinanygivenfiscalyear.Thetaxcreditsissuedpursuant
57tothissectionshallbeonafirst-come,first-servedfilingbasis.
58 11.OnandafterAugust28,2024,thedepartmentofeconomicdevelopmentshall
59administerthetaxcreditprovidedunderthissection.
135.647.1.Asusedinthissection,thefollowingtermsshallmean:
2 (1)"Department",thedepartmentofsocialservices;
3 (2)"Localfoodpantry",anyfoodpantrythatis:
4 (a)Exemptfromtaxationundersection501(c)(3)oftheInternalRevenueCodeof
51986,asamended;and
6 (b)DistributingemergencyfoodsuppliestoMissourilow-incomepeoplewhowould
7otherwisenothaveaccesstofoodsuppliesintheareainwhichthetaxpayerclaimingthetax
8creditunderthissectionresides;
9 [(2)](3)"Localhomelessshelter",anyhomelessshelterthatis:
10 (a)ExemptfromtaxationunderSection501(c)(3)oftheInternalRevenueCodeof
111986,asamended;and
12 (b)Providingtemporarylivingarrangements,intheareainwhichthetaxpayer
13claimingthetaxcreditunderthissectionresides,forindividualsandfamilieswhootherwise
14lackafixed,regular,andadequatenighttimeresidenceandlacktheresourcesorsupport
15networkstoobtainotherpermanenthousing;
16 [(3)](4)"Localsoupkitchen",anysoupkitchenthatis:
17 (a)Exemptfromtaxationundersection501(c)(3)oftheInternalRevenueCodeof
181986,asamended;and
19 (b)Providingpreparedmealsthroughanestablishedcongregatefeedingoperationto
20needy,low-incomepersonsincluding,butnotlimitedto,homelesspersonsintheareain
21whichthetaxpayerclaimingthetaxcreditunderthissectionresides;
22 [(4)](5)"Taxpayer",anindividual,afirm,apartnerinafirm,corporation,ora
23shareholderinanScorporationdoingbusinessinthisstateandsubjecttothestateincometax
24imposedbychapter143,excludingwithholdingtaximposedbysections143.191to143.265.
25 2.(1)BeginningonMarch29,2013,anydonationofcashorfoodmadetoalocal
26foodpantryonorafterJanuary1,2013,unlesssuchfoodisdonatedafterthefood'sexpiration
27date,shallbeeligiblefortaxcreditsasprovidedbythissection.
HCSHB2319 30 28 (2)BeginningonAugust28,2018,anydonationofcashorfoodmadetoalocalsoup
29kitchenorlocalhomelessshelteronorafterJanuary1,2018,unlesssuchfoodisdonatedafter
30thefood'sexpirationdate,shallbeeligibleforataxcreditasprovidedunderthissection.
31 (3)Anytaxpayerwhomakesadonationthatiseligibleforataxcreditunderthis
32sectionshallbeallowedacreditagainstthetaxotherwisedueunderchapter143,excluding
33withholdingtaximposedbysections143.191to143.265,inanamountequaltofiftypercent
34ofthevalueofthedonationsmadetotheextentsuchamountsthathavebeensubtractedfrom
35federaladjustedgrossincomeorfederaltaxableincomeareaddedbackinthedetermination
36ofMissouriadjustedgrossincomeorMissouritaxableincomebeforethecreditcanbe
37[claimed] redeemed. Eachtaxpayerclaimingataxcreditunderthissectionshallfilean
38affidavitwiththe[incometaxreturn] applicationtothedepartmentofsocialservices
39verifyingtheamountoftheircontributions.Thedepartmentshallprescribethemethod
40forsubmittingapplicationsforclaimingthetaxcreditallowedbythissection.After
41issuanceofataxcreditcertificatebythedepartment,suchtaxcreditshallberedeemed
42byfilingacopyofthetaxcreditcertificatewiththetaxpayer'sincometaxreturnforthe
43taxyearforwhichsuchcreditwasissued.Theamountofthetaxcreditclaimedshallnot
44exceedtheamountofthetaxpayer'sstatetaxliabilityforthetaxyearthatthecreditisclaimed
45andshallnotexceedtwothousandfivehundreddollarspertaxpayerclaimingthecredit.Any
46amountofcreditthatthetaxpayerisprohibitedbythissectionfromclaiminginataxyear
47shallnotberefundable,butmaybecarriedforwardtoanyofthetaxpayer'sthreesubsequent
48taxyears.Notaxcreditgrantedunderthissectionshallbetransferred,sold,orassigned.No
49taxpayershallbeeligibletoreceiveacreditpursuanttothissectionifsuchtaxpayeremploys
50personswhoarenotauthorizedtoworkintheUnitedStatesunderfederallaw.Notaxpayer
51shallbeabletoclaimmorethanonecreditunderthissectionforasingledonation.
52 3.Thecumulativeamountoftaxcreditsunderthissectionwhichmaybeallocatedto
53alltaxpayerscontributingtoalocalfoodpantry,localsoupkitchen,orlocalhomelessshelter
54inanyonefiscalyearshallnotexceedonemillionsevenhundredfiftythousanddollars.The
55[directorofrevenue] departmentshallestablishaprocedurebywhichthecumulative
56amountoftaxcreditsisapportionedamongalltaxpayersclaimingthecreditbyAprilfifteenth
57ofthefiscalyearinwhichthetaxcreditisclaimed.Tothemaximumextentpossible,the
58[directorofrevenue] departmentshallestablishtheproceduredescribedinthissubsectionin
59suchamannerastoensurethattaxpayerscanclaimallthetaxcreditspossibleuptothe
60cumulativeamountoftaxcreditsavailableforthefiscalyear.
61 4.Anylocalfoodpantry,localsoupkitchen,orlocalhomelesssheltermayacceptor
62rejectanydonationoffoodmadeunderthissectionforanyreason.Forpurposesofthis
63section,anydonationsoffoodacceptedbyalocalfoodpantry,localsoupkitchen,orlocal
HCSHB2319 31 64homelesssheltershallbevaluedatfairmarketvalue,oratwholesalevalueifthetaxpayer
65makingthedonationoffoodisaretailgrocerystore,foodbroker,wholesaler,orrestaurant.
66 5.Thedepartmentof[revenue] socialservicesshallpromulgaterulestoimplement
67theprovisionsofthissection.Anyruleorportionofarule,asthattermisdefinedinsection
68536.010,thatiscreatedundertheauthoritydelegatedinthissectionshallbecomeeffective
69onlyifitcomplieswithandissubjecttoalloftheprovisionsofchapter536and,ifapplicable,
70section536.028.Thissectionandchapter536arenonseverableandifanyofthepowers
71vestedwiththegeneralassemblypursuanttochapter536toreview,todelaytheeffective
72date,ortodisapproveandannularulearesubsequentlyheldunconstitutional,thenthegrant
73ofrulemakingauthorityandanyruleproposedoradoptedafterAugust28,2007,shallbe
74invalidandvoid.
75 6.Undersection23.253oftheMissourisunsetact:
76 (1)TheprogramauthorizedunderthissectionshallbereauthorizedasofAugust28,
772018,andshallexpireonDecember31,2026,unlessreauthorizedbythegeneralassembly;
78and
79 (2)ThissectionshallterminateonSeptemberfirstofthecalendaryearimmediately
80followingthecalendaryearinwhichtheprogramauthorizedunderthissectionissunset;and
81 (3)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
82impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatetheprogram
83authorizedunderthissectionexpires.
84 7.OnandafterAugust28,2024,thedepartmentofsocialservicesshall
85administerthetaxcreditprovidedunderthissection.
135.690.1.Asusedinthissection,thefollowingtermsmean:
2 (1)"Community-basedfacultypreceptor",aphysicianorphysicianassistantwhois
3licensedinMissouriandprovidespreceptorshipstoMissourimedicalstudentsorphysician
4assistantstudentswithoutdirectcompensationfortheworkofprecepting;
5 (2)"Department",theMissouridepartmentofhealthandseniorservices;
6 (3)"Division",thedivisionofprofessionalregistrationofthedepartmentof
7commerceandinsurance;
8 (4)"FederallyQualifiedHealthCenter(FQHC)",areimbursementdesignationfrom
9theBureauofPrimaryHealthCareandtheCentersforMedicareandMedicaidServicesof
10theUnitedStatesDepartmentofHealthandHumanServices;
11 (5)"Medicalstudent",anindividualenrolledinaMissourimedicalcollegeapproved
12andaccreditedasreputablebytheAmericanMedicalAssociationortheLiaisonCommittee
13onMedicalEducationorenrolledinaMissouriosteopathiccollegeapprovedandaccredited
14asreputablebytheCommissiononOsteopathicCollegeAccreditation;
HCSHB2319 32 15 (6)"Medicalstudentcorepreceptorship"or"physicianassistantstudentcore
16preceptorship",apreceptorshipforamedicalstudentorphysicianassistantstudentthat
17providesaminimumofonehundredtwentyhoursofcommunity-basedinstructioninfamily
18medicine,internalmedicine,pediatrics,psychiatry,orobstetricsandgynecologyunderthe
19guidanceofacommunity-basedfacultypreceptor.Acommunity-basedfacultypreceptor
20mayaddtogethertheamountsofpreceptorshipinstructiontimeseparatelyprovidedto
21multiplestudentsindeterminingwhetherheorshehasreachedtheminimumhoursrequired
22underthissubdivision,butthetotalpreceptorshipinstructiontimeprovidedshallequalat
23leastonehundredtwentyhoursinorderforsuchpreceptortobeeligibleforthetaxcredit
24authorizedunderthissection;
25 (7)"Physicianassistantstudent",anindividualparticipatinginaMissouriphysician
26assistantprogramaccreditedbytheAccreditationReviewCommissiononEducationforthe
27PhysicianAssistantoritssuccessororganization;
28 (8)"Taxpayer",anyindividual,firm,partnerinafirm,corporation,orshareholderin
29anScorporationdoingbusinessinthisstateandsubjecttothestateincometaximposed
30underchapter143,excludingwithholdingtaximposedundersections143.191to143.265.
31 2.(1)BeginningJanuary1,2023,anycommunity-basedfacultypreceptorwho
32servesasthecommunity-basedfacultypreceptorforamedicalstudentcorepreceptorshipora
33physicianassistantstudentcorepreceptorshipshallbeallowedacreditagainstthetax
34otherwisedueunderchapter143,excludingwithholdingtaximposedundersections143.191
35to143.265,inanamountequaltoonethousanddollarsforeachpreceptorship,uptoa
36maximumofthreethousanddollarspertaxyear,ifheorshecompletesuptothree
37preceptorshiprotationsduringthetaxyearanddidnotreceiveanydirectcompensationfor
38thepreceptorships.
39 (2)Toreceivethecreditallowedbythissection,acommunity-basedfacultypreceptor
40shallclaimsuchcreditonhisorherreturnforthetaxyearinwhichheorshecompletesthe
41preceptorshiprotationsandshallsubmitsupportingdocumentationasprescribedbythe
42divisionandthedepartment.
43 (3)Innoeventshallthetotalamountofataxcreditauthorizedunderthissection
44exceedataxpayer'sincometaxliabilityforthetaxyearforwhichsuchcreditisclaimed.No
45taxcreditauthorizedunderthissectionshallbeallowedataxpayeragainsthisorhertax
46liabilityforanypriororsucceedingtaxyear.
47 (4)Nomorethantwohundredpreceptorshiptaxcreditsshallbeauthorizedunderthis
48sectionforanyonecalendaryear.Thetaxcreditsshallbeawardedonafirst-come,first-
49servedbasis.Thedivisionandthedepartmentshalljointlypromulgaterulesfordetermining
50themannerinwhichtaxpayerswhohaveobtainedcertificationunderthissectionareableto
HCSHB2319 33 51claimthetaxcredit.Thecumulativeamountoftaxcreditsawardedunderthissectionshall
52notexceedtwohundredthousanddollarsperyear.
53 (5)Notwithstandingtheprovisionsofsubdivision(4)ofthissubsection,the
54departmentisauthorizedtoexceedthetwohundredthousanddollarsperyeartaxcredit
55programcapinanyamountnottoexceedtheamountoffundsremaininginthemedical
56preceptorfund,asestablishedundersubsection3ofthissection,asoftheendofthemost
57recenttaxyear,afteranyrequiredtransferstothegeneralrevenuefundhavetakenplacein
58accordancewiththeprovisionsofsubsection3ofthissection.
59 3.(1)Fundingforthetaxcreditprogramauthorizedunderthissectionshallbe
60generatedbythedivisionfromalicensefeeincreaseofsevendollarsperlicensefor
61physiciansandsurgeonsandfromalicensefeeincreaseofthreedollarsperlicensefor
62physicianassistants.ThelicensefeeincreasesshalltakeeffectbeginningJanuary1,2023,
63basedontheunderlyinglicensefeeratesprevailingonthatdate.Theunderlyinglicensefee
64ratesshallbedeterminedundersection334.090andallotherapplicableprovisionsofchapter
65334.
66 (2)(a)Thereisherebycreatedinthestatetreasurythe"MedicalPreceptorFund",
67whichshallconsistofmoneyscollectedunderthissubsection.Thestatetreasurershallbe
68custodianofthefund.Inaccordancewithsections30.170and30.180,thestatetreasurermay
69approvedisbursements.Thefundshallbeadedicatedfundand,uponappropriation,moneys
70inthefundshallbeusedsolelybythedepartmentandthedivisionfortheadministrationof
71thetaxcreditprogramauthorizedunderthissection.Notwithstandingtheprovisionsof
72section33.080tothecontrary,anymoneysremaininginthefundattheendofthebiennium
73shallnotreverttothecreditofthegeneralrevenuefund.Thestatetreasurershallinvest
74moneysinthemedicalpreceptorfundinthesamemannerasotherfundsareinvested.Any
75interestandmoneysearnedonsuchinvestmentsshallbecreditedtothefund.
76 (b)Notwithstandinganyprovisionofthischapteroranyotherprovisionoflawtothe
77contrary,allrevenuefromthelicensefeeincreasesdescribedundersubdivision(1)ofthis
78subsectionshallbedepositedinthemedicalpreceptorfund.Aftertheendofeverytaxyear,
79anamountequaltothetotaldollaramountofalltaxcreditsclaimedunderthissectionshallbe
80transferredfromthemedicalpreceptorfundtothestate'sgeneralrevenuefundestablished
81undersection33.543.Anyexcessmoneysinthemedicalpreceptorfundshallremaininthe
82fundandshallnotbetransferredtothegeneralrevenuefund.
83 4.(1)Thedepartmentshalladministerthetaxcreditprogramauthorizedunderthis
84section.Eachtaxpayerclaimingataxcreditunderthissectionshallfileanapplicationwith
85thedepartmentverifyingthenumberofhoursofinstructionandtheamountofthetaxcredit
86claimed.Thehoursclaimedontheapplicationshallbeverifiedbythecollegeoruniversity
87departmentheadortheprogramdirectorontheapplication.Thecertificationbythe
HCSHB2319 34 88departmentaffirmingthetaxpayer'seligibilityforthetaxcreditprovidedtothetaxpayershall
89befiledwiththetaxpayer'sincometaxreturn.
90 (2)Noamountofanytaxcreditallowedunderthissectionshallberefundable.No
91taxcreditallowedunderthissectionshallbetransferred,sold,orassigned.Notaxpayershall
92beeligibletoreceivethetaxcreditauthorizedunderthissectionifsuchtaxpayeremploys
93personswhoarenotauthorizedtoworkintheUnitedStatesunderfederallaw.
94 5.Thedepartmentofcommerceandinsuranceandthedepartmentofhealthand
95seniorservicesshalljointlypromulgaterulestoimplementtheprovisionsofthissection.Any
96ruleorportionofarule,asthattermisdefinedinsection536.010,thatiscreatedunderthe
97authoritydelegatedinthissectionshallbecomeeffectiveonlyifitcomplieswithandis
98subjecttoalloftheprovisionsofchapter536and,ifapplicable,section536.028.Thissection
99andchapter536arenonseverableandifanyofthepowersvestedwiththegeneralassembly
100pursuanttochapter536toreview,todelaytheeffectivedate,ortodisapproveandannula
101rulearesubsequentlyheldunconstitutional,thenthegrantofrulemakingauthorityandany
102ruleproposedoradoptedafterAugust28,2022,shallbeinvalidandvoid.
103 6.Undersection23.253oftheMissourisunsetact:
104 (1)Theprovisionsoftheprogramauthorizedunderthissectionshall
105automaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthegeneral
106assembly;
107 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissection
108shallautomaticallysunsetsixyearsaftertheeffectivedateofthereauthorizationofthis
109section;
110 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear
111immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunderthis
112sectionissunset;and
113 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
114impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
115programauthorizedunderthissectionexpires.
135.719.1.Thestatetreasurerandthedepartmentofrevenuemaypromulgaterules
2toimplementtheprovisionsofsections135.712to135.719.Anyruleorportionofarule,as
3thattermisdefinedinsection536.010,thatiscreatedundertheauthoritydelegatedinthis
4sectionshallbecomeeffectiveonlyifitcomplieswithandissubjecttoalloftheprovisionsof
5chapter536and,ifapplicable,section536.028.Thissectionandchapter536are
6nonseverableandifanyofthepowersvestedwiththegeneralassemblypursuanttochapter
7536toreview,todelaytheeffectivedate,ortodisapproveandannularulearesubsequently
8heldunconstitutional,thenthegrantofrulemakingauthorityandanyruleproposedor
9adoptedafterAugust28,2021,shallbeinvalidandvoid.
HCSHB2319 35 10 2.[Theprovisionsof]Undersection23.253oftheMissourisunsetact[shallnot
11applyto]:
12 (1)Theprovisionsoftheprogramauthorizedundersections135.712to135.719
13shallautomaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthe
14generalassembly;
15 (2)Ifsuchprogramisreauthorized,theprogramauthorizedundersections
16135.712to135.719shallautomaticallysunsetsixyearsaftertheeffectivedateofthe
17reauthorizationofsections135.712to135.719;
18 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear
19immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunder
20sections135.712to135.719issunset;and
21 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
22impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
23programauthorizedunderthissectionexpires.
135.772.1.Forthepurposesofthissection,thefollowingtermsshallmean:
2 (1)"Department",theMissouridepartmentof[revenue] agriculture;
3 (2)"Distributor",aperson,firm,orcorporationdoingbusinessinthisstatethat:
4 (a)Produces,refines,blends,compounds,ormanufacturesmotorfuel;
5 (b)Importsmotorfuelintothestate;or
6 (c)Isengagedindistributionofmotorfuel;
7 (3)"Higherethanolblend",afuelcapableofbeingdispenseddirectlyintomotor
8vehiclefueltanksforconsumptionthatiscomprisedofatleastfifteenpercentbutnotmore
9thaneighty-fivepercentethanol;
10 (4)"Retaildealer",aperson,firm,orcorporationdoingbusinessinthisstatethat
11ownsoroperatesaretailservicestationinthisstate;
12 (5)"Retailservicestation",alocationinthisstatefromwhichhigherethanolblendis
13soldtothegeneralpublicandisdispenseddirectlyintomotorvehiclefueltanksfor
14consumption.
15 2.ForalltaxyearsbeginningonorafterJanuary1,2023,aretaildealerthatsells
16higherethanolblendatsuchretaildealer'sretailservicestationoradistributorthatsells
17higherethanolblenddirectlytothefinaluserlocatedinthisstateshallbeallowedataxcredit
18tobetakenagainsttheretaildealer'sordistributor'sstateincometaxliability.Theamountof
19thecreditshallequalfivecentspergallonofhigherethanolblendsoldbytheretaildealerand
20dispensedthroughmeteredpumpsattheretaildealer'sretailservicestationorbyadistributor
21directlytothefinaluserlocatedinthisstateduringthetaxyearforwhichthetaxcreditis
22claimed.ForanyretaildealerordistributorwithataxyearbeginningpriortoJanuary1,
232023,butendingduringthe2023calendaryear,suchretaildealerordistributorshallbe
HCSHB2319 36 24allowedataxcreditfortheamountofhigherethanolblendsoldduringtheportionofsuchtax
25yearthatoccursduringthe2023calendaryear.Taxcreditsauthorizedpursuanttothissection
26shallnotbetransferred,sold,orassigned.Iftheamountofthetaxcreditexceedsthe
27taxpayer'sstatetaxliability,thedifferenceshallnotberefundablebutmaybecarriedforward
28toanyofthefivesubsequenttaxyears.Thetotalamountoftaxcreditsissuedpursuanttothis
29sectionforanygivenfiscalyearshallnotexceedfivemilliondollars.
30 3.Intheeventthetotalamountoftaxcreditsclaimedunderthissectionexceedsthe
31amountofavailabletaxcredits,thetaxcreditsshallbeapportionedamongalleligibleretail
32dealersanddistributorsclaimingataxcreditbyAprilfifteenth,orasdirectedbysection
33143.851,ofthefiscalyearinwhichthetaxcreditisclaimed.
34 4.Thedepartmentshallprescribethemethodforsubmittingapplicationsfor
35claimingthetaxcreditallowedbythissection[shallbeclaimedbysuchtaxpayeratthetime
36suchtaxpayerfilesareturnand]. Afterissuanceofataxcreditcertificatebythe
37department,suchtaxcreditshallberedeemedbyfilingacopyofthetaxcredit
38certificatewiththetaxpayer'sincometaxreturnforthetaxyearforwhichsuchcredit
39wasissued.Suchtaxcreditshallbeappliedagainsttheincometaxliabilityimposedby
40chapter143,excludingthewithholdingtaximposedbysections143.191to143.265,after
41reductionforallothercreditsallowedthereon.Thedepartmentmayrequireany
42documentationitdeemsnecessarytoimplementtheprovisionsofthissection.
43 5.Thedepartmentofagricultureshallpromulgaterulestoimplementtheprovisions
44ofthissection.Anyruleorportionofarule,asthattermisdefinedinsection536.010,thatis
45createdundertheauthoritydelegatedinthissectionshallbecomeeffectiveonlyifitcomplies
46withandissubjecttoalloftheprovisionsofchapter536and,ifapplicable,section536.028.
47Thissectionandchapter536arenonseverableandifanyofthepowersvestedwiththe
48generalassemblypursuanttochapter536toreview,todelaytheeffectivedate,orto
49disapproveandannularulearesubsequentlyheldunconstitutional,thenthegrantof
50rulemakingauthorityandanyruleproposedoradoptedafterJanuary2,2023,shallbeinvalid
51andvoid.
52 6.Undersection23.253oftheMissourisunsetact:
53 (1)TheprovisionsofthissectionshallautomaticallysunsetonDecember31,2028,
54unlessreauthorizedbyanactofthegeneralassembly;and
55 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissectionshall
56automaticallysunsettwelveyearsaftertheeffectivedateofthereauthorizationofthissection;
57and
58 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryearimmediately
59followingthecalendaryearinwhichtheprogramauthorizedunderthissectionissunset.
HCSHB2319 37 60 7.OnandafterAugust28,2024,thedepartmentofagricultureshalladminister
61thetaxcreditprovidedunderthissection.
135.775.1.Asusedinthissection,thefollowingtermsmean:
2 (1)"Biodieselblend",ablendofdieselfuelandbiodieselfuelofatleastfivepercent
3andnotmorethantwentypercentforon-roadandoff-roaddiesel-fueledvehicleuse;
4 (2)"Biodieselfuel",arenewable,biodegradable,monoalkylestercombustibleliquid
5fuelthatisderivedfromagriculturalandotherplantoilsoranimalfatsandthatmeetsthe
6mostrecentversionoftheASTMInternationalD6751StandardSpecificationforBiodiesel
7FuelBlendStock.Afuelshallbedeemedtobebiodieselfuelifthefuelconsistsofapure
8B100orB99ratio.Biodieselproducedfrompalmoilisnotbiodieselfuelforthepurposesof
9thissectionunlessthepalmoiliscontainedwithinwasteoilandgreasecollectedwithinthe
10UnitedStates;
11 (3)"B99",ablendofninety-ninepercentbiodieselfuelthatmeetsthemostrecent
12versionoftheASTMInternationalD6751StandardSpecificationforBiodieselFuelBlend
13Stockwithaminimumofone-tenthofonepercentandmaximumofonepercentdieselfuel
14thatmeetsthemostrecentversionoftheASTMInternationalD975StandardSpecification
15forDieselFuel;
16 (4)"Department",theMissouridepartmentof[revenue] agriculture;
17 (5)"Distributor",aperson,firm,orcorporationdoingbusinessinthisstatethat:
18 (a)Produces,refines,blends,compounds,ormanufacturesmotorfuel;
19 (b)Importsmotorfuelintothestate;or
20 (c)Isengagedindistributionofmotorfuel;
21 (6)"Retaildealer",aperson,firm,orcorporationdoingbusinessinthisstatethat
22ownsoroperatesaretailservicestationinthisstate;
23 (7)"Retailservicestation",alocationinthisstatefromwhichbiodieselblendissold
24tothegeneralpublicandisdispenseddirectlyintomotorvehiclefueltanksforconsumption
25atretail.
26 2.ForalltaxyearsbeginningonorafterJanuary1,2023,aretaildealerthatsellsa
27biodieselblendataretailservicestationoradistributorthatsellsabiodieselblenddirectlyto
28thefinaluserlocatedinthisstateshallbeallowedataxcredittobetakenagainsttheretail
29dealerordistributor'sstateincometaxliability.Foranyretaildealerordistributorwithatax
30yearbeginningpriortoJanuary1,2023,butendingduringthe2023calendaryear,suchretail
31dealerordistributorshallbeallowedataxcreditfortheamountofbiodieselblendsoldduring
32theportionofsuchtaxyearthatoccursduringthe2023calendaryear.Theamountofthe
33creditshallbeequalto:
HCSHB2319 38 34 (1)Twocentspergallonofbiodieselblendofatleastfivepercentbutnotmorethan
35tenpercentsoldbytheretaildealerataretailservicestationorbyadistributordirectlytothe
36finaluserlocatedinthisstateduringthetaxyearforwhichthetaxcreditisclaimed;and
37 (2)Fivecentspergallonofbiodieselblendinexcessoftenpercentbutnotmorethan
38twentypercentsoldbytheretaildealerataretailservicestationorbyadistributordirectlyto
39thefinaluserlocatedinthisstateduringthetaxyearforwhichthetaxcreditisclaimed.
40 3.Taxcreditsauthorizedunderthissectionshallnotbetransferred,sold,orassigned.
41Iftheamountofthetaxcreditexceedsthetaxpayer'sstatetaxliability,thedifferenceshallbe
42refundable.Thetotalamountoftaxcreditsissuedunderthissectionforanygivenfiscalyear
43shallnotexceedsixteenmilliondollars.
44 4.Intheeventthetotalamountoftaxcreditsclaimedunderthissectionexceedsthe
45amountofavailabletaxcredits,thetaxcreditsshallbeapportionedamongalleligibleretail
46dealersanddistributorsclaimingataxcreditbyAprilfifteenth,orasdirectedbysection
47143.851,ofthefiscalyearinwhichthetaxcreditisclaimed.
48 5.Thedepartmentshallprescribethemethodforsubmittingapplicationsfor
49claimingthetaxcreditallowedbythissection[shallbeclaimedbysuchtaxpayeratthetime
50suchtaxpayerfilesareturn] andsuchtaxcreditshallbeappliedagainsttheincometax
51liabilityimposedbychapter143,excludingthewithholdingtaximposedbysections143.191
52to143.265,afterreductionforallothercreditsallowedthereon.Thedepartmentmayrequire
53anydocumentationitdeemsnecessarytoadministertheprovisionsofthissection.Thetax
54creditallowedbythissection,afterissuancebythedepartment,shallberedeemedon
55thetaxpayer'sincometaxreturnforthetaxyearforwhichsuchcreditwasissued.
56 6.Notwithstandingtheprovisionsofsection32.057tothecontrary,thedepartment
57mayworkwiththedivisionofweightsandmeasureswithinthedepartmentofagricultureto
58validatethatthebiodieselblendaretaildealerordistributorclaimsforthetaxcredit
59authorizedunderthissectioncontainsasufficientpercentageofbiodieselfuel.
60 7.Thedepartmentofagricultureshallpromulgaterulestoimplementandadminister
61theprovisionsofthissection.Anyruleorportionofarule,asthattermisdefinedinsection
62536.010,thatiscreatedpursuanttotheauthoritydelegatedinthissectionshallbecome
63effectiveonlyifitcomplieswithandissubjecttoalloftheprovisionsofchapter536and,if
64applicable,section536.028.Thissectionandchapter536arenonseverableandifanyofthe
65powersvestedwiththegeneralassemblypursuanttochapter536toreview,todelaythe
66effectivedate,ortodisapproveandannularulearesubsequentlyheldunconstitutional,then
67thegrantofrulemakingauthorityandanyruleproposedoradoptedafterJanuary2,2023,
68shallbeinvalidandvoid.
69 8.Undersection23.253oftheMissourisunsetact:
HCSHB2319 39 70 (1)Theprovisionsofthenewprogramauthorizedunderthissectionshall
71automaticallysunsetonDecember31,2028,unlessreauthorizedbyanactofthegeneral
72assembly;
73 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissectionshall
74automaticallysunsettwelveyearsaftertheeffectivedateofthereauthorizationofthissection;
75and
76 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryearimmediately
77followingthecalendaryearinwhichtheprogramauthorizedunderthissectionissunset.The
78terminationoftheprogramasdescribedinthissubsectionshallnotbeconstruedtopreclude
79anyqualifiedtaxpayerwhoclaimsanybenefitunderanyprogramthatissunsetunderthis
80subsectionfromclaimingsuchbenefitforallallowableactivitiesrelatedtosuchclaimthat
81werecompletedbeforetheprogramwassunsetortoeliminateanyresponsibilityofthe
82departmenttoverifythecontinuedeligibilityofqualifiedindividualsreceivingtaxcreditsand
83toenforceotherrequirementsoflawthatappliedbeforetheprogramwassunset.
84 9.OnandafterAugust28,2024,thedepartmentofagricultureshalladminister
85thetaxcreditprovidedunderthissection.
135.778.1.Forthepurposesofthissection,thefollowingtermsshallmean:
2 (1)"Biodieselfuel",arenewable,biodegradable,monoalkylestercombustibleliquid
3fuelthatisderivedfromagriculturalandotherplantoilsoranimalfatsandthatmeetsthe
4mostrecentversionoftheASTMInternationalD6751StandardSpecificationforBiodiesel
5FuelBlendStock.Afuelshallbedeemedtobebiodieselfuelifthefuelconsistsofapure
6B100orB99ratio.Biodieselproducedfrompalmoilisnotbiodieselfuelforthepurposesof
7thissectionunlessthepalmoiliscontainedwithinwasteoilandgreasecollectedwithinthe
8UnitedStates;
9 (2)"B99",ablendofninety-ninepercentbiodieselfuelthatmeetsthemostrecent
10versionoftheASTMInternationalD6751StandardSpecificationforBiodieselFuelBlend
11Stockwithaminimumofone-tenthofonepercentandmaximumofonepercentdieselfuel
12thatmeetsthemostrecentversionoftheASTMInternationalD975StandardSpecification
13forDieselFuel;
14 (3)"Department",theMissouridepartmentof[revenue] agriculture;
15 (4)"Missouribiodieselproducer",aperson,firm,orcorporationdoingbusinessin
16thisstatethatproducesbiodieselfuelinthisstate,isregisteredwiththeUnitedStates
17EnvironmentalProtectionAgencyaccordingtotherequirementsof40CFRPart79,andhas
18begunconstructiononsuchfacilityorhasbeensellingbiodieselfuelproducedatsuchfacility
19onorbeforeJanuary2,2023.
20 2.ForalltaxyearsbeginningonorafterJanuary1,2023,aMissouribiodiesel
21producershallbeallowedataxcredittobetakenagainsttheproducer'sstateincometax
HCSHB2319 40 22liability.ForanyMissouribiodieselproducerwithataxyearbeginningpriortoJanuary1,
232023,butendingduringthe2023calendaryear,suchMissouribiodieselproducershallbe
24allowedataxcreditfortheamountofbiodieselfuelproducedduringtheportionofsuchtax
25yearthatoccursduringthe2023calendaryear.Theamountofthetaxcreditshallbetwo
26centspergallonofbiodieselfuelproducedbytheMissouribiodieselproducerduringthetax
27yearforwhichthetaxcreditisclaimed.
28 3.Taxcreditsauthorizedunderthissectionshallnotbetransferred,sold,orassigned.
29Iftheamountofthetaxcreditexceedsthetaxpayer'sstatetaxliability,thedifferenceshallbe
30refundable.Thetotalamountoftaxcreditsissuedunderthissectionforanygivenfiscalyear
31shallnotexceedfivemillionfivehundredthousanddollars,whichshallbeauthorizedona
32first-come,first-servedbasis.
33 4.Thedepartmentshallprescribethemethodforsubmittingapplicationsfor
34claimingthetaxcreditauthorizedunderthissection[shallbeclaimedbysuchtaxpayeratthe
35timesuchtaxpayerfilesareturn] andsuchtaxcreditshallbeappliedagainsttheincometax
36liabilityimposedbychapter143,excludingthewithholdingtaximposedbysections143.191
37to143.265,afterreductionforallothercreditsallowedthereon.Thedepartmentmayrequire
38anydocumentationitdeemsnecessarytoadministertheprovisionsofthissection.Thetax
39creditallowedbythissection,afterissuancebythedepartment,shallberedeemedon
40thetaxpayer'sincometaxreturnforthetaxyearforwhichsuchcreditwasissued.
41 5.Thedepartmentofagricultureshallpromulgaterulestoimplementandadminister
42theprovisionsofthissection.Anyruleorportionofarule,asthattermisdefinedinsection
43536.010,thatiscreatedpursuanttotheauthoritydelegatedinthissectionshallbecome
44effectiveonlyifitcomplieswithandissubjecttoalloftheprovisionsofchapter536and,if
45applicable,section536.028.Thissectionandchapter536arenonseverableandifanyofthe
46powersvestedwiththegeneralassemblypursuanttochapter536toreview,todelaythe
47effectivedate,ortodisapproveandannularulearesubsequentlyheldunconstitutional,then
48thegrantofrulemakingauthorityandanyruleproposedoradoptedafterJanuary2,2023,
49shallbeinvalidandvoid.
50 6.Undersection23.253oftheMissourisunsetact:
51 (1)Theprovisionsofthenewprogramauthorizedunderthissectionshall
52automaticallysunsetonDecember31,2028,unlessreauthorizedbyanactofthegeneral
53assembly;
54 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissectionshall
55automaticallysunsettwelveyearsaftertheeffectivedateofthereauthorizationofthissection;
56and
57 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryearimmediately
58followingthecalendaryearinwhichtheprogramauthorizedunderthissectionissunset.The
HCSHB2319 41 59terminationoftheprogramasdescribedinthissubsectionshallnotbeconstruedtopreclude
60anyqualifiedtaxpayerwhoclaimsanybenefitunderanyprogramthatissunsetunderthis
61subsectionfromclaimingsuchbenefitforallallowableactivitiesrelatedtosuchclaimthat
62werecompletedbeforetheprogramwassunset,ortoeliminateanyresponsibilityofthe
63departmenttoverifythecontinuedeligibilityofqualifiedindividualsreceivingtaxcreditsand
64toenforceotherrequirementsoflawthatappliedbeforetheprogramwassunset.
65 7.OnandafterAugust28,2024,thedepartmentofagricultureshalladminister
66thetaxcreditprovidedunderthissection.
135.800.1.Theprovisionsofsections135.800to135.830shallbeknownandmay
2becitedasthe"TaxCreditAccountabilityActof2004".
3 2.Asusedinsections135.800to135.830,thefollowingtermsmean:
4 (1)"Administeringagency",thestateagencyordepartmentchargedwith
5administeringaparticulartaxcreditprogram,assetforthbytheprogram'senacting
6statute;wherenodepartmentoragencyissetforth,thedepartmentofrevenue;
7 (2)"Agriculturaltaxcredits",theagriculturalproductutilizationcontributortaxcredit
8createdpursuanttosection348.430,thenewgenerationcooperativeincentivetaxcredit
9createdpursuanttosection348.432,thefamilyfarmbreedinglivestockloantaxcreditcreated
10undersection348.505,andthequalifiedbeeftaxcreditcreatedundersection135.679[, and
11thewineandgrapeproductiontaxcreditcreatedpursuanttosection135.700];
12 (3)"Businessrecruitmenttaxcredits",thebusinessfacilitytaxcreditcreatedpursuant
13tosections135.110to135.150andsection135.258,theenterprisezonetaxbenefitscreated
14pursuanttosections135.200to135.270,thebusinessuseincentivesforlarge-scale
15developmentprogramscreatedpursuanttosections100.700to100.850,thedevelopmenttax
16creditscreatedpursuanttosections32.100to32.125,therebuildingcommunitiestaxcredit
17createdpursuanttosection135.535,thefilmproductiontaxcreditcreatedpursuanttosection
18135.750,theenhancedenterprisezonecreatedpursuanttosections135.950to135.970,and
19theMissouriqualityjobsprogramcreatedpursuanttosections620.1875to620.1900;
20 (4)"Communitydevelopmenttaxcredits",theneighborhoodassistancetaxcredit
21createdpursuanttosections32.100to32.125,andthefamilydevelopmentaccounttaxcredit
22createdpursuanttosections208.750to208.775[, thedryfirehydranttaxcreditcreated
23pursuanttosection320.093,andthetransportationdevelopmenttaxcreditcreatedpursuantto
24section135.545];
25 (5)"Domesticandsocialtaxcredits",theyouthopportunitiestaxcreditcreated
26pursuanttosection135.460andsections620.1100to620.1103,theshelterforvictimsof
27domesticviolenceorrapecrisiscentercreatedpursuanttosection135.550,thesenior
28citizenordisabledpersonpropertytaxcreditcreatedpursuanttosections135.010to135.035,
29theadoptiontaxcreditcreatedpursuanttosections135.325to135.339,thechampionfor
HCSHB2319 42 30childrentaxcreditcreatedpursuanttosection135.341,thematernityhometaxcreditcreated
31pursuanttosection135.600,thesurvivingspousetaxcreditcreatedpursuanttosection
32135.090,theresidentialtreatmentagencytaxcreditcreatedpursuanttosection135.1150,the
33pregnancyresourcecentertaxcreditcreatedpursuanttosection135.630,thefoodpantrytax
34creditcreatedpursuanttosection135.647,theresidentialdwellingaccesstaxcreditcreated
35pursuanttosection135.562,thedevelopmentaldisabilitycareprovidertaxcreditcreated
36undersection135.1180,thesharedcaretaxcreditcreatedpursuanttosection192.2015,the
37health,hunger,andhygienetaxcreditcreatedpursuanttosection135.1125,andthediaper
38banktaxcreditcreatedpursuanttosection135.621;
39 (6)"Entrepreneurialtaxcredits",thecapitaltaxcreditcreatedpursuanttosections
40135.400to135.429,[thecertifiedcapitalcompanytaxcreditcreatedpursuanttosections
41135.500to135.529,theseedcapitaltaxcreditcreatedpursuanttosections348.300to
42348.318,thenewenterprisecreationtaxcreditcreatedpursuanttosections620.635to
43620.653,] theresearchtaxcreditcreatedpursuanttosection620.1039,thesmallbusiness
44incubatortaxcreditcreatedpursuanttosection620.495,[theguaranteefeetaxcreditcreated
45pursuanttosection135.766,] andthenewgenerationcooperativetaxcreditcreatedpursuant
46tosections32.105to32.125;
47 (7)"Environmentaltaxcredits",[thecharcoalproducertaxcreditcreatedpursuantto
48section135.313,] thewoodenergytaxcreditcreatedpursuanttosections135.300to135.311
49[,andthealternativefuelstationstaxcreditcreatedpursuanttosection135.710];
50 (8)"Financialandinsurancetaxcredits",thebankfranchisetaxcreditcreated
51pursuanttosection148.030,thebanktaxcreditforScorporationscreatedpursuanttosection
52143.471,theexamfeetaxcreditcreatedpursuanttosection148.400,thehealthinsurance
53pooltaxcreditcreatedpursuanttosection376.975,thelifeandhealthinsuranceguaranty
54associationtaxcreditcreatedpursuanttosection376.745,thepropertyandcasualtyguaranty
55associationtaxcreditcreatedpursuanttosection375.774,andtheself-employedhealth
56insurancetaxcreditcreatedpursuanttosection143.119;
57 (9)"Housingtaxcredits",theneighborhoodpreservationtaxcreditcreatedpursuant
58tosections135.475to135.487,thelow-incomehousingtaxcreditcreatedpursuantto
59sections135.350to135.363,andtheaffordablehousingtaxcreditcreatedpursuantto
60sections32.105to32.125;
61 (10)"Recipient",theindividualorentitywhoboth:
62 (a)Istheoriginalapplicantforataxcredit;and
63 (b)Whodirectlyreceivesataxcreditortherighttotransferataxcreditunderatax
64creditprogram,regardlessastowhetherthetaxcredithasbeenusedorredeemed;arecipient
65shallnotincludethetransfereeofatransferabletaxcredit;
HCSHB2319 43 66 (11)"Redevelopmenttaxcredits",thehistoricpreservationtaxcreditcreatedpursuant
67tosections253.545to253.559,thebrownfieldredevelopmentprogramtaxcreditcreated
68pursuanttosections447.700to447.718,thecommunitydevelopmentcorporationstaxcredit
69createdpursuanttosections135.400to135.430,theinfrastructuretaxcreditcreatedpursuant
70tosubsection6ofsection100.286,thebondguaranteetaxcreditcreatedpursuanttosection
71100.297,andthedisabledaccesstaxcreditcreatedpursuanttosection135.490[, thenew
72marketstaxcreditcreatedpursuanttosection135.680,andthedistressedareasland
73assemblagetaxcreditcreatedpursuanttosection99.1205];
74 (12)"Taxcreditprogram",anyofthetaxcreditprogramsincludedinthedefinitions
75ofagriculturaltaxcredits,businessrecruitmenttaxcredits,communitydevelopmenttax
76credits,domesticandsocialtaxcredits,entrepreneurialtaxcredits,environmentaltaxcredits,
77housingtaxcredits,redevelopmenttaxcredits,andtrainingandeducationaltaxcredits;
78 (13)"Trainingandeducationaltaxcredits",theMissouriworksnewjobstaxcredit
79andMissouriworksretainedjobscreditcreatedpursuanttosections620.800to620.809.
135.1150.1.Thissectionshallbeknownandmaybecitedasthe"Residential
2TreatmentAgencyTaxCreditAct".
3 2.Asusedinthissection,thefollowingtermsmean:
4 (1)"Certificate",ataxcreditcertificateissuedunderthissection;
5 (2)"Department",theMissouridepartmentofsocialservices;
6 (3)"Eligibledonation",donationsreceivedfromataxpayerbyanagencythatare
7usedsolelytoprovidedirectcareservicestochildrenwhoareresidentsofthisstate.Eligible
8donationsmayincludecash,publiclytradedstocksandbonds,andrealestatethatwillbe
9valuedanddocumentedaccordingtorulespromulgatedbythedepartmentofsocialservices.
10Forpurposesofthissection,"directcareservices"includebutarenotlimitedtoincreasingthe
11qualityofcareandserviceforchildrenthroughimprovedemployeecompensationand
12training;
13 (4)"Qualifiedresidentialtreatmentagency"or"agency",aresidentialcarefacility
14thatislicensedundersection210.484,accreditedbytheCouncilonAccreditation(COA),the
15JointCommissiononAccreditationofHealthcareOrganizations(JCAHO),orthe
16CommissiononAccreditationofRehabilitationFacilities(CARF),andisundercontract
17withtheMissouridepartmentofsocialservicestoprovidetreatmentservicesforchildrenwho
18areresidentsorwardsofresidentsofthisstate,andthatreceiveseligibledonations.Any
19agencythatoperatesmorethanonefacilityoratmorethanonelocationshallbeeligiblefor
20thetaxcreditunderthissectiononlyforanyeligibledonationmadetofacilitiesorlocations
21oftheagencywhicharelicensedandaccredited;
22 (5)"Taxpayer",anyofthefollowingindividualsorentitieswhomakeaneligible
23donationtoanagency:
HCSHB2319 44 24 (a)Aperson,firm,partnerinafirm,corporation,orashareholderinanScorporation
25doingbusinessinthestateofMissouriandsubjecttothestateincometaximposedinchapter
26143;
27 (b)Acorporationsubjecttotheannualcorporationfranchisetaximposedinchapter
28147;
29 (c)Aninsurancecompanypayinganannualtaxonitsgrosspremiumreceiptsinthis
30state;
31 (d)AnyotherfinancialinstitutionpayingtaxestothestateofMissouriorany
32politicalsubdivisionofthisstateunderchapter148;
33 (e)Anindividualsubjecttothestateincometaximposedinchapter143;
34 (f)Anycharitableorganizationwhichisexemptfromfederalincometaxandwhose
35Missouriunrelatedbusinesstaxableincome,ifany,wouldbesubjecttothestateincometax
36imposedunderchapter143.
37 3.Forall[taxable] taxyearsbeginningonorafterJanuary1,2007,anytaxpayershall
38beallowedacreditagainstthetaxesotherwisedueunderchapter143,147,or148,excluding
39withholdingtaximposedbysections143.191to143.265,inanamountequaltofiftypercent
40oftheamountofaneligibledonation,subjecttotherestrictionsinthissection.Theamount
41ofthetaxcreditclaimedshallnotexceedtheamountofthetaxpayer'sstateincometax
42liabilityinthetaxyearforwhichthecreditisclaimed.Anyamountofcreditthatthetaxpayer
43isprohibitedbythissectionfromclaiminginataxyearshallnotberefundable,butmaybe
44carriedforwardtoanyofthetaxpayer'sfoursubsequent[taxable] taxyears.
45 4.Toclaimthecreditauthorizedinthissection,anagencymaysubmittothe
46departmentanapplicationforthetaxcreditauthorizedbythissectiononbehalfoftaxpayers.
47Thedepartmentshallverifythattheagencyhassubmittedthefollowingitemsaccuratelyand
48completely:
49 (1)Avalidapplicationintheformandformatrequiredbythedepartment;
50 (2)Astatementattestingtotheeligibledonationreceived,whichshallincludethe
51nameandtaxpayeridentificationnumberoftheindividualmakingtheeligibledonation,the
52amountoftheeligibledonation,andthedatetheeligibledonationwasreceivedbythe
53agency;and
54 (3)Paymentfromtheagencyequaltothevalueofthetaxcreditforwhichapplication
55ismade.
56
57Iftheagencyapplyingforthetaxcreditmeetsallcriteriarequiredbythissubsection,the
58departmentshallissueacertificateintheappropriateamount.
59 5.Anagencymayapplyfortaxcreditsinanaggregateamountthatdoesnotexceed
60thepaymentsmadebythedepartmenttotheagencyintheprecedingtwelvemonths.
HCSHB2319 45 61 6.Taxcreditsissuedunderthissectionmaybeassigned,transferred,sold,or
62otherwiseconveyed,andthenewownerofthetaxcreditshallhavethesamerightsinthe
63creditasthetaxpayer.Wheneveracertificateisassigned,transferred,sold,orotherwise
64conveyed,anotarizedendorsementshallbefiledwiththedepartmentspecifyingthename
65andaddressofthenewownerofthetaxcreditorthevalueofthecredit.
66 7.(1)ForallfiscalyearsbeginningonorafterJuly1,2025,thecumulative
67amountoftaxcreditsallowedtoalltaxpayersunderthissectionshallnotexceedthe
68totalcapamountwhichshallbeanamountequaltotwentypercentgreaterthanthe
69highestannualamountoftaxcreditsredeemedinanyonepreviousfiscalyear,from
70fiscalyear2018tofiscalyear2024,asdeterminedandcalculatedbythedepartment.
71 (2)Iftheamountoftaxcreditsclaimedinafiscalyearunderthissectionexceeds
72thetotalcapdeterminedundersubdivision(1)ofthissubsection,taxcreditsshallbe
73allowedbasedontheorderinwhichtheyareclaimed.
74 [7.]8.Thedepartmentshallpromulgaterulestoimplementtheprovisionsofthis
75section.Anyruleorportionofarule,asthattermisdefinedinsection536.010,thatis
76createdundertheauthoritydelegatedinthissectionshallbecomeeffectiveonlyifitcomplies
77withandissubjecttoalloftheprovisionsofchapter536and,ifapplicable,section536.028.
78Thissectionandchapter536arenonseverableandifanyofthepowersvestedwiththe
79generalassemblypursuanttochapter536toreview,todelaytheeffectivedate,orto
80disapproveandannularulearesubsequentlyheldunconstitutional,thenthegrantof
81rulemakingauthorityandanyruleproposedoradoptedafterAugust28,2006,shallbeinvalid
82andvoid.
83 9.Undersection23.253oftheMissourisunsetact:
84 (1)Theprovisionsoftheprogramauthorizedunderthissectionshall
85automaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthegeneral
86assembly;
87 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissection
88shallautomaticallysunsetsixyearsaftertheeffectivedateofthereauthorizationofthis
89section;
90 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear
91immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunderthis
92sectionissunset;and
93 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
94impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
95programauthorizedunderthissectionexpires.
135.1180.1.Thissectionshallbeknownandmaybecitedasthe"Developmental
2DisabilityCareProviderTaxCreditProgram".
HCSHB2319 46 3 2.Asusedinthissection,thefollowingtermsmean:
4 (1)"Certificate",ataxcreditcertificateissuedunderthissection;
5 (2)"Department",theMissouridepartmentofsocialservices;
6 (3)"Eligibledonation",donationsreceivedbyaproviderfromataxpayerthatare
7usedsolelytoprovidedirectcareservicestopersonswithdevelopmentaldisabilitieswhoare
8residentsofthisstate.Eligibledonationsmayincludecash,publiclytradedstocksandbonds,
9andrealestatethatwillbevaluedanddocumentedaccordingtorulespromulgatedbythe
10departmentofsocialservices.Forpurposesofthissection,"directcareservices"include,but
11arenotlimitedto,increasingthequalityofcareandserviceforpersonswithdevelopmental
12disabilitiesthroughimprovedemployeecompensationandtraining;
13 (4)"Qualifieddevelopmentaldisabilitycareprovider"or"provider",acareprovider
14thatprovidesassistancetopersonswithdevelopmentaldisabilities,andisaccreditedbythe
15CouncilonAccreditation(COA),theJointCommissiononAccreditationofHealthcare
16Organizations(JCAHO),ortheCommissiononAccreditationofRehabilitationFacilities
17(CARF),orisundercontractwiththeMissouridepartmentofsocialservicesordepartmentof
18mentalhealthtoprovidetreatmentservicesforsuchpersons,andthatreceiveseligible
19donations.Anyproviderthatoperatesmorethanonefacilityoratmorethanonelocation
20shallbeeligibleforthetaxcreditunderthissectiononlyforanyeligibledonationmadeto
21facilitiesorlocationsoftheproviderwhicharelicensedoraccredited;
22 (5)"Taxpayer",anyofthefollowingindividualsorentitieswhomakeaneligible
23donationtoaprovider:
24 (a)Aperson,firm,partnerinafirm,corporation,orashareholderinanScorporation
25doingbusinessinthestateofMissouriandsubjecttothestateincometaximposedinchapter
26143;
27 (b)Acorporationsubjecttotheannualcorporationfranchisetaximposedinchapter
28147;
29 (c)Aninsurancecompanypayinganannualtaxonitsgrosspremiumreceiptsinthis
30state;
31 (d)AnyotherfinancialinstitutionpayingtaxestothestateofMissouriorany
32politicalsubdivisionofthisstateunderchapter148;
33 (e)Anindividualsubjecttothestateincometaximposedinchapter143;
34 (f)Anycharitableorganizationwhichisexemptfromfederalincometaxandwhose
35Missouriunrelatedbusinesstaxableincome,ifany,wouldbesubjecttothestateincometax
36imposedunderchapter143.
37 3.Forall[taxable] taxyearsbeginningonorafterJanuary1,2012,anytaxpayershall
38beallowedacreditagainstthetaxesotherwisedueunderchapter143,147,or148excluding
39withholdingtaximposedbysections143.191to143.265inanamountequaltofiftypercent
HCSHB2319 47 40oftheamountofaneligibledonation,subjecttotherestrictionsinthissection.Theamount
41ofthetaxcreditclaimedshallnotexceedtheamountofthetaxpayer'sstateincometax
42liabilityinthetaxyearforwhichthecreditisclaimed.Anyamountofcreditthatthetaxpayer
43isprohibitedbythissectionfromclaiminginataxyearshallnotberefundable,butmaybe
44carriedforwardtoanyofthetaxpayer'sfoursubsequent[taxable] taxyears.
45 4.Toclaimthecreditauthorizedinthissection,aprovidermaysubmittothe
46departmentanapplicationforthetaxcreditauthorizedbythissectiononbehalfoftaxpayers.
47Thedepartmentshallverifythattheproviderhassubmittedthefollowingitemsaccurately
48andcompletely:
49 (1)Avalidapplicationintheformandformatrequiredbythedepartment;
50 (2)Astatementattestingtotheeligibledonationreceived,whichshallincludethe
51nameandtaxpayeridentificationnumberoftheindividualmakingtheeligibledonation,the
52amountoftheeligibledonation,andthedatetheeligibledonationwasreceivedbythe
53provider;and
54 (3)Paymentfromtheproviderequaltothevalueofthetaxcreditforwhich
55applicationismade.
56
57Iftheproviderapplyingforthetaxcreditmeetsallcriteriarequiredbythissubsection,the
58departmentshallissueacertificateintheappropriateamount.
59 5.Taxcreditsissuedunderthissectionmaybeassigned,transferred,sold,or
60otherwiseconveyed,andthenewownerofthetaxcreditshallhavethesamerightsinthe
61creditasthetaxpayer.Wheneveracertificateisassigned,transferred,sold,orotherwise
62conveyed,anotarizedendorsementshallbefiledwiththedepartmentspecifyingthename
63andaddressofthenewownerofthetaxcreditorthevalueofthecredit.
64 6.(1)ForallfiscalyearsbeginningonorafterJuly1,2025,thecumulative
65amountoftaxcreditsallowedtoalltaxpayersunderthissectionshallnotexceedthe
66totalcapamountwhichshallbeanamountequaltotwentypercentgreaterthanthe
67highestannualamountoftaxcreditsredeemedinanyonepreviousfiscalyear,from
68fiscalyear2018tofiscalyear2024,asdeterminedandcalculatedbythedepartment.
69 (2)Iftheamountoftaxcreditsclaimedinafiscalyearunderthissectionexceeds
70thetotalcapdeterminedundersubdivision(1)ofthissubsection,taxcreditsshallbe
71allowedbasedontheorderinwhichtheyareclaimed.
72 [6.]7.Thedepartmentshallpromulgaterulestoimplementtheprovisionsofthis
73section.Anyruleorportionofarule,asthattermisdefinedinsection536.010,thatis
74createdundertheauthoritydelegatedinthissectionshallbecomeeffectiveonlyifitcomplies
75withandissubjecttoalloftheprovisionsofchapter536and,ifapplicable,section536.028.
76Thissectionandchapter536arenonseverableandifanyofthepowersvestedwiththe
HCSHB2319 48 77generalassemblypursuanttochapter536toreview,todelaytheeffectivedate,orto
78disapproveandannularulearesubsequentlyheldunconstitutional,thenthegrantof
79rulemakingauthorityandanyruleproposedoradoptedafterAugust28,2012,shallbeinvalid
80andvoid.
81 8.Undersection23.253oftheMissourisunsetact:
82 (1)Theprovisionsoftheprogramauthorizedunderthissectionshall
83automaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthegeneral
84assembly;
85 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissection
86shallautomaticallysunsetsixyearsaftertheeffectivedateofthereauthorizationofthis
87section;
88 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear
89immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunderthis
90sectionissunset;and
91 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
92impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
93programauthorizedunderthissectionexpires.
143.119.1.Aself-employedtaxpayer,assuchtermisusedinthefederalinternal
2revenuecode,whoisotherwiseineligibleforthefederalincometaxhealthinsurance
3deductionunderSection162ofthefederalinternalrevenuecodeshallbeentitledtoacredit
4againstthetaxotherwisedueunderthischapter,excludingwithholdingtaximposedby
5sections143.191to143.265,inanamountequaltotheportionofsuchtaxpayer'sfederaltax
6liabilityincurredduetosuchtaxpayer'sinclusionofsuchpaymentsinfederaladjustedgross
7income.Tobeeligibleforacreditunderthissection,theself-employedtaxpayershallhavea
8Missouriincometaxliability,beforeanyothertaxcredits,oflessthanthreethousanddollars.
9Thetaxcreditsauthorizedunderthissectionshallbenontransferable,nonrefundable,and
10shallnotbecarriedbackorforwardtoanyothertaxyear.Aself-employedtaxpayershallnot
11claimbothataxcreditunderthissectionandasubtractionundersection143.113forthesame
12taxyear.
13 2.(1)ForallfiscalyearsbeginningonorafterJuly1,2025,thecumulative
14amountoftaxcreditsallowedtoalltaxpayersunderthissectionshallnotexceedthe
15totalcapamountwhichshallbeanamountequaltotwentypercentgreaterthanthe
16highestannualamountoftaxcreditsredeemedinanyonepreviousfiscalyear,from
17fiscalyear2018tofiscalyear2024,asdeterminedandcalculatedbythedepartment.
18 (2)Iftheamountoftaxcreditsclaimedinafiscalyearunderthissectionexceeds
19thetotalcapdeterminedundersubdivision(1)ofthissubsection,taxcreditsshallbe
20allowedbasedontheorderinwhichtheyareclaimed.
HCSHB2319 49 21 [2.]3.Thedirectorofthedepartmentofrevenueshallpromulgaterulesand
22regulationstoadministertheprovisionsofthissection.Anyruleorportionofarule,asthat
23termisdefinedinsection536.010,thatiscreatedundertheauthoritydelegatedinthissection
24shallbecomeeffectiveonlyifitcomplieswithandissubjecttoalloftheprovisionsof
25chapter536and,ifapplicable,section536.028.Thissectionandchapter536are
26nonseverableandifanyofthepowersvestedwiththegeneralassemblypursuanttochapter
27536toreview,todelaytheeffectivedate,ortodisapproveandannularulearesubsequently
28heldunconstitutional,thenthegrantofrulemakingauthorityandanyruleproposedor
29adoptedafterAugust28,2007,shallbeinvalidandvoid.
30 [3.]4.Pursuanttosection23.253oftheMissourisunsetact:
31 (1)TheprovisionsofthissectionshallsunsetautomaticallyonDecember31,2028,
32unlessreauthorizedbyanactofthegeneralassembly;and
33 (2)Ifsuchprogramisreauthorized,thissectionshallsunsetautomaticallyDecember
34thirty-firstsixyearsaftertheeffectivedateofthereauthorizationofthissection;and
35 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryearimmediately
36followingthecalendaryearinwhichtheprogramauthorizedunderthissectionissunset;and
37 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
38impairthedepartment'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
39programauthorizedpursuanttothissectionexpires,orataxpayer'sabilitytoredeemsuchtax
40credits.
143.177.1.Thissectionshallbeknownandmaybecitedasthe"MissouriWorking
2FamilyTaxCreditAct".
3 2.Forpurposesofthissection,thefollowingtermsshallmean:
4 (1)"Department",thedepartmentofrevenue;
5 (2)"Eligibletaxpayer",aresidentindividualwithafilingstatusofsingle,headof
6household,widowed,ormarriedfilingcombinedwhoissubjecttothetaximposedunderthis
7chapter,excludingwithholdingtaximposedundersections143.191to143.265,andwhois
8allowedafederalearnedincometaxcreditunder26U.S.C.Section32,asamended;
9 (3)"Taxcredit",acreditagainstthetaxotherwisedueunderthischapter,excluding
10withholdingtaximposedundersections143.191to143.265.
11 3.(1)Beginningwiththe2023calendaryear,aneligibletaxpayershallbealloweda
12taxcreditinanamountequaltoapercentageoftheamountsuchtaxpayerwouldreceive
13underthefederalearnedincometaxcreditassuchcreditexistedunder26U.S.C.Section32
14asofJanuary1,2021,asprovidedpursuanttosubdivision(2)ofthissubsection.Thetax
15creditallowedbythissectionshallbeclaimedbysuchtaxpayeratthetimesuchtaxpayerfiles
16areturnandshallbeappliedagainsttheincometaxliabilityimposedbythischapterafter
17reductionforallothercreditsallowedthereon.Iftheamountofthecreditexceedsthetax
HCSHB2319 50 18liability,thedifferenceshallnotberefundedtothetaxpayerandshallnotbecarriedforward
19toanysubsequenttaxyear.
20 (2)Subjecttotheprovisionsofsubdivision(3)ofthissubsection,thepercentageof
21thefederalearnedincometaxcredittobeallowedasataxcreditpursuanttosubdivision(1)
22ofthissubsectionshallbetenpercent,whichmaybeincreasedtotwentypercentsubjectto
23theprovisionsofsubdivision(3)ofthissubsection.Themaximumpercentagethatmaybe
24claimedasataxcreditpursuanttothissectionshallbetwentypercentofthefederalearned
25incometaxcreditthatmaybeclaimedbysuchtaxpayer.Anyincreaseinthepercentagethat
26maybeclaimedasataxcreditshalltakeeffectonJanuaryfirstofacalendaryearandsuch
27percentageshallcontinueineffectuntilthenextpercentageincreaseoccurs.Anincrease
28shallonlyapplytotaxyearsthatbeginonoraftertheincreasetakeseffect.
29 (3)Theinitialpercentagetobeclaimedasataxcreditandanyincreaseinthe
30percentagethatmaybeclaimedpursuanttosubdivision(2)ofthissubsectionshallonlyoccur
31iftheamountofnetgeneralrevenuecollectedinthepreviousfiscalyearexceedsthehighest
32amountofnetgeneralrevenuecollectedinanyofthethreefiscalyearspriortosuchfiscal
33yearbyatleastonehundredfiftymilliondollars.
34 (4)ForallcalendaryearsbeginningonorafterJanuary1,2026,thecumulative
35amountoftaxcreditsallowedtoalltaxpayersunderthissectionshallnotexceedthe
36totalcapamountwhichshallbeanamountequaltotwentypercentgreaterthanthe
37highestannualamountoftaxcreditsredeemedinanyonepreviousfiscalyear,from
38fiscalyear2019tofiscalyear2025,asdeterminedandcalculatedbythedepartment.
39 (5)Iftheamountoftaxcreditsclaimedinacalendaryearunderthissection
40exceedsthetotalcapdeterminedundersubdivision(4)ofthissubsection,taxcredits
41shallbeallowedbasedontheorderinwhichtheyareclaimed.
42 4.Notwithstandingtheprovisionsofsection32.057tothecontrary,thedepartment
43shalldeterminewhetheranytaxpayerfilingareportorreturnwiththedepartmentwhodidnot
44applyforthecreditauthorizedunderthissectionmayqualifyforthecreditand,ifso,
45determinesataxpayermayqualifyforthecredit,shallnotifysuchtaxpayerofhisorher
46potentialeligibility.Inmakingadeterminationofeligibilityunderthissection,the
47departmentshalluseanyappropriateandavailabledataincluding,butnotlimitedto,data
48availablefromtheInternalRevenueService,theU.S.DepartmentofTreasury,andstate
49incometaxreturnsfromprevioustaxyears.
50 5.Thedepartmentshallprepareanannualreportcontainingstatisticalinformation
51regardingthetaxcreditsissuedunderthissectionfortheprevioustaxyear,includingthetotal
52amountofrevenueexpended,thenumberofcreditsclaimed,andtheaveragevalueofthe
53creditsissuedtotaxpayerswhoseearnedincomefallswithinvariousincomeranges
54determinedbythedepartment.
HCSHB2319 51 55 6.Thedirectorofthedepartmentmaypromulgaterulesandregulationstoadminister
56theprovisionsofthissection.Anyruleorportionofarule,asthattermisdefinedinsection
57536.010,thatiscreatedundertheauthoritydelegatedinthissectionshallbecomeeffective
58onlyifitcomplieswithandissubjecttoalloftheprovisionsofchapter536and,ifapplicable,
59section536.028.Thissectionandchapter536arenonseverableandifanyofthepowers
60vestedwiththegeneralassemblypursuanttochapter536toreview,todelaytheeffective
61date,ortodisapproveandannularulearesubsequentlyheldunconstitutional,thenthegrant
62ofrulemakingauthorityandanyruleproposedoradoptedafterJanuary1,2023,shallbe
63invalidandvoid.
64 7.Taxcreditsauthorizedunderthissectionshallnotbesubjecttotherequirementsof
65sections135.800to135.830.
66 8.Undersection23.253oftheMissourisunsetact:
67 (1)Theprovisionsoftheprogramauthorizedunderthissectionshall
68automaticallysunsetonDecember31,2028,unlessreauthorizedbyanactofthe
69generalassembly;
70 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissection
71shallautomaticallysunsetsixyearsaftertheeffectivedateofthereauthorizationofthis
72section;
73 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear
74immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunderthis
75sectionissunset;and
76 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
77impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
78programauthorizedunderthissectionexpires.
143.471.1.AnScorporation,asdefinedbySection1361(a)(1)oftheInternal
2RevenueCode,shallnotbesubjecttothetaxesimposedbysection143.071,orothersections
3imposingincometaxoncorporations.
4 2.AshareholderofanScorporationshalldeterminesuchshareholder'sScorporation
5modificationandproratashare,includingitscharacter,byapplyingthefollowing:
6 (1)Anymodificationdescribedinsections143.121and143.141whichrelatestoan
7itemofScorporationincome,gain,loss,ordeductionshallbemadeinaccordancewiththe
8shareholder'sproratashare,forfederalincometaxpurposes,oftheitemtowhichthe
9modificationrelates.Whereashareholder'sproratashareofanysuchitemisnotrequiredto
10betakenintoaccountseparatelyforfederalincometaxpurposes,theshareholder'sprorata
11shareofsuchitemshallbedeterminedinaccordancewithhisproratashare,forfederal
12incometaxpurposes,ofScorporationtaxableincomeorlossgenerally;
HCSHB2319 52 13 (2)EachitemofScorporationincome,gain,loss,ordeductionshallhavethesame
14characterforashareholderpursuanttosections143.005to143.998asithasforfederal
15incometaxpurposes.Whereanitemisnotcharacterizedforfederalincometaxpurposes,it
16shallhavethesamecharacterforashareholderasifrealizeddirectlyfromthesourcefrom
17whichrealizedbytheScorporationorincurredinthesamemannerasincurredbytheS
18corporation.
19 3.AnonresidentshareholderofanScorporationshalldeterminesuchshareholder's
20Missourinonresidentadjustedgrossincomeandhisorhernonresidentshareholder
21modificationbyapplyingtheprovisionsofthissubsection.Itemsshallbedeterminedto
22befromsourceswithinthisstatepursuanttoregulationsofthedirectorofrevenueinamanner
23consistentwiththedivisionofincomeprovisionsofsection143.451,section143.461,or
24section32.200(MultistateTaxCompact).Indeterminingtheadjustedgrossincomeofa
25nonresidentshareholderofanyScorporation,thereshallbeincludedonlythatpartderived
26fromorconnectedwithsourcesinthisstateoftheshareholder'sproratashareofitemsofS
27corporationincome,gain,lossordeductionenteringintoshareholder'sfederaladjustedgross
28income,assuchpartisdeterminedpursuanttoregulationsprescribedbythedirectorof
29revenueinaccordancewiththegeneralrulesinsection143.181.Anymodificationdescribed
30insubsections2and3ofsection143.121andinsection143.141,whichrelatestoanitemofS
31corporationincome,gain,loss,ordeductionshallbemadeinaccordancewiththe
32shareholder'sproratashare,forfederalincometaxpurposes,oftheitemtowhichthe
33modificationrelates,butlimitedtotheportionofsuchitemderivedfromorconnectedwith
34sourcesinthisstate.
35 4.Notwithstandingsubsection3ofthissectiontothecontrary,foralltaxyears
36beginningonorafterJanuary1,2020,theitemsreferredtointhatsubsectionshallbe
37determinedtobefromsourceswithinthisstatepursuanttoregulationsofthedirectorof
38revenueinamannerconsistentwiththedivisionofincomeprovisionsofsection143.455and
39section143.461.
40 5.ThedirectorofrevenueshallpermitScorporationstofilecompositereturnsandto
41makecompositepaymentsoftaxonbehalfofitsnonresidentshareholdersnototherwise
42requiredtofileareturn.Ifthenonresidentshareholder'sfilingrequirementsresultsolely
43fromoneormoreinterestsinanyotherpartnershipsorsubchapterScorporations,that
44nonresidentshareholdermaybeincludedinthecompositereturn.
45 6.IfanScorporationpaysorcreditsamountstoanyofitsnonresidentindividual
46shareholdersasdividendsorastheirshareoftheScorporation'sundistributedtaxableincome
47forthe[taxable] taxyear,theScorporationshalleithertimelyfilewiththedepartmentof
48revenueanagreementasprovidedinsubsection7ofthissectionorwithholdMissouriincome
49taxasprovidedinsubsection8ofthissection.AnScorporationthattimelyfilesan
HCSHB2319 53 50agreementasprovidedinsubsection7ofthissectionwithrespecttoanonresident
51shareholderfora[taxable] taxyearshallbeconsideredtohavetimelyfiledsuchan
52agreementforeachsubsequent[taxable] taxyear.AnScorporationthatdoesnottimelyfile
53suchanagreementfora[taxable] taxyearshallnotbeprecludedfromtimelyfilingsuchan
54agreementforsubsequent[taxable] taxyears.AnScorporationisnotrequiredtodeductand
55withholdMissouriincometaxforanonresidentshareholderif:
56 (1)Thenonresidentshareholdernototherwiserequiredtofileareturnagreestohave
57theMissouriincometaxduepaidaspartoftheScorporation'scompositereturn;
58 (2)ThenonresidentshareholdernototherwiserequiredtofileareturnhadMissouri
59assignablefederaladjustedgrossincomefromtheScorporationoflessthantwelvehundred
60dollars;
61 (3)TheScorporationisliquidatedorterminated;
62 (4)Incomewasgeneratedbyatransactionrelatedtoterminationorliquidation;or
63 (5)Nocashorotherpropertywasdistributedinthecurrentandprior[taxable] tax
64year.
65 7.Theagreementreferredtoinsubdivision(1)ofsubsection6ofthissectionisan
66agreementofanonresidentshareholderoftheScorporationto:
67 (1)Fileareturninaccordancewiththeprovisionsofsection143.481andtomake
68timelypaymentofalltaxesimposedontheshareholderbythisstatewithrespecttoincomeof
69theScorporation;and
70 (2)Besubjecttopersonaljurisdictioninthisstateforpurposesofthecollectionof
71incometaxes,togetherwithrelatedinterestandpenalties,imposedontheshareholderbythis
72statewithrespecttotheincomeoftheScorporation.
73
74Theagreementwillbeconsideredtimelyfiledfora[taxable] taxyear,andforallsubsequent
75[taxable] taxyears,ifitisfiledatorbeforethetimetheannualreturnforsuch[taxable] tax
76yearisrequiredtobefiledpursuanttosection143.511.
77 8.TheamountofMissouriincometaxtobewithheldisdeterminedbymultiplying
78theamountofdividendsorundistributedincomeallocabletoMissourithatispaidorcredited
79toanonresidentshareholderduringthe[taxable] taxyearbythehighestrateusedto
80determineaMissouriincometaxliabilityforanindividual,exceptthattheamountofthetax
81withheldmaybedeterminedbasedonwithholdingtablesprovidedbythedirectorofrevenue
82iftheshareholdersubmitsaMissouriwithholdingallowancecertificate.
83 9.AnScorporationshallbeentitledtorecoverforashareholderonwhosebehalfa
84taxpaymentwasmadepursuanttothissection,ifsuchshareholderhasnotaxliability.
85 10.WithrespecttoScorporationsthatarebanksorbankholdingcompanies,apro
86ratashareofthetaxcreditforthetaxpayablepursuanttochapter148shallbeallowedagainst
HCSHB2319 54 87eachScorporationshareholders'stateincometaxasfollows,providedthebankotherwise
88complieswithsection148.112:
89 (1)Thecreditallowedbythissubsectionshallbeequaltothebanktaxcalculated
90pursuanttochapter148basedonbankincomein1999andafter,onabankthatmakesan
91electionpursuantto26U.S.C.Section1362,andsuchcreditshallbeallocatedtothe
92qualifyingshareholderaccordingtostockownership,determinedbymultiplyingafraction,
93wherethenumeratoristheshareholder'sstock,andthedenominatoristhetotalstockissued
94bysuchbankorbankholdingcompany;
95 (2)Thetaxcreditauthorizedinthissubsectionshallbepermittedonlytothe
96shareholdersthatqualifyasScorporationshareholders,providedthestockatalltimesduring
97thetaxableperiodqualifiesasScorporationstockasdefinedin26U.S.C.Section1361,and
98suchstockisheldbytheshareholderduringthetaxableperiod.Thecreditcreatedbythis
99sectiononayearlybasisisavailabletoeachqualifyingshareholder,includingshareholders
100filingjointreturns.Abankholdingcompanyisnotallowedthiscredit,exceptthat,such
101creditshallflowthroughtosuchbankholdingcompany'squalifiedshareholders,andbe
102allocatedtosuchshareholdersunderthesameconditions;and
103 (3)Intheeventsuchshareholdercannotuseallorpartofthetaxcreditinthetaxable
104periodofreceipt,suchshareholdermaycarryforwardsuchtaxcreditforaperiodofthelesser
105offiveyearsoruntilused,providedsuchcreditsareusedassoonasthetaxpayerhasMissouri
106taxableincome.
107 11.WithrespecttoScorporationsthatareassociations,aproratashareofthetax
108creditforthetaxpayableunderchapter148shallbeallowedagainsteachScorporation
109shareholders'stateincometaxasfollows,providedtheassociationotherwisecomplieswith
110section148.655:
111 (1)Thecreditallowedbythissubsectionshallbeequaltothesavingsandloan
112associationtaxcalculatedunderchapter148basedonthecomputationsprovidedinsection
113148.630onanassociationthatmakesanelectionunder26U.S.C.Section1362,andsuch
114creditshallbeallocatedtothequalifyingshareholderaccordingtostockownership,
115determinedbymultiplyingafraction,wherethenumeratoristheshareholder'sstock,andthe
116denominatoristhetotalstockissuedbytheassociation;
117 (2)Thetaxcreditauthorizedinthissubsectionshallbepermittedonlytothe
118shareholdersthatqualifyasScorporationshareholders,providedthestockatalltimesduring
119thetaxableperiodqualifiesasScorporationstockasdefinedin26U.S.C.Section1361,and
120suchstockisheldbytheshareholderduringthetaxableperiod.Thecreditcreatedbythis
121sectiononayearlybasisisavailabletoeachqualifyingshareholder,includingshareholders
122filingjointreturns.Asavingsandloanassociationholdingcompanyisnotallowedthis
123credit,exceptthat,suchcreditshallflowthroughtosuchsavingsandloanassociationholding
HCSHB2319 55 124company'squalifiedshareholders,andbeallocatedtosuchshareholdersunderthesame
125conditions;and
126 (3)Intheeventsuchshareholdercannotuseallorpartofthetaxcreditinthetaxable
127periodofreceipt,suchshareholdermaycarryforwardsuchtaxcreditforaperiodofthelesser
128offiveyearsoruntilused,providedsuchcreditsareusedassoonasthetaxpayerhasMissouri
129taxableincome.
130 12.WithrespecttoScorporationsthatarecreditinstitutions,aproratashareofthe
131taxcreditforthetaxpayableunderchapter148shallbeallowedagainsteachScorporation
132shareholders'stateincometaxasfollows,providedthecreditinstitutionotherwisecomplies
133withsection148.657:
134 (1)Thecreditallowedbythissubsectionshallbeequaltothecreditinstitutiontax
135calculatedunderchapter148basedonthecomputationsprovidedinsection148.150ona
136creditinstitutionthatmakesanelectionunder26U.S.C.Section1362,andsuchcreditshall
137beallocatedtothequalifyingshareholderaccordingtostockownership,determinedby
138multiplyingafraction,wherethenumeratoristheshareholder'sstock,andthedenominatoris
139thetotalstockissuedbysuchcreditinstitution;
140 (2)Thetaxcreditauthorizedinthissubsectionshallbepermittedonlytothe
141shareholdersthatqualifyasScorporationshareholders,providedthestockatalltimesduring
142thetaxableperiodqualifiesasScorporationstockasdefinedin26U.S.C.Section1361,and
143suchstockisheldbytheshareholderduringthetaxableperiod.Thecreditcreatedbythis
144sectiononayearlybasisisavailabletoeachqualifyingshareholder,includingshareholders
145filingjointreturns.Acreditinstitutionholdingcompanyisnotallowedthiscredit,except
146that,suchcreditshallflowthroughtosuchcreditinstitutionholdingcompany'squalified
147shareholders,andbeallocatedtosuchshareholdersunderthesameconditions;and
148 (3)Intheeventsuchshareholdercannotuseallorpartofthetaxcreditinthetaxable
149periodofreceipt,suchshareholdermaycarryforwardsuchtaxcreditforaperiodofthelesser
150offiveyearsoruntilused,providedsuchcreditsareusedassoonasthetaxpayerhasMissouri
151taxableincome.
152 13.(1)ForallfiscalyearsbeginningonorafterJuly1,2025,thecumulative
153amountoftaxcreditsallowedtoalltaxpayersundersubsections10,11,and12ofthis
154sectionshallnotexceedthetotalcapamountwhichshallbeanamountequaltotwenty
155percentgreaterthanthehighestannualamountoftaxcreditsredeemedinanyone
156previousfiscalyear,fromfiscalyear2018tofiscalyear2024,asdeterminedand
157calculatedbythedepartment.
158 (2)Iftheamountoftaxcreditsclaimedinafiscalyearundersubsections10,11,
159and12ofthissectionexceedsthetotalcapdeterminedundersubdivision(1)ofthis
160subsection,taxcreditsshallbeallowedbasedontheorderinwhichtheyareclaimed.
HCSHB2319 56 161 14.Undersection23.253oftheMissourisunsetact:
162 (1)Theprovisionsofthetaxcreditprogramsauthorizedundersubsections10,
16311,and12ofthissectionshallautomaticallysunsetonAugust28,2030,unless
164reauthorizedbyanactofthegeneralassembly;
165 (2)Ifsuchprogramsarereauthorized,thetaxcreditprogramsauthorizedunder
166subsections10,11,and12ofthissectionshallautomaticallysunsetsixyearsafterthe
167effectivedateofthereauthorizationofthissection;
168 (3)Theprovisionsofthetaxcreditprogramsauthorizedundersubsections10,
16911,and12ofthissectionshallterminateonSeptemberfirstofthecalendaryear
170immediatelyfollowingthecalendaryearinwhichtheprogramsauthorizedunder
171subsections10,11,and12ofthissectionaresunset;and
172 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
173impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
174programsauthorizedunderthissectionexpire.
148.064.1.Notwithstandinganylawtothecontrary,thissectionshalldeterminethe
2orderingandlimitreductionsforcertaintaxesandtaxcreditswhichmaybeusedascredits
3againstvarioustaxespaidorpayablebybankinginstitutions.Exceptasadjustedin
4subsections2,3and6ofthissection,suchcreditsshallbeappliedinthefollowingorderuntil
5usedagainst:
6 (1)Thetaxonbanksdeterminedundersubdivision(2)ofsubsection2ofsection
7148.030;
8 (2)Thetaxonbanksdeterminedundersubdivision(1)ofsubsection2ofsection
9148.030;
10 (3)Thestateincometaxinsection143.071.
11 2.Thetaxcreditspermittedagainsttaxespayablepursuanttosubdivision(2)of
12subsection2ofsection148.030shallbeutilizedfirstandincludetaxesreferencedin
13subdivisions(2)and(3)ofsubsection1ofthissection,whichshallbedeterminedwithout
14reductionforanytaxcreditsidentifiedinsubsection5ofthissectionwhichareusedtoreduce
15suchtaxes.Whereabankinginstitutionsubjecttothissectionjoinsinthefilingofa
16consolidatedstateincometaxreturnunderchapter143,thecreditallowedunderthissection
17forstateincometaxespayableunderchapter143shallbedeterminedbaseduponthe
18consolidatedstateincometaxliabilityofthegroupandallocatedtoabankinginstitution,
19withoutreductionforanytaxcreditsidentifiedinsubsection5ofthissectionwhichareused
20toreducesuchconsolidatedtaxesasprovidedinchapter143.
21 3.Thetaxesreferencedinsubdivisions(2)and(3)ofsubsection1ofthissectionmay
22bereducedbythetaxcreditsinsubsection5ofthissectionwithoutregardtoanyadjustments
23insubsection2ofthissection.
HCSHB2319 57 24 4.Totheextentthatcertaintaxcreditswhichthetaxpayerisentitledtoclaimare
25transferable,suchtransferabilitymayincludetransfersamongsuchtaxpayerswhoare
26membersofasingleconsolidatedincometaxreturn,andthissubsectionshallnotimpact
27othertaxcredittransferability.
28 5.Forthepurposeofthissection,thetaxcreditsreferredtoinsubsections2and3
29shallincludetaxcreditsavailableforeconomicdevelopment,low-incomehousingand
30neighborhoodassistancewhichthetaxpayerisentitledtoclaimfortheyear,includingbyway
31ofexampleandnotoflimitation,taxcreditspursuanttothefollowingsections:section
3232.115,section100.286,andsections135.110,135.225,and135.352[and135.403].
33 6.FortaxreturnsfiledonorafterJanuary1,2001,includingreturnsbasedonincome
34intheyear2000,andafter,abankinginstitutionshallbeentitledtoanannualtaxcreditequal
35toone-sixtiethofonepercentofitsoutstandingsharesandsurplusemployedinthisstateif
36theoutstandingsharesandsurplusexceedonemilliondollars,determinedinthesamemanner
37asinsection147.010.Thistaxcreditshallbetakenasadollar-for-dollarcreditagainstthe
38banktaxprovidedforinsubdivision(2)ofsubsection2ofsection148.030;ifsuchbanktax
39wasalreadyreducedtozerobyothercredits,thenagainstthecorporateincometaxprovided
40forinchapter143.ForalltaxyearsbeginningonorafterJanuary1,2020,notaxcreditshall
41beauthorizedunderthissubsection.
42 7.Intheeventthecorporationfranchisetaxinchapter147isrepealedbythegeneral
43assembly,thereshallalsobeareductioninthetaxationofbanksasfollows:inlieuoftheloss
44ofthecorporationfranchisetaxcreditreductioninsubdivision(1)ofsubsection2ofsection
45148.030,thebankshallreceiveataxcreditequaltooneandone-halfpercentofnetincomeas
46determinedinthischapter.Thissubsectionshalltakeeffectatthesametimethecorporation
47franchisetaxinchapter147isrepealed.
48 8.AnScorporationbankorbankholdingcompanythatotherwisequalifiesto
49distributetaxcreditstoitsshareholdersshallpassthroughanytaxcreditsreferredtoin
50subsection5ofthissectiontoitsshareholdersasotherwiseprovidedforinsubsection10of
51section143.471withnoreductionsorlimitationsresultingfromthetransferthroughsuchS
52corporation,andonthesametermsoriginallymadeavailabletotheoriginaltaxpayer,subject
53toanyoriginaldollarorpercentagelimitationsonsuchcredits,andwhensuchScorporation
54istheoriginaltaxpayer,treatingsuchScorporationashavingnotelectedSubchapterSstatus.
55 9.Notwithstandinganylawtothecontrary,intheeventthecorporationfranchisetax
56inchapter147isrepealedbythegeneralassembly,aftersuchrepealallMissouritaxesofany
57natureandtypeimposeddirectlyorusedasataxcreditagainstthebank'staxesshallbe
58passedthroughtotheScorporationbankorbankholdingcompanyshareholderintheform
59otherwisepermittedbylaw,exceptforthefollowing:
HCSHB2319 58 60 (1)Creditsfortaxesonrealestateandtangiblepersonalpropertyownedbythebank
61andheldforleaseorrentaltoothers;
62 (2)Contributionspaidpursuanttotheunemploymentcompensationtaxlawof
63Missouri;or
64 (3)Stateandlocalsalesandusetaxescollectedbythebankonitssalesoftangible
65personalpropertyandtheservicesenumeratedinchapter144.
148.330.1.Everysuchcompanyshall,onorbeforethefirstdayofMarchineach
2year,makeareturn,verifiedbytheaffidavitofitspresidentandsecretary,orotherauthorized
3officers,tothedirectorofthedepartmentofcommerceandinsurancestatingtheamountofall
4premiumsreceivedonaccountofpoliciesissuedinthisstatebythecompany,whetherincash
5orinnotes,duringtheyearendingonthethirty-firstdayofDecember,nextpreceding.Upon
6receiptofsuchreturnsthedirectorofthedepartmentofcommerceandinsuranceshallverify
7thesameandcertifytheamountoftaxduefromthevariouscompaniesonthebasisandatthe
8ratesprovidedinsection148.320,andshallcertifythesametothedirectorofrevenue
9togetherwiththeamountofthequarterlyinstallmentstobemadeasprovidedinsubsection2
10ofthissection,onorbeforethethirtiethdayofAprilofeachyear.
11 2.BeginningJanuary1,1983,theamountofthetaxdueforthatcalendaryearand
12eachsucceedingcalendaryearthereaftershallbepaidinfourapproximatelyequalestimated
13quarterlyinstallments,andafifthreconcilinginstallment.Thefirstfourinstallmentsshallbe
14baseduponthetaxfortheimmediatelyprecedingtaxableyearendingonthethirty-firstdayof
15December,nextpreceding.Thequarterlyinstallmentsshallbemadeonthefirstdayof
16March,thefirstdayofJune,thefirstdayofSeptemberandthefirstdayofDecember.
17Immediatelyafterreceivingcertificationfromthedirectorofthedepartmentofcommerce
18andinsuranceoftheamountoftaxduefromthevariouscompaniesthedirectorofrevenue
19shallnotifyandassesseachcompanytheamountoftaxesonitspremiumsforthecalendar
20yearendingonthethirty-firstdayofDecember,nextpreceding.Thedirectorofrevenueshall
21alsonotifyandassesseachcompanytheamountoftheestimatedquarterlyinstallmentstobe
22madeforthecalendaryear.Iftheamountoftheactualtaxdueforanyyearexceedsthetotal
23oftheinstallmentsmadeforsuchyear,thebalanceofthetaxdueshallbepaidonthefirstday
24ofJuneoftheyearfollowing,togetherwiththeregularquarterlypaymentdueatthattime.If
25thetotalamountofthetaxactuallydueislessthanthetotalamountoftheinstallments
26actuallypaid,theamountbywhichtheamountpaidexceedstheamountdueshallbecredited
27againstthetaxforthefollowingyearanddeductedfromthequarterlyinstallmentotherwise
28dueonthefirstdayofJune.IftheMarchfirstquarterlyinstallmentmadebyacompanyis
29lessthantheamountassessedbythedirectorofrevenue,thedifferencewillbedueonJune
30first,butnointerestwillaccruetothestateonthedifferenceunlesstheamountpaidbythe
31companyislessthaneightypercentofone-fourthofthetotalamountoftaxassessedbythe
HCSHB2319 59 32directorofrevenuefortheimmediatelyprecedingtaxableyear.Thestatetreasurer,upon
33receivingthemoneyspaidasataxuponsuchpremiumstothedirectorofrevenue,shallplace
34themoneystothecreditofafundtobeknownas"TheCountyStockInsuranceFund",which
35isherebycreatedandestablished.Thecountystockinsurancefundshallbeincludedinthe
36calculationoftotalstaterevenuepursuanttoArticleX,Section18,oftheMissouri
37Constitution.
38 3.Iftheestimatedquarterlytaxinstallmentsarenotsopaid,thedirectorofrevenue
39shallcertifysuchfacttothedirectorofthedepartmentofcommerceandinsurancewhoshall
40thereaftersuspendsuchdelinquentcompanyorcompaniesfromthefurthertransactionof
41businessinthisstateuntilsuchtaxesshallbepaidandsuchcompaniesshallbesubjecttothe
42provisionsofsections148.410to148.461.
43 4.OnorbeforethefirstdayofSeptemberofeachyearthecommissionerof
44administrationshallapportionallmoneysinthecountystockinsurancefundtothegeneral
45revenuefundofthestate,tothecountytreasurerandtothetreasureroftheschooldistrictin
46whichtheprincipalofficeofthecompanypayingthesameislocated.Allpremiumtax
47creditsdescribedin[sections135.500to135.529and]sections348.430and348.432shall
48onlyreducetheamountsapportionedtothegeneralrevenuefundofthestateandshallnot
49reduceanymoneysapportionedtoanycountytreasurerortothetreasureroftheschool
50districtinwhichtheprincipalofficeofthecompanypayingthesameislocated.
51Apportionmentsshallbemadeinthesameratiowhichtheratesoflevyforthesameyear
52forstatepurposes,forcountypurposes,andforallschooldistrictpurposes,beartoeachother;
53providedthatanyproceedsfromsuchtaxforprioryearsremainingonhandinthehandsof
54thecountycollectororcountytreasurerundistributedontheeffectivedateofsections148.310
55to148.460andanyproceedsofsuchtaxforprioryearscollectedthereaftershallbe
56distributedandpaidinaccordancewiththeprovisionsofsuchsections.Whenevertheword
57"county"occurshereinitshallbeconstruedtoincludethecityofSt.Louis.
148.350.1.Everysuchcompanyorassociationshall,onorbeforethefirstdayof
2Marchineachyear,makeareturn,verifiedbytheaffidavitofitspresidentandsecretaryor
3otherauthorizedofficers,tothedirectorofthedepartmentofcommerceandinsurancestating
4theamountofallpremiumsreceivedonaccountofpoliciesissuedinthisstatebysuch
5company,whetherincashorinnotes,duringtheyearendingonthethirty-firstdayof
6December,nextpreceding.Uponreceiptofsuchreturns,thedirectorofthedepartmentof
7commerceandinsuranceshallverifythesameandcertifytheamountoftaxduefromthe
8variouscompaniesonthebasisandattherateprovidedinsection148.340,andshallcertify
9thesametothedirectorofrevenuetogetherwiththeamountofthequarterlyinstallmentsto
10bemadeasprovidedinsubsection2ofthissection,onorbeforethethirtiethdayofAprilof
11eachyear.
HCSHB2319 60 12 2.BeginningJanuary1,1983,theamountofthetaxdueforthatcalendaryearand
13eachsucceedingcalendaryearthereaftershallbepaidinfourapproximatelyequalestimated
14quarterlyinstallmentsandafifthreconcilinginstallment.Thefirstfourinstallmentsshallbe
15baseduponthetaxassessedfortheimmediatelyprecedingtaxableyearendingonthethirty-
16firstdayofDecember,nextpreceding.Thequarterlyinstallmentshallbemadeonthefirst
17dayofMarch,thefirstdayofJune,thefirstdayofSeptember,andthefirstdayofDecember.
18Immediatelyafterreceivingfromthedirectorofthedepartmentofcommerceandinsurance,
19certificationoftheamountoftaxduefromthevariouscompanies,thedirectorofrevenue
20shallnotifyandassesseachcompanytheamountoftaxesonitspremiumsforthecalendar
21yearendingonthethirty-firstdayofDecember,nextpreceding.Thedirectorofrevenueshall
22alsonotifyandassesseachcompanytheamountoftheestimatedquarterlyinstallmentstobe
23madeforthecalendaryear.Iftheamountoftheactualtaxdueforanyyearexceedsthetotal
24oftheinstallmentsmadeforsuchyear,thebalanceofthetaxdueshallbepaidonthefirstday
25ofJuneofthefollowingyear,togetherwiththeregularquarterlyinstallmentdueatthattime.
26Ifthetotalamountofthetaxactuallydueislessthanthetotalamountoftheinstallments
27actuallypaid,theamountbywhichtheamountpaidexceedstheamountdueshallbecredited
28againstthetaxforthefollowingyearanddeductedfromthequarterlyinstallmentotherwise
29dueonthefirstdayofJune.IftheMarchfirstquarterlyinstallmentmadebyacompanyis
30lessthantheamountassessedbythedirectorofrevenue,thedifferencewillbedueonJune
31first,butnointerestwillaccruetothestateonthedifferenceunlesstheamountpaidbythe
32companyislessthaneightypercentofone-fourthofthetotalamountoftaxassessedbythe
33directorofrevenuefortheimmediatelyprecedingtaxableyear.Iftheestimatedquarterlytax
34installmentsarenotsopaid,thedirectorofrevenueshallcertifysuchfacttothedirectorofthe
35departmentofcommerceandinsurancewhoshallthereaftersuspendsuchdelinquent
36companyorcompaniesfromthefurthertransactionofbusinessinthisstateuntilsuchtaxes
37shallbepaid,andsuchcompaniesshallbesubjecttotheprovisionsofsections148.410to
38148.461.
39 3.Uponreceivingsuchmoneyfromthedirectorofrevenue,thestatetreasurershall
40receiptone-halfthereofintothegeneralrevenuefundofthestate,andheshallplacethe
41remainderofsuchtaxtothecreditofafundtobeknownas"TheCountyForeignInsurance
42TaxFund",whichisherebycreatedandestablished.[Allpremiumtaxcreditsdescribedin
43sections135.500to135.529shallonlyreducetheamountofmoneysreceivedbythegeneral
44revenuefundofthisstateandshallnotreduceanymoneysreceivedbythecountyforeign
45insurancetaxfund.]
192.2015.1.Anyregisteredcaregiverwhomeetstherequirementsofthissection
2shallbeeligibleforasharedcaretaxcreditinanamountnottoexceedfivehundreddollarsto
HCSHB2319 61 3defraythecostofcaringforanelderlyperson.Inordertobeeligibleforasharedcaretax
4credit,aregisteredcaregivershall:
5 (1)Careforanelderlyperson,agesixtyorolder,who:
6 (a)Isphysicallyormentallyincapableoflivingalone,asdeterminedandcertifiedby
7hisorherphysicianlicensedpursuanttochapter334,orbythedepartmentstaffwhenan
8assessmenthasbeencompletedforthepurposeofqualificationforotherservices;and
9 (b)Requiresassistancewithactivitiesofdailylivingtotheextentthatwithoutcare
10andoversightathomewouldrequireplacementinafacilitylicensedpursuanttochapter198;
11and
12 (c)Undernocircumstances,isableorallowedtooperateamotorvehicle;and
13 (d)DoesnotreceivefundingorservicesthroughMedicaidorsocialservicesblock
14grantfunding;
15 (2)Liveinthesameresidencetogiveprotectiveoversightfortheelderlyperson
16meetingtherequirementsdescribedinsubdivision(1)ofthissubsectionforanaggregateof
17morethansixmonthspertaxyear;
18 (3)Notreceivemonetarycompensationforprovidingcarefortheelderlyperson
19meetingtherequirementsdescribedinsubdivision(1)ofthissubsection;and
20 (4)Filetheoriginalcompletedandsignedphysiciancertificationforsharedcaretax
21creditformortheoriginalcompletedandsigneddepartmentcertificationforsharedcaretax
22creditformprovidedforinsubsection2ofsection192.2010alongwithsuchcaregiver's
23Missouriindividualincometaxreturntothedepartmentofrevenue.
24 2.Thetaxcreditallowedbythissectionshallapplytoanyyearbeginningafter
25December31,1999.
26 3.(1)ForallfiscalyearsbeginningonorafterJuly1,2025,thecumulative
27amountoftaxcreditsallowedtoalltaxpayersunderthissectionshallnotexceedthe
28totalcapamountwhichshallbeanamountequaltotwentypercentgreaterthanthe
29highestannualamountoftaxcreditsredeemedinanyonepreviousfiscalyear,from
30fiscalyear2018tofiscalyear2024,asdeterminedandcalculatedbythedepartment.
31 (2)Iftheamountoftaxcreditsclaimedinafiscalyearunderthissectionexceeds
32thetotalcapdeterminedundersubdivision(1)ofthissubsection,taxcreditsshallbe
33allowedbasedontheorderinwhichtheyareclaimed.
34 [3.]4.Anyruleorportionofarule,asthattermisdefinedinsection536.010,thatis
35createdundertheauthoritydelegatedinsections192.2000to192.2020shallbecomeeffective
36onlyifitcomplieswithandissubjecttoalloftheprovisionsofchapter536and,ifapplicable,
37section536.028.AllrulemakingauthoritydelegatedpriortoAugust28,1999,isofnoforce
38andeffectandrepealed.Nothinginthissectionshallbeinterpretedtorepealoraffectthe
39validityofanyrulefiledoradoptedpriortoAugust28,1999,ifitfullycompliedwithall
HCSHB2319 62 40applicableprovisionsoflaw.Thissectionandchapter536arenonseverableandifanyofthe
41powersvestedwiththegeneralassemblypursuanttochapter536toreview,todelaythe
42effectivedateortodisapproveandannularulearesubsequentlyheldunconstitutional,then
43thegrantofrulemakingauthorityandanyruleproposedoradoptedafterAugust28,1999,
44shallbeinvalidandvoid.
45 [4.]5.Anypersonwhoknowinglyfalsifiesanydocumentrequiredforthesharedcare
46taxcreditshallbesubjecttothesamepenaltiesforfalsifyingothertaxdocumentsasprovided
47inchapter143.
48 6.Undersection23.253oftheMissourisunsetact:
49 (1)Theprovisionsoftheprogramauthorizedunderthissectionshall
50automaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthegeneral
51assembly;
52 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissection
53shallautomaticallysunsetsixyearsaftertheeffectivedateofthereauthorizationofthis
54section;
55 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear
56immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunderthis
57sectionissunset;and
58 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
59impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
60programauthorizedunderthissectionexpires.
208.770.1.Moneysdepositedinorwithdrawnpursuanttosubsection1ofsection
2208.760fromafamilydevelopmentaccountbyanaccountholderareexemptedfromtaxation
3pursuanttochapter143,excludingwithholdingtaximposedbysections143.191to143.265,
4andchapter147,148or153provided,however,thatanymoneywithdrawnforanunapproved
5useshouldbesubjecttotaxasrequiredbylaw.
6 2.Interestearnedbyafamilydevelopmentaccountisexemptedfromtaxation
7pursuanttochapter143.
8 3.Anyfundsinafamilydevelopmentaccount,includingaccruedinterest,shallbe
9disregardedwhendeterminingeligibilitytoreceive,ortheamountof,anypublicassistanceor
10benefits.
11 4.Aprogramcontributorshallbeallowedacreditagainstthetaximposedbychapter
12143,excludingwithholdingtaximposedbysections143.191to143.265,andchapter147,
13148or153,pursuanttosections208.750to208.775.Contributionsuptofiftythousand
14dollarsperprogramcontributorareeligibleforthetaxcreditwhichshallnotexceedfifty
15percentofthecontributionamount.
HCSHB2319 63 16 5.Thedepartmentofeconomicdevelopmentshallverifyalltaxcreditclaimsby
17contributors.Theadministratorofthecommunity-basedorganization,withthecooperation
18oftheparticipatingfinancialinstitutions,shallsubmitthenamesofcontributorsandthetotal
19amounteachcontributorcontributestoafamilydevelopmentaccountreservefundforthe
20calendaryear.Thedirectorshalldeterminethedatebywhichsuchinformationshallbe
21submittedtothedepartmentbythelocaladministrator.Thedepartmentshallsubmit
22verificationofqualifiedtaxcreditspursuanttosections208.750to208.775tothedepartment
23ofrevenue.
24 6.ForallfiscalyearsendingonorbeforeJune30,2010,thetotaltaxcredits
25authorizedpursuanttosections208.750to208.775shallnotexceedfourmilliondollarsin
26anyfiscalyear.ForallfiscalyearsbeginningonorafterJuly1,2010,thetotaltaxcredits
27authorizedundersections208.750to208.775shallnotexceedthreehundredthousanddollars
28inanyfiscalyear.
29 7.Undersection23.253oftheMissourisunsetact:
30 (1)Theprovisionsofthetaxcreditprogramauthorizedunderthissectionshall
31automaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthegeneral
32assembly;
33 (2)Ifsuchtaxcreditprogramisreauthorized,theprogramauthorizedunder
34thissectionshallautomaticallysunsetsixyearsaftertheeffectivedateofthe
35reauthorizationofthissection;
36 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear
37immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunderthis
38sectionissunset;and
39 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
40impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
41programauthorizedunderthissectionexpires.
320.092.1.Taxcreditsissuedpursuanttosections135.400[,] to135.432andsection
2135.750[and320.093] shallbesubjecttooversightprovisions.EffectiveJanuary1,2000,
3notwithstandingtheprovisionsofsection32.057,theboard,departmentorauthorityissuing
4taxcreditsshallannuallyreporttotheofficeofadministration,presidentprotemofthe
5senate,andthespeakerofthehouseofrepresentativesregardingthetaxcreditsissued
6pursuanttosections135.400[,] to135.432andsection135.750[and320.093] whichwere
7issuedinthepreviousfiscalyear.Thereportshallcontain,butnotbelimitedto,theaggregate
8numberanddollaramountoftaxcreditsissuedbytheboard,departmentorauthority,the
9numberanddollaramountoftaxcreditsclaimedbytaxpayers,andthenumberanddollar
10amountoftaxcreditsunclaimedbytaxpayersaswellasthenumberofyearsallowedfor
11claimstobemade.ThisreportshallbedeliverednolaterthanNovemberofeachyear.
HCSHB2319 64 12 2.Thereportingrequirementsestablishedpursuanttosubsection1ofthissection
13shallalsoapplytothedepartmentofeconomicdevelopmentandtheMissouridevelopment
14financeboardestablishedpursuanttosection100.265.ThedepartmentandtheMissouri
15developmentfinanceboardshallreportonthetaxcreditprogramswhichtheyrespectively
16administerthatareauthorizedundertheprovisionsofchapters32,100,135,178,253,348,
17447and620.
348.505.1.Asusedinthissection,"statetaxliability"[,] meansanystatetaxliability
2incurredbyataxpayerundertheprovisionsofchapters143,147,and148,exclusiveofthe
3provisionsrelatingtothewithholdingoftaxasprovidedforinsections143.191to143.265
4andrelatedprovisions.
5 2.Anyeligiblelenderunderthefamilyfarmlivestockloanprogramundersection
6348.500shallbeentitledtoreceiveataxcreditequaltoonehundredpercentoftheamountof
7interestwaivedbythelenderundersection348.500onaqualifyingloanforthefirstyearof
8theloanonly.Thetaxcreditshallbeevidencedbyataxcreditcertificateissuedbythe
9agriculturalandsmallbusinessdevelopmentauthorityandmaybeusedtosatisfythestatetax
10liabilityoftheownerofsuchcertificatethatbecomesdueinthetaxyearinwhichtheinterest
11onaqualifiedloaniswaivedbythelenderundersection348.500.Nolendermayreceivea
12taxcreditunderthissectionunlesssuchpersonpresentsataxcreditcertificatetothe
13departmentofrevenueforpaymentofsuchstatetaxliability.Theamountofthetaxcredits
14thatmaybeissuedtoalleligiblelendersclaimingtaxcreditsauthorizedinthissectionina
15fiscalyearshallnotexceedthreehundredthousanddollars.
16 3.Theagriculturalandsmallbusinessdevelopmentauthorityshallberesponsiblefor
17theadministrationandissuanceofthecertificateoftaxcreditsauthorizedbythissection.The
18authorityshallissueacertificateoftaxcreditattherequestofanylender.Eachrequestshall
19includeatruecopyoftheloandocuments,thenameofthelenderwhoistoreceivea
20certificateoftaxcredit,thetypeofstatetaxliabilityagainstwhichthetaxcreditistobeused,
21andtheamountofthecertificateoftaxcredittobeissuedtothelenderbasedontheinterest
22waivedbythelenderundersection348.500ontheloanforthefirstyear.
23 4.TheMissouridepartmentofrevenueshallacceptacertificateoftaxcreditinlieuof
24otherpaymentinsuchamountasisequaltothelesseroftheamountofthetaxorthe
25remainingunusedamountofthecreditasindicatedonthecertificateoftaxcredit,andshall
26indicateonthecertificateoftaxcredittheamountoftaxtherebypaidandthedateofsuch
27payment.
28 5.Thefollowingprovisionsshallapplytotaxcreditsauthorizedunderthissection:
29 (1)Taxcreditsclaimedina[taxable] taxyearmaybeclaimedonaquarterlybasis
30andappliedtotheestimatedquarterlytaxofthelender;
HCSHB2319 65 31 (2)Anyamountoftaxcreditwhichexceedsthetaxdue,includinganyestimated
32quarterlytaxespaidbythelenderundersubdivision(1)ofthissubsectionwhichresultsinan
33overpaymentoftaxesfora[taxable] taxyear,shallnotberefundedbutmaybecarriedoverto
34anysubsequent[taxable] taxyear,nottoexceedatotalofthreeyearsforwhichataxcredit
35maybetakenforaqualifiedfamilyfarmlivestockloan;
36 (3)Notwithstandinganyprovisionoflawtothecontrary,alendermayassign,
37transferorselltaxcreditsauthorizedunderthissection,withthenewownerofthetaxcredit
38receivingthesamerightsinthetaxcreditasthelender.Foranytaxcreditsassigned,
39transferred,sold,orotherwiseconveyed,anotarizedendorsementshallbefiledbythelender
40withtheauthorityspecifyingthenameandaddressofthenewownerofthetaxcreditandthe
41valueofsuchtaxcredit;and
42 (4)Notwithstandinganyotherprovisionofthissectiontothecontrary,any
43commercialbankmayusetaxcreditscreatedunderthissectionasprovidedinsection
44148.064andreceiveanettaxcreditagainsttaxesactuallypaidintheamountofthefirstyear's
45interestonloansmadeunderthissection.Ifsuchfirstyeartaxcreditsreducetaxesdueas
46providedinsection148.064tozero,theremainingtaxcreditsmaybecarriedoveras
47otherwiseprovidedinthissectionandutilizedasprovidedinsection148.064insubsequent
48years.
49 6.Undersection23.253oftheMissourisunsetact:
50 (1)Theprovisionsoftheprogramauthorizedunderthissectionshall
51automaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthegeneral
52assembly;
53 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthissection
54shallautomaticallysunsetsixyearsaftertheeffectivedateofthereauthorizationofthis
55section;
56 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear
57immediatelyfollowingthecalendaryearinwhichtheprogramauthorizedunderthis
58sectionissunset;and
59 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
60impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
61programauthorizedunderthissectionexpires.
447.708.1.Foreligibleprojects,thedirectorofthedepartmentofeconomic
2development,withnoticetothedirectorsofthedepartmentsofnaturalresourcesandrevenue,
3andsubjecttotheotherprovisionsofsections447.700to447.718,maynotcreateanew
4enterprisezonebutmaydecidethataprospectiveoperatorofafacilitybeingremediedand
5renovatedpursuanttosections447.700to447.718mayreceivethetaxcreditsandexemptions
6pursuanttosections135.100to135.150andsections135.200to135.257.Thetaxcredits
HCSHB2319 66 7allowedpursuanttothissubsectionshallbeusedtooffsetthetaximposedbychapter143,
8excludingwithholdingtaximposedbysections143.191to143.265,orthetaxotherwise
9imposedbychapter147,orthetaxotherwiseimposedbychapter148.Forpurposesofthis
10subsection:
11 (1)Forreceiptoftheadvaloremtaxabatementpursuanttosection135.215,the
12eligibleprojectmustcreateatleasttennewjobsorretainbusinesseswhichsupplyatleast
13twenty-fiveexistingjobs.Thecity,orcountyiftheeligibleprojectisnotlocatedinacity,
14mustprovideadvaloremtaxabatementofatleastfiftypercentforaperiodnotlessthanten
15yearsandnotmorethantwenty-fiveyears;
16 (2)Forreceiptoftheincometaxexemptionpursuanttosection135.220andtaxcredit
17forneworexpandedbusinessfacilitiespursuanttosections135.100to135.150,and135.225,
18theeligibleprojectmustcreateatleasttennewjobsorretainbusinesseswhichsupplyatleast
19twenty-fiveexistingjobs,orcombinationthereof.Forpurposesofsections447.700to
20447.718,thetaxcreditsdescribedinsection135.225aremodifiedasfollows:thetaxcredit
21shallbefourhundreddollarsperemployeeperyear,anadditionalfourhundreddollarsper
22yearforeachemployeeexceedingtheminimumemploymentthresholdsoftenandtwenty-
23fivejobsfornewandexistingbusinesses,respectively,anadditionalfourhundreddollarsper
24yearforeachpersonwhoisapersondifficulttoemployasdefinedbysection135.240,and
25investmenttaxcreditsatthesameamountsandlevelsasprovidedinsubdivision(4)of
26subsection1ofsection135.225;
27 (3)Foreligibilitytoreceivetheincometaxrefundpursuanttosection135.245,the
28eligibleprojectmustcreateatleasttennewjobsorretainbusinesseswhichsupplyatleast
29twenty-fiveexistingjobs,orcombinationthereof,andotherwisecomplywiththeprovisions
30ofsection135.245forapplicationanduseoftherefundandtheeligibilityrequirementsof
31thissection;
32 (4)Theeligibleprojectoperatesincompliancewithapplicableenvironmentallaws
33andregulations,includingpermittingandregistrationrequirements,ofthisstateaswellasthe
34federalandlocalrequirements;
35 (5)Theeligibleprojectoperatorshallfilesuchreportsasmayberequiredbythe
36directorofeconomicdevelopmentorthedirector'sdesignee;
37 (6)Thetaxpayermayclaimthestatetaxcreditsauthorizedbythissubsectionandthe
38stateincomeexemptionforaperiodnotinexcessoftenconsecutivetaxyears.Forthe
39purposeofthissection,"taxpayer"meansanindividualproprietorship,partnershipor
40corporationdescribedinsection143.441or143.471whooperatesaneligibleproject.The
41directorshalldeterminethenumberofyearsthetaxpayermayclaimthestatetaxcreditsand
42thestateincomeexemptionbasedontheprojectednetstateeconomicbenefitsattributedto
43theeligibleproject;
HCSHB2319 67 44 (7)Forthepurposeofmeetingthenewjobrequirementprescribedinsubdivisions
45(1),(2)and(3)ofthissubsection,itshallberequiredthatatleasttennewjobsbecreatedand
46maintainedduringthetaxpayer'staxperiodforwhichthecreditsareearned,inthecaseofan
47eligibleprojectthatdoesnotreplaceasimilarfacilityinMissouri."Newjob"meansaperson
48whowasnotpreviouslyemployedbythetaxpayerorrelatedtaxpayerwithinthetwelve-
49monthperiodimmediatelyprecedingthetimethepersonwasemployedbythattaxpayerto
50workat,orinconnectionwith,theeligibleprojectonafull-timebasis."Full-timebasis"
51meanstheemployeeworksanaverageofatleastthirty-fivehoursperweekduringthe
52taxpayer'staxperiodforwhichthetaxcreditsareearned.Forthepurposesofthissection,
53"relatedtaxpayer"hasthesamemeaningasdefinedinsubdivision(10)ofsection135.100;
54 (8)Forthepurposeofmeetingtheexistingjobretentionrequirement,iftheeligible
55projectreplacesasimilarfacilitythatclosedelsewhereinMissouripriortotheendofthe
56taxpayer'staxperiodinwhichthetaxcreditsareearned,itshallberequiredthatatleast
57twenty-fiveexistingjobsberetainedat,andinconnectionwiththeeligibleproject,onafull-
58timebasisduringthetaxpayer'staxperiodforwhichthecreditsareearned."Retainedjob"
59meansapersonwhowaspreviouslyemployedbythetaxpayerorrelatedtaxpayer,atafacility
60similartotheeligibleprojectthatclosedelsewhereinMissouripriortotheendofthe
61taxpayer'staxperiodinwhichthetaxcreditsareearned,withinthetaxperiodimmediately
62precedingthetimethepersonwasemployedbythetaxpayertoworkat,orinconnection
63with,theeligibleprojectonafull-timebasis."Full-timebasis"meanstheemployeeworksan
64averageofatleastthirty-fivehoursperweekduringthetaxpayer'staxperiodforwhichthe
65taxcreditsareearned;
66 (9)Inthecasewhereaneligibleprojectreplacesasimilarfacilitythatclosed
67elsewhereinMissouripriortotheendofthetaxpayer'staxperiodinwhichthetaxcreditsare
68earned,theownerandoperatoroftheeligibleprojectshallprovidethedirectorwithawritten
69statementexplainingthereasonfordiscontinuingoperationsattheclosedfacility.The
70statementshallincludeacomparisonoftheactivitiesperformedattheclosedfacilitypriorto
71thedatethefacilityceasedoperating,totheactivitiesperformedattheeligibleproject,anda
72detailedaccountdescribingtheneedandrationaleforrelocatingtotheeligibleproject.Ifthe
73directorfindstherelocationtotheeligibleprojectsignificantlyimpairedtheeconomic
74stabilityoftheareainwhichtheclosedfacilitywaslocated,andthatsuchmovewas
75detrimentaltotheoveralleconomicdevelopmenteffortsofthestate,thedirectormaydeny
76thetaxpayer'srequesttoclaimtaxbenefits;
77 (10)Notwithstandinganyprovisionoflawtothecontrary,forthepurposeofthis
78section,thenumberofnewjobscreatedandmaintained,thenumberofexistingjobsretained,
79andthevalueofnewqualifiedinvestmentusedattheeligibleprojectduringanytaxyearshall
80bedeterminedbydividingbytwelve,inthecaseofjobs,thesumofthenumberofindividuals
HCSHB2319 68 81employedattheeligibleproject,orinthecaseofnewqualifiedinvestment,thevalueofnew
82qualifiedinvestmentusedattheeligibleproject,onthelastbusinessdayofeachfullcalendar
83monthofthetaxyear.Iftheeligibleprojectisinoperationforlessthantheentiretaxyear,
84thenumberofnewjobscreatedandmaintained,thenumberofexistingjobsretained,andthe
85valueofnewqualifiedinvestmentcreatedattheeligibleprojectduringanytaxyearshallbe
86determinedbydividingthesumofthenumberofindividualsemployedattheeligibleproject,
87orinthecaseofnewqualifiedinvestment,thevalueofnewqualifiedinvestmentusedatthe
88eligibleproject,onthelastbusinessdayofeachfullcalendarmonthduringtheportionofthe
89taxyearduringwhichtheeligibleprojectwasinoperation,bythenumberoffullcalendar
90monthsduringsuchperiod;
91 (11)Forthepurposeofthissection,"newqualifiedinvestment"meansnewbusiness
92facilityinvestmentasdefinedandasdeterminedinsubdivision(8)ofsection135.100which
93isusedatandinconnectionwiththeeligibleproject.Newqualifiedinvestmentshallnot
94includesmalltools,suppliesandinventory."Smalltools"meanstoolsthatareportableand
95canbehandheld.
96 2.Thedeterminationofthedirectorofeconomicdevelopmentpursuanttosubsection
971ofthissectionshallnotaffectrequirementsfortheprospectivepurchasertoobtainthe
98approvalofthegrantingofrealpropertytaxabatementbythemunicipalorcounty
99governmentwheretheeligibleprojectislocated.
100 3.(1)Thedirectorofthedepartmentofeconomicdevelopment,withtheapprovalof
101thedirectorofthedepartmentofnaturalresources,may,inadditiontothetaxcreditsallowed
102insubsection1ofthissection,grantaremediationtaxcredittotheapplicantforuptoone
103hundredpercentofthecostsofmaterials,supplies,equipment,labor,professional
104engineering,consultingandarchitecturalfees,permittingfeesandexpenses,demolition,
105asbestosabatement,anddirectutilitychargesforperformingthevoluntaryremediation
106activitiesforthepreexistinghazardoussubstancecontaminationandreleases,including,but
107notlimitedto,thecostsofperformingoperationandmaintenanceoftheremediation
108equipmentatthepropertybeyondtheyearinwhichthesystemsandequipmentarebuiltand
109installedattheeligibleprojectandthecostsofperformingthevoluntaryremediation
110activitiesoveraperiodnotinexcessoffourtaxyearsfollowingthetaxpayer'staxyearin
111whichthesystemandequipmentwerefirstputintouseattheeligibleproject,providedthe
112remediationactivitiesarethesubjectofaplansubmittedto,andapprovedby,thedirectorof
113naturalresourcespursuanttosections260.565to260.575.Thetaxcreditmayalsoincludeup
114toonehundredpercentofthecostsofdemolitionthatarenotdirectlypartoftheremediation
115activities,providedthatthedemolitionisonthepropertywherethevoluntaryremediation
116activitiesareoccurring,thedemolitionisnecessarytoaccomplishtheplanneduseofthe
117facilitywheretheremediationactivitiesareoccurring,andthedemolitionispartofa
HCSHB2319 69 118redevelopmentplanapprovedbythemunicipalorcountygovernmentandthedepartmentof
119economicdevelopment.Thedemolitionmayoccuronanadjacentpropertyiftheprojectis
120locatedinamunicipalitywhichhasapopulationlessthantwentythousandandtheabove
121conditionsareotherwisemet.Theadjacentpropertyshallindependentlyqualifyas
122abandonedorunderutilized.Theamountofthecreditavailablefordemolitionnotassociated
123withremediationcannotexceedthetotalamountofcreditsapprovedforremediation
124includingdemolitionrequiredforremediation.
125 (2)Theamountofremediationtaxcreditsissuedshallbelimitedtotheleastamount
126necessarytocausetheprojecttooccur,asdeterminedbythedirectorofthedepartmentof
127economicdevelopment.
128 (3)Thedirectormay,withtheapprovalofthedirectorofnaturalresources,extendthe
129taxcreditsallowedforperformingvoluntaryremediationmaintenanceactivities,in
130incrementsofthree-yearperiods,nottoexceedfiveconsecutivethree-yearperiods.The
131taxcreditsallowedinthissubsectionshallbeusedtooffsetthetaximposedbychapter143,
132excludingwithholdingtaximposedbysections143.191to143.265,orthetaxotherwise
133imposedbychapter147,orthetaxotherwiseimposedbychapter148.Theremediationtax
134creditmaybetakeninthesametaxyearinwhichthetaxcreditsarereceivedormaybetaken
135overaperiodnottoexceedtwentyyears.
136 (4)Theprojectfacilityshallbeprojectedtocreateatleasttennewjobsoratleast
137twenty-fiveretainedjobs,oracombinationthereof,asdeterminedbythedepartmentof
138economicdevelopment,tobeeligiblefortaxcreditspursuanttothissection.
139 (5)Nomorethanseventy-fivepercentofearnedremediationtaxcreditsmaybe
140issuedwhentheremediationcostswerepaid,andtheremainingpercentagemaybeissued
141whenthedepartmentofnaturalresourcesissuesaletterofcompletionletterorcovenantnot
142tosuefollowingcompletionofthevoluntaryremediationactivities.Itshallnotincludeany
143costsassociatedwithongoingoperationalenvironmentalcomplianceofthefacilityor
144remediationcostsarisingoutofspills,leaks,orotherreleasesarisingoutoftheongoing
145businessoperationsofthefacility.Intheeventthedepartmentofnaturalresourcesissuesa
146letterofcompletionforaportionofaproperty,animpactedmediasuchassoilor
147groundwater,orforasiteoraportionofasiteimprovement,aproratedamountofthe
148remainingpercentagemaybereleasedbasedonthepercentageofthetotalsitereceivinga
149letterofcompletion.
150 4.Intheexerciseofthesounddiscretionofthedirectorofthedepartmentof
151economicdevelopmentorthedirector'sdesignee,thetaxcreditsandexemptionsdescribedin
152thissectionmaybeterminated,suspendedorrevokediftheeligibleprojectfailstocontinue
153tomeettheconditionssetforthinthissection.Inmakingsuchadetermination,thedirector
154shallconsidertheseverityoftheconditionviolation,actionstakentocorrecttheviolation,the
HCSHB2319 70 155frequencyofanyconditionviolationsandwhethertheactionsexhibitapatternofconductby
156theeligiblefacilityownerandoperator.Thedirectorshallalsoconsiderchangesingeneral
157economicconditionsandtherecommendationofthedirectorofthedepartmentofnatural
158resources,orhisorherdesignee,concerningtheseverity,scope,nature,frequencyandextent
159ofanyviolationsoftheenvironmentalcomplianceconditions.Thetaxpayerorperson
160claimingthetaxcreditsorexemptionsmayappealthedecisionregardingtermination,
161suspensionorrevocationofanytaxcreditorexemptioninaccordancewiththeprocedures
162outlinedinsubsections4and5ofsection135.250.Thedirectorofthedepartmentof
163economicdevelopmentshallnotifythedirectorsofthedepartmentsofnaturalresourcesand
164revenueofthetermination,suspensionorrevocationofanytaxcreditsasdeterminedinthis
165sectionorpursuanttotheprovisionsofsection447.716.
166 5.Notwithstandinganyprovisionoflawtothecontrary,notaxpayershallearnthetax
167credits,exemptionsorrefundotherwiseallowedinsubdivisions(2),(3)and(4)ofsubsection
1681ofthissectionandthetaxcreditsotherwiseallowedinsection135.110,orthetaxcredits,
169exemptionsandrefundotherwiseallowedinsections135.215,135.220,135.225and135.245,
170respectively,forthesamefacilityforthesametaxperiod.
171 6.Thetotalamountofthetaxcreditsallowedinsubsection1ofthissectionmaynot
172exceedthegreaterof:
173 (1)Thatportionofthetaxpayer'sincomeattributedtotheeligibleproject;or
174 (2)Onehundredpercentofthetotalbusiness'incometaxiftheeligiblefacilitydoes
175notreplaceasimilarfacilitythatclosedelsewhereinMissouripriortotheendofthe
176taxpayer'staxperiodinwhichthetaxcreditsareearned,andfurtherprovidedthetaxpayer
177doesnotoperateanyotherfacilitiesbesidestheeligibleprojectinMissouri;fiftypercentof
178thetotalbusiness'incometaxiftheeligiblefacilityreplacesasimilarfacilitythatclosed
179elsewhereinMissouripriortotheendofthetaxpayer'staxperiodinwhichthecreditsare
180earned,andfurtherprovidedthetaxpayerdoesnotoperateanyotherfacilitiesbesidesthe
181eligibleprojectinMissouri;ortwenty-fivepercentofthetotalbusinessincomeifthetaxpayer
182operates,inadditiontotheeligiblefacility,anyotherfacilitiesinMissouri.Innocaseshalla
183taxpayeroperatingmorethanoneeligibleprojectinMissouribeallowedtooffsetmorethan
184twenty-fivepercentofthetaxpayer'sbusinessincomeinanytaxperiod.Thatportionofthe
185taxpayer'sincomeattributedtotheeligibleprojectasreferencedinsubdivision(1)ofthis
186subsection,forwhichthecreditsallowedinsections135.110and135.225andsubsection3of
187thissectionmayapply,shallbedeterminedinthesamemannerasprescribedinsubdivision
188(5)ofsection135.100.Thatportionofthetaxpayer'sfranchisetaxattributedtotheeligible
189projectforwhichtheremediationtaxcreditmayoffset,shallbedeterminedinthesame
190mannerasprescribedinparagraph(a)ofsubdivision(5)ofsection135.100.
HCSHB2319 71 191 7.Taxpayersclaimingthestatetaxbenefitsallowedinsubdivisions(2)and(3)of
192subsection1ofthissectionshallberequiredtofileallapplicabletaxcreditapplications,
193formsandschedulesprescribedbythedirectorduringthetaxpayer'staxperiodimmediately
194afterthetaxperiodinwhichtheeligibleprojectwasfirstputintouse.Otherwise,the
195taxpayer'srighttoclaimsuchstatetaxbenefitsshallbeforfeited.Unusedbusinessfacility
196andenterprisezonetaxcreditsshallnotbecarriedforwardbutshallbeinitiallyclaimedfor
197thetaxperiodduringwhichtheeligibleprojectwasfirstcapableofbeingused,andduring
198anyapplicablesubsequenttaxperiods.
199 8.Taxpayersclaimingtheremediationtaxcreditallowedinsubsection3ofthis
200sectionshallberequiredtofileallapplicabletaxcreditapplications,formsandschedules
201prescribedbythedirectorduringthetaxpayer'staxperiodimmediatelyafterthetaxperiodin
202whichtheeligibleprojectwasfirstputintouse,orduringthetaxpayer'staxperiod
203immediatelyafterthetaxperiodinwhichthevoluntaryremediationactivitieswere
204performed.
205 9.Therecipientofremediationtaxcredits,forthepurposeofthissubsectionreferred
206toasassignor,mayassign,sellortransfer,inwholeorinpart,theremediationtaxcredit
207allowedinsubsection3ofthissectiontoanyotherperson,forthepurposeofthissubsection
208referredtoasassignee.Toperfectthetransfer,theassignorshallprovidewrittennoticetothe
209directoroftheassignor'sintenttotransferthetaxcreditstotheassignee,thedatethetransfer
210iseffective,theassignee'sname,addressandtheassignee'staxperiodandtheamountoftax
211creditstobetransferred.Thenumberoftaxperiodsduringwhichtheassigneemay
212subsequentlyclaimthetaxcreditsshallnotexceedtwentytaxperiods,lessthenumberoftax
213periodstheassignorpreviouslyclaimedthecreditsbeforethetransferoccurred.
214 10.Inthecasewhereanoperatorandassignorofaneligibleprojecthasbeencertified
215toclaimstatetaxbenefitsallowedinsubdivisions(2)and(3)ofsubsection1ofthissection,
216andsellsorotherwisetransferstitleoftheeligibleprojecttoanothertaxpayerorassigneewho
217continuesthesameorsubstantiallysimilaroperationsattheeligibleproject,thedirectorshall
218allowtheassigneetoclaimthecreditsforaperiodoftimetobedeterminedbythedirector;
219exceptthat,thetotalnumberoftaxperiodsthetaxcreditsmaybeearnedbytheassignorand
220theassigneeshallnotexceedten.Toperfectthetransfer,theassignorshallprovidewritten
221noticetothedirectoroftheassignor'sintenttotransferthetaxcreditstotheassignee,thedate
222thetransferiseffective,theassignee'sname,address,andtheassignee'staxperiod,andthe
223amountoftaxcreditstobetransferred.
224 11.Forthepurposeofthestatetaxbenefitsdescribedinthissection,inthecaseofa
225corporationdescribedinsection143.471orpartnership,incomputingMissouri'staxliability,
226suchstatebenefitsshallbeallowedtothefollowing:
227 (1)Theshareholdersofthecorporationdescribedinsection143.471;
HCSHB2319 72 228 (2)Thepartnersofthepartnership.
229
230Thecreditprovidedinthissubsectionshallbeapportionedtotheentitiesdescribedin
231subdivisions(1)and(2)ofthissubsectioninproportiontotheirshareofownershiponthelast
232dayofthetaxpayer'staxperiod.
233 12.Notwithstandinganyprovisionoflawtothecontrary,inanycounty[ofthefirst
234classification] thathasacharterformofgovernmentandthathasapopulationofovernine
235hundredthousandinhabitants,alldemolitioncostsincurredduringtheredevelopmentofany
236formerautomobilemanufacturingplantshallbeallowablecostseligiblefortaxcreditsunder
237sections447.700to447.718solongastheredevelopmentofsuchformerautomobile
238manufacturingplantshallbeprojectedtocreateatleasttwohundredfiftynewjobsoratleast
239threehundredretainedjobs,oracombinationthereof,asdeterminedbythedepartmentof
240economicdevelopment.Theamountofallowablecostseligiblefortaxcreditsshallbe
241limitedtotheleastamountnecessarytocausetheprojecttooccur,asdeterminedbythe
242directorofthedepartmentofeconomicdevelopment,providedthatnotaxcreditshallbe
243issuedunderthissubsectionuntilJuly1,2017.Forpurposesofthissubsection,"former
244automobilemanufacturingplant"meansaredevelopmentareathatqualifiesasaneligible
245projectundersection447.700,thatconsistsofatleastonehundredacres,andthatwasused
246primarilyforthemanufactureofautomobilesbut,after2007,ceasedsuchmanufacturing.
247 13.Undersection23.253oftheMissourisunsetact:
248 (1)Theprovisionsofthetaxcreditprogramsauthorizedunderthissectionshall
249automaticallysunsetonAugust28,2030,unlessreauthorizedbyanactofthegeneral
250assembly;
251 (2)Ifsuchtaxcreditprogramsarereauthorized,theprogramsauthorizedunder
252thissectionshallautomaticallysunsetsixyearsaftertheeffectivedateofthe
253reauthorizationofthissection;
254 (3)Theprovisionsofthetaxcreditprogramsauthorizedunderthissectionshall
255terminateonSeptemberfirstofthecalendaryearimmediatelyfollowingthecalendar
256yearinwhichtheprogramsauthorizedunderthissectionissunset;and
257 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway
258impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe
259programauthorizedunderthissectionexpires.
[99.1205.1.Thissectionshallbeknownandmaybecitedasthe
2 "DistressedAreasLandAssemblageTaxCreditAct".
3 2.Asusedinthissection,thefollowingtermsmean:
4 (1)"Acquisitioncosts",thepurchasepricefortheeligibleparcel,costs
5 ofenvironmentalassessments,closingcosts,realestatebrokeragefees,
6 reasonabledemolitioncostsofvacantstructures,andreasonablemaintenance
HCSHB2319 73 7 costsincurredtomaintainanacquiredeligibleparcelforaperiodoffiveyears
8 aftertheacquisitionofsucheligibleparcel.Acquisitioncostsshallnotinclude
9 costsfortitleinsuranceandsurvey,attorney'sfees,relocationcosts,fines,or
10 billsfromamunicipality;
11 (2)"Applicant",anyperson,firm,partnership,trust,limitedliability
12 company,orcorporationwhichhas:
13 (a)Incurred,withinaneligibleprojectarea,acquisitioncostsforthe
14 acquisitionoflandsufficienttosatisfytherequirementsundersubdivision(8)
15 ofthissubsection;and
16 (b)Beenappointedorselected,pursuanttoaredevelopment
17 agreementbyamunicipalauthority,asaredeveloperorsimilardesignation,
18 underaneconomicincentivelaw,toredevelopanurbanrenewalareaora
19 redevelopmentareathatincludesallofaneligibleprojectareaorwhose
20 redevelopmentplanorredevelopmentarea,whichencompassesallofan
21 eligibleprojectarea,hasbeenapprovedoradoptedunderaneconomic
22 incentivelaw.Inadditiontobeingdesignatedtheredeveloper,theapplicant
23 shallhavebeendesignatedtoreceiveeconomicincentivesonlyafterthe
24 municipalauthorityhasconsideredtheamountofthetaxcreditsinadopting
25 sucheconomicincentivesasprovidedinsubsection8ofthissection.The
26 redevelopmentagreementshallprovidethat:
27 a.Thefundsgeneratedthroughtheuseorsaleofthetaxcreditsissued
28 underthissectionshallbeusedtoredeveloptheeligibleprojectarea;
29 b.Nomorethanseventy-fivepercentoftheurbanrenewalarea
30 identifiedintheurbanrenewalplanortheredevelopmentareaidentifiedinthe
31 redevelopmentplanmayberedevelopedbytheapplicant;and
32 c.Theremainderoftheurbanrenewalareaortheredevelopmentarea
33 shallberedevelopedbyco-redevelopersorredeveloperstowhomthe
34 applicanthasassigneditsredevelopmentrightsandobligationsunderthe
35 urbanrenewalplanortheredevelopmentplan;
36 (3)"Certificate",ataxcreditcertificateissuedunderthissection;
37 (4)"Condemnationproceedings",anyactiontakenby,oronbehalfof,
38 anapplicanttoinitiateanactioninacourtofcompetentjurisdictiontousethe
39 powerofeminentdomaintoacquireaparcelwithintheeligibleprojectarea.
40 Condemnationproceedingsshallincludeanyandallactionstakenafterthe
41 submissionofanoticeofintendedacquisitiontoanownerofaparcelwithin
42 theeligibleprojectareabyamunicipalauthorityoranyotherpersonorentity
43 undersection523.250;
44 (5)"Department",theMissouridepartmentofeconomicdevelopment;
45 (6)"Economicincentivelaws",anyprovisionofMissourilaw
46 pursuanttowhicheconomicincentivesareprovidedtoredevelopersofa
47 parcelorparcelstoredeveloptheland,suchastaxabatementorpaymentsin
48 lieuoftaxes,orredevelopmentplansorredevelopmentprojectsapprovedor
49 adoptedwhichincludetheuseofeconomicincentivestoredeveloptheland.
50 Economicincentivelawsinclude,butarenotlimitedto,thelandclearancefor
51 redevelopmentauthoritylawundersections99.300to99.660,therealproperty
52 taxincrementallocationredevelopmentactundersections99.800to99.865,
53 theMissouridowntownandruraleconomicstimulusactundersections99.915
HCSHB2319 74 54 to99.1060,andthedowntownrevitalizationpreservationprogramunder
55 sections99.1080to99.1092;
56 (7)"Eligibleparcel",aparcel:
57 (a)Whichislocatedwithinaneligibleprojectarea;
58 (b)Whichistoberedeveloped;
59 (c)Onwhichtheapplicanthasnotcommencedconstructionpriorto
60 November28,2007;
61 (d)Whichhasbeenacquiredwithoutthecommencementofany
62 condemnationproceedingswithrespecttosuchparcelbroughtbyoronbehalf
63 oftheapplicant.Anyparcelacquiredbytheapplicantfromamunicipal
64 authorityshallnotconstituteaneligibleparcel;and
65 (e)Onwhichalloutstandingtaxes,fines,andbillsleviedbymunicipal
66 governmentsthatwereleviedbythemunicipalityduringthetimeperiodthat
67 theapplicantheldtitletotheeligibleparcelhavebeenpaidinfull;
68 (8)"Eligibleprojectarea",anareawhichshallhavesatisfiedthe
69 followingrequirements:
70 (a)Theeligibleprojectareashallconsistofatleastseventy-fiveacres
71 andmayincludeparcelswithinitsboundariesthatdonotconstituteaneligible
72 parcel;
73 (b)Atleasteightypercentoftheeligibleprojectareashallbelocated
74 withinaMissouriqualifiedcensustractarea,asdesignatedbytheUnited
75 StatesDepartmentofHousingandUrbanDevelopmentunder26U.S.C.
76 Section42,orwithinadistressedcommunityasthattermisdefinedinsection
77 135.530;
78 (c)Theeligibleparcelsacquiredbytheapplicantwithintheeligible
79 projectareashalltotalatleastfiftyacres,whichmayconsistofcontiguousand
80 noncontiguousparcels;
81 (d)Theaveragenumberofparcelsperacreinaneligibleprojectarea
82 shallbefourormore;
83 (e)Lessthanfivepercentoftheacreagewithintheboundariesofthe
84 eligibleprojectareashallconsistofowner-occupiedresidenceswhichthe
85 applicanthasidentifiedforacquisitionundertheurbanrenewalplanorthe
86 redevelopmentplanpursuanttowhichtheapplicantwasappointedorselected
87 astheredeveloperorbywhichthepersonorentitywasqualifiedasan
88 applicantunderthissectiononthedateoftheapprovaloradoptionofsuch
89 plan;
90 (9)"Interestcosts",interest,loanfees,andclosingcosts.Interestcosts
91 shallnotincludeattorney'sfees;
92 (10)"Maintenancecosts",costsofboardingupandsecuringvacant
93 structures,costsofremovingtrash,andcostsofcuttinggrassandweeds;
94 (11)"Municipalauthority",anycity,town,village,county,public
95 bodycorporateandpolitic,politicalsubdivision,orlandtrustofthisstate
96 establishedandauthorizedtoownlandwithinthestate;
97 (12)"Municipality",anycity,town,village,orcounty;
98 (13)"Parcel",asinglelotortractofland,andtheimprovements
99 thereon,ownedby,orrecordedasthepropertyof,oneormorepersonsor
100 entities;
HCSHB2319 75 101 (14)"Redeveloped",theprocessofundertakingandcarryingouta
102 redevelopmentplanorurbanrenewalplanpursuanttowhichtheconditions
103 whichprovidedthebasisforaneligibleprojectareatobeincludedina
104 redevelopmentplanorurbanrenewalplanaretobereducedoreliminatedby
105 redevelopmentorrehabilitation;and
106 (15)"Redevelopmentagreement",theredevelopmentagreementor
107 similaragreementintowhichtheapplicantenteredwithamunicipalauthority
108 andwhichistheagreementfortheimplementationoftheurbanrenewalplan
109 orredevelopmentplanpursuanttowhichtheapplicantwasappointedor
110 selectedastheredeveloperorbywhichthepersonorentitywasqualifiedasan
111 applicantunderthissection;andsuchappointmentorselectionshallhavebeen
112 approvedbyanordinanceofthegoverningbodyofthemunicipality,or
113 municipalities,orinthecaseofanycitynotwithinacounty,theboardof
114 aldermen,inwhichtheeligibleprojectareaislocated.Theredevelopment
115 agreementshallincludeatimelineforredevelopmentoftheeligibleproject
116 area.Theredevelopmentagreementshallstatethatthenameddevelopershall
117 besubjecttotheprovisionsofchapter290.
118 3.Anyapplicantshallbeentitledtoataxcreditagainstthetaxes
119 imposedunderchapters143,147,and148,exceptforsections143.191to
120 143.265,inanamountequaltofiftypercentoftheacquisitioncosts,andone
121 hundredpercentoftheinterestcostsincurredforaperiodoffiveyearsafter
122 theacquisitionofaneligibleparcel.Notaxcreditsshallbeissuedunderthis
123 sectionuntilafterJanuary1,2008.
124 4.Iftheamountofsuchtaxcreditexceedsthetotaltaxliabilityforthe
125 yearinwhichtheapplicantisentitledtoreceiveataxcredit,theamountthat
126 exceedsthestatetaxliabilitymaybecarriedforwardforcreditagainstthe
127 taxesimposedunderchapters143,147,and148forthesucceedingsixyears,
128 oruntilthefullcreditisused,whicheveroccursfirst.Theapplicantshallnot
129 beentitledtoataxcreditfortaxesimposedundersections143.191to143.265.
130 Applicantsentitledtoreceivesuchtaxcreditsmaytransfer,sell,orassignthe
131 taxcredits.Taxcreditsgrantedtoapartnership,alimitedliabilitycompany
132 taxedasapartnership,ormultipleownersofpropertyshallbepassedthrough
133 tothepartners,members,orownersrespectivelyprorataorpursuanttoan
134 executedagreementamongthepartners,members,orownersdocumentingan
135 alternatedistributionmethod.
136 5.Apurchaser,transferee,orassigneeofthetaxcreditsauthorized
137 underthissectionmayuseacquiredtaxcreditstooffsetuptoonehundred
138 percentofthetaxliabilitiesotherwiseimposedunderchapters143,147,and
139 148,exceptforsections143.191to143.265.Aseller,transferor,orassignor
140 shallperfectsuchtransferbynotifyingthedepartmentinwritingwithinthirty
141 calendardaysfollowingtheeffectivedateofthetransferandshallprovideany
142 informationasmayberequiredbythedepartmenttoadministerandcarryout
143 theprovisionsofthissection.
144 6.Toclaimtaxcreditsauthorizedunderthissection,anapplicantshall
145 submittothedepartmentanapplicationforacertificate.Anapplicantshall
146 identifytheboundariesoftheeligibleprojectareaintheapplication.The
147 departmentshallverifythattheapplicanthassubmittedavalidapplicationin
148 theformandformatrequiredbythedepartment.Thedepartmentshallverify
HCSHB2319 76 149 thatthemunicipalauthorityheldtherequisitehearingsandgavetherequisite
150 noticesforsuchhearingsinaccordancewiththeapplicableeconomicincentive
151 act,andmunicipalordinances.Onanannualbasis,anapplicantmayfilefor
152 thetaxcreditfortheacquisitioncosts,andforthetaxcreditfortheinterest
153 costs,subjecttothelimitationsofthissection.Ifanapplicantapplyingforthe
154 taxcreditmeetsthecriteriarequiredunderthissection,thedepartmentshall
155 issueacertificateintheappropriateamount.Ifanapplicantreceivesatax
156 creditformaintenancecostsasapartoftheapplicant'sacquisitioncosts,the
157 departmentshallpostonitsinternetwebsitetheamountandtypeof
158 maintenancecostsandadescriptionoftheredevelopmentprojectforwhich
159 theapplicantreceivedataxcreditwithinthirtydaysafterthedepartment
160 issuesthecertificatetotheapplicant.
161 7.Thetotalaggregateamountoftaxcreditsauthorizedunderthis
162 sectionshallnotexceedninety-fivemilliondollars.Atnotimeshallthe
163 annualamountofthetaxcreditsissuedunderthissectionexceedtwenty
164 milliondollars.Ifthetaxcreditsthataretobeissuedunderthissection
165 exceed,inanyyear,thetwentymilliondollarlimitation,thedepartmentshall
166 either:
167 (1)Issuetaxcreditstotheapplicantintheamountoftwentymillion
168 dollars,ifthereisonlyoneapplicantentitledtoreceivetaxcreditsinthatyear;
169 or
170 (2)Issuethetaxcreditsonaproratabasistoallapplicantsentitledto
171 receivetaxcreditsinthatyear.Anyamountoftaxcredits,whichanapplicant
172 is,orapplicantsare,entitledtoreceiveonanannualbasisandarenotissued
173 duetothetwentymilliondollarlimitation,shallbecarriedforwardforthe
174 benefitoftheapplicantorapplicantstosubsequentyears.
175
176 NotaxcreditsprovidedunderthissectionshallbeauthorizedafterAugust28,
177 2013.AnytaxcreditswhichhavebeenauthorizedonorbeforeAugust28,
178 2013,butnotissued,maybeissued,subjecttothelimitationsprovidedunder
179 thissubsection,untilallsuchauthorizedtaxcreditshavebeenissued.
180 8.Uponissuanceofanytaxcreditspursuanttothissection,the
181 departmentshallreporttothemunicipalauthoritytheapplicant'snameand
182 address,theparcelnumbersoftheeligibleparcelsforwhichthetaxcredits
183 wereissued,theitemizedacquisitioncostsandinterestcostsforwhichtax
184 creditswereissued,andthetotalvalueofthetaxcreditsissued.Themunicipal
185 authorityandthestateshallnotconsidertheamountofthetaxcreditsasan
186 applicant'scost,butshallincludethetaxcreditsinanysourcesandusesand
187 costbenefitanalysisreviewedorcreatedforthepurposeofawardingother
188 economicincentives.Theamountofthetaxcreditsshallnotbeconsideredan
189 applicant'scostintheevaluationoftheamountofanyawardofanyother
190 economicincentives,butshallbeconsideredinmeasuringthereasonableness
191 oftherateofreturntotheapplicantwithrespecttosuchawardofother
192 economicincentives.Themunicipalauthorityshallprovidethereporttoany
193 relevantcommission,board,orentityresponsiblefortheevaluationand
194 recommendationorapprovalofothereconomicincentivestoassistinthe
195 redevelopmentoftheeligibleprojectarea.Taxcreditsauthorizedunderthis
196 sectionshallconstituteredevelopmenttaxcredits,assuchtermisdefined
HCSHB2319 77 197 undersection135.800,andshallbesubjecttoallprovisionsapplicableto
198 redevelopmenttaxcreditsprovidedundersections135.800to135.830.
199 9.Thedepartmentmaypromulgaterulestoimplementtheprovisions
200 ofthissection.Anyruleorportionofarule,asthattermisdefinedinsection
201 536.010,thatiscreatedundertheauthoritydelegatedinthissectionshall
202 becomeeffectiveonlyifitcomplieswithandissubjecttoalloftheprovisions
203 ofchapter536and,ifapplicable,section536.028.Thissectionandchapter
204 536arenonseverableandifanyofthepowersvestedwiththegeneral
205 assemblypursuanttochapter536toreview,todelaytheeffectivedate,orto
206 disapproveandannularulearesubsequentlyheldunconstitutional,thenthe
207 grantofrulemakingauthorityandanyruleproposedoradoptedafterAugust
208 28,2007,shallbeinvalidandvoid.]
[135.313.1.Anyperson,firmorcorporationwhoengagesinthe
2 businessofproducingcharcoalorcharcoalproductsinthestateofMissouri
3 shallbeeligibleforataxcreditonincometaxesotherwiseduepursuantto
4 chapter143,exceptsections143.191to143.261,asanincentivetoimplement
5 safeandefficientenvironmentalcontrols.Thetaxcreditshallbeequaltofifty
6 percentofthepurchasepriceofthebestavailablecontroltechnology
7 equipmentconnectedwiththeproductionofcharcoalinthestateofMissouri
8 or,ifthetaxpayermanufacturessuchequipment,fiftypercentofthe
9 manufacturingcostoftheequipment,toandincludingtheyearthe
10 equipmentisputintoservice.Thecreditmaybeclaimedforaperiodof
11 eightyearsbeginningwiththe1998calendaryearandistobeataxcredit
12 againstthetaxotherwisedue.
13 2.Anyamountofcreditwhichexceedsthetaxdueshallnotbe
14 refundedbutmaybecarriedovertoanysubsequenttaxableyear,nottoexceed
15 sevenyears.
16 3.Thecharcoalproducermayelecttoassigntoathirdpartythe
17 approvedtaxcredit.Certificationofassignmentandotherappropriateforms
18 mustbefiledwiththeMissouridepartmentofrevenueandthedepartmentof
19 economicdevelopment.
20 4.Whenapplyingforataxcredit,thecharcoalproducerspecifiedin
21 subsection1ofthissectionshallmakeapplicationforthecredittothedivision
22 ofenvironmentalqualityofthedepartmentofnaturalresources.The
23 applicationshallidentifythespecificbestavailablecontroltechnology
24 equipmentandthepurchaseprice,ormanufacturingcostofsuchequipment.
25 Thedirectorofthedepartmentofnaturalresourcesisauthorizedtorequire
26 permitstoconstructpriortotheinstallationofbestavailablecontrol
27 technologyequipmentandotherinformationwhichheorshedeems
28 appropriate.
29 5.Thedirectorofthedepartmentofnaturalresourcesinconjunction
30 withthedepartmentofeconomicdevelopmentshallcertifytothedepartment
31 ofrevenuethatthebestavailablecontroltechnologyequipmentmeetsthe
32 requirementstoobtainataxcreditasspecifiedinthissection.]
[135.403.1.Anyinvestorwhomakesaqualifiedinvestmentina
2 Missourismallbusinessshallbeentitledtoreceiveataxcreditequaltoforty
HCSHB2319 78 3 percentoftheamountoftheinvestmentor,inthecaseofaqualified
4 investmentinaMissourismallbusinessinadistressedcommunityasdefined
5 bysection135.530,acreditequaltosixtypercentoftheamountofthe
6 investment,andanyinvestorwhomakesaqualifiedinvestmentina
7 communitybankoracommunitydevelopmentcorporationshallbeentitled
8 toreceiveataxcreditequaltofiftypercentoftheamountoftheinvestmentif
9 theinvestmentismadeinacommunitybankorcommunitydevelopment
10 corporationfordirectinvestment.Thetotalamountoftaxcreditsavailablefor
11 qualifiedinvestmentsinMissourismallbusinessesshallnotexceedthirteen
12 milliondollarsandatleastfourmilliondollarsoftheamountauthorizedby
13 thissectionandcertifiedbythedepartmentofeconomicdevelopmentshallbe
14 forinvestmentinMissourismallbusinessesindistressedcommunities.
15 Authorizationforalloranypartofthisfour-million-dollaramountshallinno
16 wayrestricttheeligibilityofMissourismallbusinessesindistressed
17 communities,asdefinedinsection135.530,fortheremainingamounts
18 authorizedwithinthissection.Nomorethantwentypercentofthetaxcredits
19 availableeachyearforinvestmentsincommunitybanksorcommunity
20 developmentcorporationsfordirectinvestmentshallbecertifiedforanyone
21 project,asdefinedinsection135.400.Thetaxcreditshallbeevidencedbya
22 taxcreditcertificateinaccordancewiththeprovisionsofsections135.400to
23 135.430andmaybeusedtosatisfythestatetaxliabilityoftheownerofthe
24 certificatethatbecomesdueinthetaxyearinwhichthequalifiedinvestmentis
25 made,orinanyofthetentaxyearsthereafter.Whenthequalifiedsmall
26 businessisinadistressedcommunity,asdefinedinsection135.530,thetax
27 creditmayalsobeusedtosatisfythestatetaxliabilityoftheownerofthe
28 certificatethatwasdueduringeachofthepreviousthreeyearsinadditionto
29 theyearinwhichtheinvestmentismadeandanyofthetenyearsthereafter.
30 Noinvestormayreceiveataxcreditpursuanttosections135.400to135.430
31 unlessthatpersonpresentsataxcreditcertificatetothedepartmentofrevenue
32 forpaymentofsuchstatetaxliability.Thedepartmentofrevenueshallgrant
33 taxcreditsinthesameorderasestablishedbysubsection1ofsection32.115.
34 Subjecttotheprovisionsofsections135.400to135.430,certificatesoftax
35 creditissuedinaccordancewiththesesectionsmaybetransferred,soldor
36 assignedbynotarizedendorsementthereofwhichnamesthetransferee.
37 2.Fivehundredthousanddollarsintaxcreditsshallbeavailable
38 annuallyfromthetotalamountoftaxcreditsauthorizedbysection32.110and
39 subdivision(4)ofsubsection2ofsection32.115asaresultofinvestmentsin
40 communitybanksorcommunitydevelopmentcorporations.Aggregate
41 investmentseligiblefortaxcreditsinanyoneMissourismallbusinessshall
42 notbemorethanonemilliondollars.Aggregateinvestmentseligiblefortax
43 creditsinanyoneMissourismallbusinessshallnotbelessthanfivethousand
44 dollarsasofthedateofissuanceofthefirsttaxcreditcertificateforinvestment
45 inthatbusiness.
46 3.Thissectionandsection620.1039shallbecomeeffectiveJanuary1,
47 2001.]
[135.500.1.Sections135.500to135.529shallbeknownandmaybe
2 citedasthe"MissouriCertifiedCapitalCompanyLaw".
HCSHB2319 79 3 2.Asusedinsections135.500to135.529,thefollowingtermsmean:
4 (1)"Affiliateofacertifiedcompany":
5 (a)Anyperson,directlyorindirectlyowning,controllingorholding
6 powertovotetenpercentormoreoftheoutstandingvotingsecuritiesorother
7 ownershipinterestsoftheMissouricertifiedcapitalcompany;
8 (b)Anypersontenpercentormoreofwhoseoutstandingvoting
9 securitiesorotherownershipinterestaredirectlyorindirectlyowned,
10 controlledorheldwithpowertovotebytheMissouricertifiedcapital
11 company;
12 (c)Anypersondirectlyorindirectlycontrolling,controlledby,or
13 undercommoncontrolwiththeMissouricertifiedcapitalcompany;
14 (d)ApartnershipinwhichtheMissouricertifiedcapitalcompanyisa
15 generalpartner;
16 (e)Anypersonwhoisanofficer,directororagentoftheMissouri
17 certifiedcapitalcompanyoranimmediatefamilymemberofsuchofficer,
18 directororagent;
19 (2)"Applicablepercentage",onehundredpercent;
20 (3)"CapitalinaqualifiedMissouribusiness",anydebt,equityor
21 hybridsecurity,ofanynatureanddescriptionwhatsoever,includingadebt
22 instrumentorsecuritywhichhasthecharacteristicsofdebtbutwhichprovides
23 forconversionintoequityorequityparticipationinstrumentssuchasoptions
24 orwarrantswhichareacquiredbyaMissouricertifiedcapitalcompanyora
25 qualifiedinvestingentityasaresultofatransferofcashtoabusiness;
26 (4)"Certifiedcapital",aninvestmentofcashbyaninvestorina
27 Missouricertifiedcapitalcompany;
28 (5)"Certifiedcapitalcompany",anypartnership,corporation,trustor
29 limitedliabilitycompany,whetherorganizedonaprofitornot-for-profitbasis,
30 thatislocated,headquarteredandregisteredtoconductbusinessinMissouri
31 thathasasitsprimarybusinessactivity,theinvestmentofcashinqualified
32 Missouribusinesses,andwhichiscertifiedbythedepartmentasmeetingthe
33 criteriaofsections135.500to135.529;
34 (6)"Department",theMissouridepartmentofeconomicdevelopment;
35 (7)"Director",thedirectorofthedepartmentofeconomic
36 developmentorapersonactingunderthesupervisionofthedirector;
37 (8)"Investor",anyinsurancecompanythatcontributescash;
38 (9)"Liquidatingdistribution",paymentstoinvestorsortothecertified
39 capitalcompanyfromearnings;
40 (10)"Person",anynaturalpersonorentity,includingacorporation,
41 generalorlimitedpartnership,trust,limitedliabilitycompany,orany
42 charitableorganizationwhichisexemptfromfederalincometaxandwhose
43 Missouriunrelatedbusinesstaxableincome,ifany,wouldbesubjecttothe
44 stateincometaximposedunderchapter143;
45 (11)"Qualifieddistribution",anydistributionorpaymenttoequity
46 holdersofacertifiedcapitalcompanyinconnectionwiththefollowing:
47 (a)Reasonablecostsandexpensesofforming,syndicating,managing
48 andoperatingthecertifiedcapitalcompany;
49 (b)Managementfeesformanagingandoperatingthecertifiedcapital
50 company;and
HCSHB2319 80 51 (c)Anyincreaseinfederalorstatetaxes,penaltiesandinterest,
52 includingthoserelatedtostateandfederalincometaxes,ofequityownersofa
53 certifiedcapitalcompanywhichrelatedtotheownership,managementor
54 operationofacertifiedcapitalcompany;
55 (12)"Qualifiedinvestingentity",anypartnership,corporation,trust,or
56 limitedliabilitycompany,whetherorganizedonafor-profitornot-for-profit
57 basis,that:
58 (a)Isregisteredtodobusinessinthisstate;
59 (b)Isawhollyownedsubsidiaryofacertifiedcapitalcompanyor
60 otherwiseaffiliatedwithandundercommoncontrolwithacertifiedcapital
61 company;and
62 (c)Hasbeendesignatedasaqualifiedinvestingentitybysuch
63 certifiedcapitalcompany.Suchdesignationshallbeeffectiveupondelivery
64 bythecertifiedcapitalcompanyofwrittennoticeofthedesignationtothe
65 department.Aqualifiedinvestingentitymayraisedebtorequitycapitalfor
66 investment,butsuchcapitalshallnotbeconsideredcertifiedcapital.Any
67 qualifiedinvestmentmadebyaqualifiedinvestingentityaftertheeffective
68 dateofthisactshallbedeemedtohavebeenmadebyacertifiedcapital
69 companythatdesignatedthequalifiedinvestingentityassuch;providedthat
70 noqualifiedinvestmentmaybedeemedtohavebeenmadebymorethanone
71 certifiedcapitalcompany;
72 (13)"Qualifiedinvestment",theinvestmentofcashbyaMissouri
73 certifiedcapitalcompanyoraqualifiedinvestingentityinsuchamannerasto
74 acquirecapitalinaqualifiedMissouribusiness;
75 (14)"QualifiedMissouribusiness",anindependentlyownedand
76 operatedbusiness,whichisheadquarteredandlocatedinMissouriandwhich
77 isinneedofventurecapitalandcannotobtainconventionalfinancing.Such
78 businessshallhavenomorethantwohundredemployees,eightypercentof
79 whichareemployedinMissouri.Suchbusinessshallbeinvolvedin
80 commerceforthepurposeofmanufacturing,processingorassembling
81 products,conductingresearchanddevelopment,orprovidingservicesin
82 interstatecommerce,butexcludingretail,realestate,realestatedevelopment,
83 insuranceandprofessionalservicesprovidedbyaccountants,lawyersor
84 physicians.Atthetimeacertifiedcapitalcompanyorqualifiedinvesting
85 entitymakesaninitialinvestmentinabusiness,suchbusinessshallbeasmall
86 businessconcernthatmeetstherequirementsoftheUnitedStatesSmall
87 BusinessAdministration'squalificationsizestandardsforitsventurecapital
88 program,asdefinedinSection13CFR121.301(c)oftheSmallBusiness
89 InvestmentActof1958,asamended.Anybusinesswhichisclassifiedasa
90 qualifiedMissouribusinessatthetimeofthefirstinvestmentinsuchbusiness
91 byaMissouricertifiedcapitalcompanyorqualifiedinvestingentityshall,for
92 aperiodofsevenyearsfromthedateofsuchfirstinvestment,remain
93 classifiedasaqualifiedMissouribusinessandmayreceivefollow-on
94 investmentsfromanyMissouricertifiedcapitalcompanyorqualified
95 investingentityandsuchfollow-oninvestmentsshallbequalified
96 investmentseventhoughsuchbusinessmaynotmeettheother
97 qualificationsofthissubsectionatthetimeofsuchfollow-oninvestments;
HCSHB2319 81 98 (15)"Statepremiumtaxliability",anyliabilityincurredbyan
99 insurancecompanypursuanttotheprovisionsofsection148.320,148.340,
100 148.370or148.376,andanyotherrelatedprovisions,whichmayimposeatax
101 uponthepremiumincomeofinsurancecompaniesafterJanuary1,1997.]
[135.503.1.Anyinvestorthatmakesaninvestmentofcertified
2 capitalshall,intheyearofinvestment,earnavestedcreditagainststate
3 premiumtaxliabilityequaltotheapplicablepercentageoftheinvestor's
4 investmentofcertifiedcapital.Aninvestorshallbeentitledtotakeuptoten
5 percentofthevestedcreditinanytaxableyearoftheinvestor.Anytimeafter
6 threeyearsafterAugust28,1996,thedirector,withtheapprovalofthe
7 commissionerofadministration,mayreducetheapplicablepercentageona
8 prospectivebasis.Anysuchreductionintheapplicablepercentagebythe
9 directorshallnothaveanyeffectoncreditsagainststatepremiumtaxliability
10 whichhavebeenclaimedorwillbeclaimedbyanyinvestorwithrespectto
11 creditswhichhavebeenearnedandvestedpursuanttoaninvestmentof
12 certifiedcapitalpriortotheeffectivedateofanysuchchange.
13 2.Aninsurancecompanyclaimingastatepremiumtaxcreditearned
14 throughaninvestmentinacertifiedcapitalcompanyshallnotberequiredto
15 payanyadditionalretaliatorytaxleviedpursuanttosection375.916asaresult
16 ofclaimingsuchcredit.
17 3.Thecreditagainststatepremiumtaxliabilitywhichisdescribedin
18 subsection1ofthissectionmaynotexceedthestatepremiumtaxliabilityof
19 theinvestorforanytaxableyear.Allsuchcreditsagainststatepremiumtax
20 liabilitymaybecarriedforwardindefinitelyuntilthecreditsareutilized.The
21 maximumamountofcertifiedcapitalinoneormorecertifiedcapital
22 companiesforwhichearnedandvestedtaxcreditswillbeallowedinanyyear
23 toanyoneinvestororitsaffiliatesshallbelimitedtotenmilliondollars.
24 4.Exceptasprovidedinsubsection5ofthissection,theaggregate
25 amountofcertifiedcapitalforwhichearnedandvestedcreditsagainststate
26 premiumtaxliabilityareallowedforallpersonspursuanttosections135.500
27 to135.529shallnotexceedthefollowingamounts:forcalendaryear1996,
28 $0.00;forcalendaryear1997,anamountwhichwouldentitleallMissouri
29 certifiedcapitalcompanyinvestorstotakeaggregatecreditsoffivemillion
30 dollars;andforanyyearthereafter,anadditionalamounttobedeterminedby
31 thedirectorbutnottoexceedaggregatecreditsoftenmilliondollarsforany
32 yearwiththeapprovalofthecommissionerofadministrationandreportedto
33 thegeneralassemblyasprovidedinsubsection2ofsection33.282,provided
34 thattheamountsodeterminedshallnotimpairtheabilityofaninvestorwith
35 earnedandvestedcreditswhichhavebeenallowedinpreviousyearstotake
36 them,pursuanttosubsection1ofthissection.Duringanycalendaryearin
37 whichthelimitationdescribedinthissubsectionwilllimittheamountof
38 certifiedcapitalforwhichearnedandvestedcreditsagainststatepremiumtax
39 liabilityareallowed,certifiedcapitalforwhichcreditsareallowedwillbe
40 allocatedinorderofprioritybaseduponthedateoffilingofinformation
41 describedinsubdivision(1)ofsubsection5ofsection135.516.Certified
42 capitallimitedinanycalendaryearbytheapplicationoftheprovisionsofthis
43 subsectionshallbeallowedandallocatedintheimmediatelysucceeding
HCSHB2319 82 44 calendaryearintheorderofprioritysetforthinthissubsection.The
45 departmentshallmakeseparateallocationsofcertifiedcapitalforwhich
46 creditsareallowedunderthelimitationsdescribedinthissubsectionandunder
47 thelimitationsdescribedinsubsection5ofthissection.
48 5.Inadditiontothemaximumamountpursuanttosubsection4ofthis
49 section,theaggregateamountofcertifiedcapitalforwhichearnedandvested
50 creditsagainststatepremiumtaxliabilityareallowedforpersonspursuantto
51 sections135.500to135.529shallbethefollowing:forcalendaryear1999and
52 foranyyearthereafter,anamounttobedeterminedbythedirectorwhich
53 wouldentitleallMissouricertifiedcapitalcompanyinvestorstotakeaggregate
54 creditsnottoexceedfourmilliondollarsforanyyearwiththeapprovalofthe
55 commissionerofadministrationandreportedtothegeneralassemblyas
56 providedinsubsection2ofsection33.282,providedthattheamountso
57 determinedshallnotimpairtheabilityofaninvestorwithearnedandvested
58 creditswhichhavebeenallowedinpreviousyearsorpursuanttothe
59 provisionsofsubsection4ofthissectiontotakethem,pursuanttosubsection
60 1ofthissection.Forpurposesofanyrequirementregardingthescheduleof
61 qualifiedinvestmentsforcertifiedcapitalforwhichearnedandvestedcredits
62 againststatepremiumtaxliabilityareallowedpursuanttothissubsectiononly,
63 thedefinitionofa"qualifiedMissouribusiness"assetforthinsubdivision(14)
64 ofsubsection2ofsection135.500meansaMissouribusinessthatislocatedin
65 adistressedcommunityasdefinedinsection135.530,andmeetsallofthe
66 requirementsofsubdivision(14)ofsubsection2ofsection135.500.During
67 anycalendaryearinwhichthelimitationdescribedinthissubsectionlimitsthe
68 amountofadditionalcertifiedcapitalforwhichearnedandvestedcredits
69 againststatepremiumtaxliabilityareallowed,additionalcertifiedcapitalfor
70 whichcreditsareallowedshallbeallocatedinorderofprioritybaseduponthe
71 dateoffilingofinformationdescribedinsubdivision(1)ofsubsection5of
72 section135.516withrespecttosuchadditionalcertifiedcapital.The
73 departmentshallmakeseparateallocationsofcertifiedcapitalforwhich
74 creditsareallowedunderthelimitationsdescribedinthissubsectionandunder
75 thelimitationsdescribedinsubsection4ofthissection.Nolimitation
76 applicabletoanycertifiedcapitalcompanywithrespecttocertifiedcapitalfor
77 whichcreditsareallowedpursuanttosubsection4ofthissectionshalllimit
78 theamountofcertifiedcapitalforwhichcreditsareallowedpursuanttothis
79 subsection.Nolimitationapplicabletoanycertifiedcapitalcompanywith
80 respecttocertifiedcapitalforwhichcreditsareallowedpursuanttothis
81 subsectionshalllimittheamountofcertifiedcapitalforwhichcreditsare
82 allowedpursuanttosubsection4ofthissection.
83 6.ThedepartmentshalladviseanyMissouricertifiedcapitalcompany,
84 inwriting,withinfifteendaysafterreceivingthefilingdescribedin
85 subdivision(1)ofsubsection5ofsection135.516whetherthelimitationsof
86 subsection3ofthissectionthenineffectwillbeapplicablewithrespecttothe
87 investmentsandcreditsdescribedinsuchfilingwiththedepartment.]
[135.505.AMissouricertifiedcapitalcompanyshallhaveafunding
2 periodofoneyearfromthedateofreceivingcertificationfromthedirector.
HCSHB2319 83 3 AllinvestmentsintheMissouricertifiedcapitalcompanyshallbemadewithin
4 suchthreehundredsixty-five-dayfundingperiod.]
[135.508.Thedepartmentmaycertifyprofitornot-for-profitentities
2 whichsubmitanapplicationtobedesignatedasaMissouricertifiedcapital
3 company.Thedepartmentshallreviewtheorganizationaldocumentsforeach
4 applicantforcertificationandthebusinesshistoryoftheapplicant,determine
5 thattheMissouricertifiedcapitalcompany'scash,marketablesecuritiesand
6 otherliquidassetsareatleastfivehundredthousanddollars,determinethatthe
7 liquidassetbaseforcertifiedcompaniesisatleastfivehundredthousand
8 dollarsatalltimesduringthecompany'sparticipationintheprogram
9 authorizedbysections135.500to135.529,anddeterminethattheofficersand
10 theboardofdirectors,partners,trusteesormanagersarethoroughly
11 acquaintedwiththerequirementsofsections135.500to135.529.No
12 insurancecompanywhichreceivestaxcreditspermittedundersections
13 135.500to135.529foraninvestmentinaMissouricertifiedcapitalcompany
14 shall,individuallyorwithorthroughoneormoreaffiliates,beamanaging
15 generalpartneroforcontrolthedirectionofinvestmentsofthatMissouri
16 certifiedcapitalcompany.Withinseventy-fivedaysofapplication,the
17 departmentshalleitherissuethecertificationandnotifythedepartmentof
18 revenueandthedirectorofthedepartmentofcommerceandinsuranceofsuch
19 certificationorshallrefusethecertificationandcommunicateindetailtothe
20 applicantthegroundsfortherefusal,includingthesuggestionsfortheremoval
21 ofthosegrounds.Thedepartmentshallberesponsiblefortheadministration
22 ofthetaxcreditsauthorizedbysections135.500to135.529.Noruleor
23 portionofarulepromulgatedundertheauthorityofsections135.500to
24 135.529shallbecomeeffectiveunlessithasbeenpromulgatedpursuanttothe
25 provisionsofchapter536.AllrulemakingauthoritydelegatedpriortoJune
26 27,1997,isofnoforceandeffectandrepealed;however,nothinginthis
27 sectionshallbeinterpretedtorepealoraffectthevalidityofanyrulefiledor
28 adoptedpriortoJune27,1997,ifsuchrulecompliedwiththeprovisionsof
29 chapter536.Theprovisionsofthissectionandchapter536arenonseverable
30 andifanyofthepowersvestedwiththegeneralassemblypursuanttochapter
31 536,includingtheabilitytoreview,todelaytheeffectivedate,orto
32 disapproveandannularuleorportionofarule,aresubsequentlyheld
33 unconstitutional,thenthepurportedgrantofrulemakingauthorityandanyrule
34 soproposedandcontainedintheorderofrulemakingshallbeinvalidand
35 void.]
[135.516.1.Tocontinuetobecertified,aMissouricertifiedcapital
2 companyshallmakequalifiedinvestmentsaccordingtothefollowing
3 schedule:
4 (1)WithintwoyearsafterthedateonwhichaMissouricertified
5 capitalcompanyisdesignatedasaMissouricertifiedcapitalcompanyatleast
6 twenty-fivepercentofitscertifiedcapitalshallbe,orhavebeen,placedin
7 qualifiedinvestments;
8 (2)WithinthreeyearsafterthedateonwhichaMissouricertified
9 capitalcompanyisdesignatedasaMissouricertifiedcapitalcompanyatleast
HCSHB2319 84 10 fortypercentofitscertifiedcapitalshallbe,orhavebeen,placedinqualified
11 investments;
12 (3)WithinfouryearsafterthedateonwhichaMissouricertified
13 capitalcompanyisdesignatedasaMissouricertifiedcapitalcompany,atleast
14 fiftypercentofitstotalcertifiedcapitalshallbe,orhavebeen,placedin
15 qualifiedinvestments.AMissouricertifiedcapitalcompanymaynotmakean
16 investmentinanaffiliateofthecertifiedcapitalcompany.Forthepurposesof
17 thissubsection,ifalegalentityisnotanaffiliatebeforeacertifiedcapital
18 companyinitiallyinvestsintheentity,itwillnotbeanaffiliateifacertified
19 capitalcompanyprovidesadditionalinvestmentinsuchentitysubsequentto
20 itsinitialinvestment;
21 (4)Acertifiedcapitalcompany,atleastfifteenworkingdayspriorto
22 makingwhatitdeterminestobeaninitialqualifiedinvestmentinaspecific
23 qualifiedMissouribusiness,shallcertifytothedepartmentthatthecompanyin
24 whichitoraqualifiedinvestingentityproposestoinvestisaqualified
25 Missouribusiness.Thecertifiedcapitalcompanyshallstatetheamountof
26 capitalitoraqualifiedinvestingentityintendstoinvestandthenameofthe
27 businessinwhichitoraqualifiedinvestingentityintendstoinvest.The
28 certifiedcapitalcompanyshallalsoprovidetothedepartmentanexplanation
29 ofitsdeterminationthatthebusinessmeetsthedefinitionofaqualified
30 Missouribusiness.Ifthedepartmentdeterminesthatthebusinessdoesnot
31 meetthedefinitionofaqualifiedMissouribusiness,itshall,withinthefifteen-
32 working-dayperiodpriortothemakingoftheproposedinvestment,notifythe
33 certifiedcapitalcompanyofitsdeterminationandanexplanationthereof.If
34 thedepartmentfailstonotifythecertifiedcapitalcompanywithrespecttothe
35 proposedinvestmentwithinthefifteen-working-dayperiodpriortothemaking
36 oftheproposedinvestment,thecompanyinwhichthecertifiedcapital
37 companyoraqualifiedinvestingentityproposestoinvestshallbedeemedto
38 beaqualifiedMissouribusiness.Ifacertifiedcapitalcompanyfailstonotify
39 thedepartmentpriortomakinganinitialinvestmentinabusiness,the
40 departmentmaysubsequentlydeterminethatthebusinessinwhichthe
41 certifiedcapitalcompanyoraqualifiedinvestingentityinvestedwasnota
42 qualifiedMissouribusinesseventhoughthebusiness,atthetimeofthe
43 investment,mettherequirementsofsubdivision(15)ofsubsection2ofsection
44 135.500;
45 (5)Allcertifiedcapitalwhichisnotrequiredtobeplacedinqualified
46 investmentsorwhichhasbeenplacedinqualifiedinvestmentsandcanbe
47 receivedbythecompany,maybeheldorinvestedinsuchmannerasthe
48 Missouricertifiedcapitalcompany,initsdiscretion,deemsappropriate.The
49 proceedsofallcertifiedcapitalwhichisreceivedbyacertifiedcapital
50 companyafteritwasoriginallyplacedinqualifiedinvestmentsmaybeplaced
51 againinqualifiedinvestmentsandshallcounttowardanyrequirementin
52 sections135.500to135.529withrespecttoplacingcertifiedcapitalin
53 qualifiedinvestments.
54 2.Acertifiedcapitalcompanymaymakequalifieddistributionsatany
55 time.Inordertomakedistributions,otherthanqualifieddistributions,a
56 certifiedcapitalcompanymusthavemadecumulativequalifiedinvestments,
57 includingthosemadethroughaqualifiedinvestingentity,inanamount
HCSHB2319 85 58 cumulativelyequaltoatleastonehundredpercentofitscertifiedcapital.
59 Cumulativedistributionstoequityholders,otherthanqualifieddistributions,
60 inexcessofthecertifiedcapitalcompany'soriginalcertifiedcapitalandany
61 additionalcapitalcontributionstothecertifiedcapitalcompanyshallbe
62 subjecttoauditbyanationallyrecognizedcertifiedpublicaccountingfirm
63 acceptabletothedepartment,attheexpenseofthecertifiedcapitalcompany.
64 Theauditshalldeterminewhetheraggregatecumulativedistributionstoall
65 investorsandequityholders,otherthanqualifieddistributions,when
66 combinedwithalltaxcreditsutilizedbyinvestorspursuanttosections
67 135.500to135.529,haveresultedinanannualinternalrateofreturnoffifteen
68 percentcomputedonthesumoftotaloriginalcertifiedcapitalofthecertified
69 capitalcompanyandanyadditionalcapitalcontributionstothecertifiedcapital
70 company.Twenty-fivepercentofdistributionsmade,otherthanqualified
71 distributions,inexcessoftheamountrequiredtoproduceafifteenpercent
72 annualinternalrateofreturn,asdeterminedbytheaudit,shallbepayableby
73 thecertifiedcapitalcompanytotheMissouridevelopmentfinanceboard.
74 Distributionsorpaymentstodebtholdersofacertifiedcapitalcompany,
75 however,maybemadewithoutrestrictionwithrespecttodebtowedtothem
76 byacertifiedcapitalcompany.Adebtholderthatisalsoaninvestororequity
77 holderofacertifiedcapitalcompanymayreceivedistributionsorpayments
78 withrespecttosuchdebtwithoutrestriction.
79 3.NoqualifiedinvestmentmaybemadeatacosttoaMissouri
80 certifiedcapitalcompanygreaterthanfifteenpercentofthetotalcertified
81 capitalundermanagementoftheMissouricertifiedcapitalcompanyatthe
82 timeofinvestment.
83 4.DocumentsandothermaterialssubmittedbyMissouricertified
84 capitalcompaniesorbybusinessesforpurposesofthecontinuanceof
85 certificationmaybedeemed"closedrecords"pursuanttotheprovisionsof
86 section620.014.
87 5.EachMissouricertifiedcapitalcompanyshallreportthefollowing
88 tothedepartment:
89 (1)Assoonaspracticableafterthereceiptofcertifiedcapital,the
90 nameofeachinvestorfromwhichthecertifiedcapitalwasreceived,the
91 amountofeachinvestor'sinvestmentofcertifiedcapitalandtaxcredits
92 computedwithoutregardtoanylimitationsundersubsection3ofsection
93 135.503,andthedateonwhichthecertifiedcapitalwasreceived;
94 (2)Onaquarterlybasis,theamountoftheMissouricertifiedcapital
95 company'scertifiedcapitalattheendofthequarter,whetherornotthe
96 Missouricertifiedcapitalcompanyhasinvested,togetherwithany
97 investmentsmadebyaqualifiedinvestingentitythataredeemedtohave
98 beenmadebythecertifiedcapitalcompany,morethanfifteenpercentofthe
99 totalcertifiedcapitalundermanagementinanyonecompany,andallqualified
100 investmentsthattheMissouricertifiedcapitalcompanyhasmadeorhasbeen
101 deemedtohavebeenmadethroughaqualifiedinvestingentity;
102 (3)EachMissouricertifiedcapitalcompanyshallprovideannual
103 auditedfinancialstatementstothedepartmentwhichincludeanopinionofan
104 independentcertifiedpublicaccountanttothedepartmentwithinninetydays
105 ofthecloseofthefiscalyear.Atthesametime,thecertifiedcapitalcompany
HCSHB2319 86 106 shallalsoprovideauditedfinancialstatementsforanyqualifiedinvesting
107 entitythathasmadequalifiedinvestmentsonitsbehalf,unlessthefinancial
108 resultsofsuchqualifiedinvestingentityareincludedintheconsolidated
109 financialstatementsofthecertifiedcapitalcompany.Theauditshalladdress
110 themethodsofoperationandconductofthebusinessoftheMissouricertified
111 capitalcompanytodetermineiftheMissouricertifiedcapitalcompanyis
112 complyingwiththestatutesandprogramrulesandthatthefundsreceivedby
113 theMissouricertifiedcapitalcompanyhavebeeninvestedasrequiredwithin
114 thetimelimitsprovidedbysections135.500to135.529.]
[135.523.ThedepartmentmayrevokethecertificationofaMissouri
2 certifiedcapitalcompanyifanymaterialrepresentationtothedepartmentin
3 connectionwiththeapplicationprocessprovestohavebeenfalselymadeorif
4 theapplicationmateriallyviolatesanyrequirementestablishedbythe
5 departmentpursuanttosections135.500to135.529.]
[135.526.Allinvestmentsforwhichtaxcreditsareclaimedunderthe
2 provisionsofsections135.500to135.529shallsatisfytheconditionsofbeing
3 registeredorspecificallyexemptfromregistrationbyprovisionsorregulations
4 underchapter409.]
[135.529.1.Thetaxcreditestablishedpursuanttosections135.500to
2 135.529maybesoldortransferredinaccordancewithregulationsadoptedby
3 thedepartment.Anysuchsaleortransfershallnotaffectthetimeschedulefor
4 takingthetaxcredit,asprovidedinsections135.500to135.529.Any
5 premiumtaxcreditsrecapturedpursuanttosection135.520shallbethe
6 liabilityofthetaxpayerwhichactuallyclaimedthecredit.Inapprovingthe
7 saleortransferofthecreditpursuanttothissection,thedepartmentmay
8 requirethetransferororthetransfereeorboththetransferorandthetransferee
9 toexecuteguaranteesorpostbondswithrespecttoanypotentialcredit
10 recapture.
11 2.Noruleorportionofarulepromulgatedundertheauthorityof
12 sections135.500to135.529shallbecomeeffectiveunlessithasbeen
13 promulgatedpursuanttotheprovisionsofchapter536.Thedepartmentshall
14 makeandpromulgateemergencyrulesandregulationsconsistentwiththe
15 provisionsofsections135.500to135.529asarenecessaryorusefultocarry
16 outtheprovisionsofsections135.500to135.529,pursuanttosection536.025.
17 3.Everyfinalorder,decision,licenseorotherofficialactofthe
18 directorpursuanttosections135.500to135.529issubjecttoadministrative
19 reviewinaccordancewithchapter621.]
[135.545.Ataxpayershallbeallowedacreditfortaxespaidpursuant
2 tochapter143,147or148inanamountequaltofiftypercentofaqualified
3 investmentintransportationdevelopmentforaviation,masstransportation,
4 includingparkingfacilitiesforusersofmasstransportation,railroads,ports,
5 includingparkingfacilitiesandlimitedaccessroadswithinports,waterborne
6 transportation,bicycleandpedestrianpaths,orrollingstocklocatedina
7 distressedcommunityasdefinedinsection135.530,andwhicharepartofa
HCSHB2319 87 8 developmentplanapprovedbytheappropriatelocalagency.Ifthedepartment
9 ofeconomicdevelopmentdeterminestheinvestmenthasbeensoapproved,
10 thedepartmentshallgrantthetaxcreditinorderofdatereceived.Ataxpayer
11 maycarryforwardanyunusedtaxcreditforuptotenyearsandmaycarryit
12 backforthepreviousthreeyearsuntilsuchcredithasbeenfullyclaimed.
13 Certificatesoftaxcreditissuedinaccordancewiththissectionmaybe
14 transferred,soldorassignedbynotarizedendorsementwhichnamesthe
15 transferee.Thetaxcreditsallowedpursuanttothissectionshallbeforan
16 amountofnomorethantenmilliondollarsforeachyear.Thiscreditshall
17 applytoreturnsfiledforalltaxableyearsbeginningonorafterJanuary1,
18 1999.Anyunusedportionofthetaxcreditauthorizedpursuanttothissection
19 shallbeavailableforuseinthefuturebythoseentitiesuntilfullyclaimed.For
20 purposesofthissection,a"taxpayer"shallincludeanycharitableorganization
21 thatisexemptfromfederalincometaxandwhoseMissouriunrelatedbusiness
22 taxableincome,ifany,wouldbesubjecttothestateincometaximposedunder
23 chapter143.]
[135.546.ForalltaxyearsbeginningonorafterJanuary1,2005,no
2 taxcreditsshallbeapproved,awarded,orissuedtoanypersonorentity
3 claiminganytaxcreditundersection135.545;ifanorganizationhasbeen
4 allocatedcreditsforcontribution-basedcreditspriortoJanuary1,2005,the
5 organizationmayissuesuchcreditspriortoJanuary1,2007,forqualified
6 contributions.]
[135.680.1.Asusedinthissection,thefollowingtermsshallmean:
2 (1)"Adjustedpurchaseprice",theproductof:
3 (a)Theamountpaidtotheissuerofaqualifiedequityinvestmentfor
4 suchqualifiedequityinvestment;and
5 (b)Thefollowingfraction:
6 a.Thenumeratorshallbethedollaramountofqualifiedlow-income
7 communityinvestmentsheldbytheissuerinthisstateasofthecredit
8 allowancedateduringtheapplicabletaxyear;and
9 b.Thedenominatorshallbethetotaldollaramountofqualifiedlow-
10 incomecommunityinvestmentsheldbytheissuerinallstatesasofthecredit
11 allowancedateduringtheapplicabletaxyear;
12 c.Forpurposesofcalculatingtheamountofqualifiedlow-income
13 communityinvestmentsheldbyanissuer,aninvestmentshallbeconsidered
14 heldbyanissuereveniftheinvestmenthasbeensoldorrepaid;providedthat
15 theissuerreinvestsanamountequaltothecapitalreturnedtoorrecoveredby
16 theissuerfromtheoriginalinvestment,exclusiveofanyprofitsrealized,in
17 anotherqualifiedlow-incomecommunityinvestmentwithintwelvemonthsof
18 thereceiptofsuchcapital.Anissuershallnotberequiredtoreinvestcapital
19 returnedfromqualifiedlow-incomecommunityinvestmentsafterthesixth
20 anniversaryoftheissuanceofthequalifiedequityinvestment,theproceedsof
21 whichwereusedtomakethequalifiedlow-incomecommunityinvestment,
22 andthequalifiedlow-incomecommunityinvestmentshallbeconsideredheld
23 bytheissuerthroughtheseventhanniversaryofthequalifiedequity
24 investment'sissuance;
HCSHB2319 88 25 (2)"Applicablepercentage",zeropercentforeachofthefirsttwo
26 creditallowancedates,sevenpercentforthethirdcreditallowancedate,and
27 eightpercentforthenextfourcreditallowancedates;
28 (3)"Creditallowancedate",withrespecttoanyqualifiedequity
29 investment:
30 (a)Thedateonwhichsuchinvestmentisinitiallymade;and
31 (b)Eachofthesixanniversarydatesofsuchdatethereafter;
32 (4)"Long-termdebtsecurity",anydebtinstrumentissuedbya
33 qualifiedcommunitydevelopmententity,atparvalueorapremium,withan
34 originalmaturitydateofatleastsevenyearsfromthedateofitsissuance,with
35 noaccelerationofrepayment,amortization,orprepaymentfeaturespriortoits
36 originalmaturitydate,andwithnodistribution,payment,orinterestfeatures
37 relatedtotheprofitabilityofthequalifiedcommunitydevelopmententityor
38 theperformanceofthequalifiedcommunitydevelopmententity'sinvestment
39 portfolio.Theforegoingshallinnowaylimittheholder'sabilitytoaccelerate
40 paymentsonthedebtinstrumentinsituationswheretheissuerhasdefaulted
41 oncovenantsdesignedtoensurecompliancewiththissectionorSection45D
42 oftheInternalRevenueCodeof1986,asamended;
43 (5)"Qualifiedactivelow-incomecommunitybusiness",themeaning
44 givensuchterminSection45DoftheInternalRevenueCodeof1986,as
45 amended;providedthatanybusinessthatderivesorprojectstoderivefifteen
46 percentormoreofitsannualrevenuefromtherentalorsaleofrealestateshall
47 notbeconsideredtobeaqualifiedactivelow-incomecommunitybusiness;
48 (6)"Qualifiedcommunitydevelopmententity",themeaninggiven
49 suchterminSection45DoftheInternalRevenueCodeof1986,asamended;
50 providedthatsuchentityhasenteredintoanallocationagreementwiththe
51 CommunityDevelopmentFinancialInstitutionsFundoftheU.S.Treasury
52 DepartmentwithrespecttocreditsauthorizedbySection45DoftheInternal
53 RevenueCodeof1986,asamended,whichincludesthestateofMissouri
54 withintheserviceareasetforthinsuchallocationagreement;
55 (7)"Qualifiedequityinvestment",anyequityinvestmentin,orlong-
56 termdebtsecurityissuedby,aqualifiedcommunitydevelopmententitythat:
57 (a)IsacquiredafterSeptember4,2007,atitsoriginalissuancesolely
58 inexchangeforcash;
59 (b)Hasatleasteighty-fivepercentofitscashpurchasepriceusedby
60 theissuertomakequalifiedlow-incomecommunityinvestments;and
61 (c)Isdesignatedbytheissuerasaqualifiedequityinvestmentunder
62 thissubdivisionandiscertifiedbythedepartmentofeconomicdevelopment
63 asnotexceedingthelimitationcontainedinsubsection2ofthissection.This
64 termshallincludeanyqualifiedequityinvestmentthatdoesnotmeetthe
65 provisionsofparagraph(a)ofthissubdivisionifsuchinvestmentwasa
66 qualifiedequityinvestmentinthehandsofapriorholder;
67 (8)"Qualifiedlow-incomecommunityinvestment",anycapitalor
68 equityinvestmentin,orloanto,anyqualifiedactivelow-incomecommunity
69 business.Withrespecttoanyonequalifiedactivelow-incomecommunity
70 business,themaximumamountofqualifiedlow-incomecommunity
71 investmentsmadeinsuchbusiness,onacollectivebasiswithallofits
72 affiliates,thatmaybeusedfromthecalculationofanynumeratordescribedin
HCSHB2319 89 73 subparagrapha.ofparagraph(b)ofsubdivision(1)ofthissubsectionshallbe
74 tenmilliondollarswhetherissuedtooneorseveralqualifiedcommunity
75 developmententities;
76 (9)"Taxcredit",acreditagainstthetaxotherwisedueunderchapter
77 143,excludingwithholdingtaximposedinsections143.191to143.265,or
78 otherwisedueundersection375.916orchapter147,148,or153;
79 (10)"Taxpayer",anyindividualorentitysubjecttothetaximposedin
80 chapter143,excludingwithholdingtaximposedinsections143.191to
81 143.265,orthetaximposedinsection375.916orchapter147,148,or153.
82 2.Ataxpayerthatmakesaqualifiedequityinvestmentearnsavested
83 righttotaxcreditsunderthissection.Oneachcreditallowancedateofsuch
84 qualifiedequityinvestmentthetaxpayer,orsubsequentholderofthequalified
85 equityinvestment,shallbeentitledtoataxcreditduringthetaxableyear
86 includingsuchcreditallowancedate.Thetaxcreditamountshallbeequalto
87 theapplicablepercentageoftheadjustedpurchasepricepaidtotheissuerof
88 suchqualifiedequityinvestment.Theamountofthetaxcreditclaimedshall
89 notexceedtheamountofthetaxpayer'sstatetaxliabilityforthetaxyearfor
90 whichthetaxcreditisclaimed.Notaxcreditclaimedunderthissectionshall
91 berefundableortransferable.Taxcreditsearnedbyapartnership,limited
92 liabilitycompany,S-corporation,orotherpass-throughentitymaybeallocated
93 tothepartners,members,orshareholdersofsuchentityfortheirdirectusein
94 accordancewiththeprovisionsofanyagreementamongsuchpartners,
95 members,orshareholders.Anyamountoftaxcreditthatthetaxpayeris
96 prohibitedbythissectionfromclaiminginataxableyearmaybecarried
97 forwardtoanyofthetaxpayer'sfivesubsequenttaxableyears.The
98 departmentofeconomicdevelopmentshalllimitthemonetaryamountof
99 qualifiedequityinvestmentspermittedunderthissectiontoalevelnecessary
100 tolimittaxcreditutilizationatnomorethantwenty-fivemilliondollarsoftax
101 creditsinanyfiscalyear.Suchlimitationonqualifiedequityinvestmentsshall
102 bebasedontheanticipatedutilizationofcreditswithoutregardtothepotential
103 fortaxpayerstocarryforwardtaxcreditstolatertaxyears.
104 3.Theissuerofthequalifiedequityinvestmentshallcertifytothe
105 departmentofeconomicdevelopmenttheanticipateddollaramountofsuch
106 investmentstobemadeinthisstateduringthefirsttwelve-monthperiod
107 followingtheinitialcreditallowancedate.Ifonthesecondcreditallowance
108 date,theactualdollaramountofsuchinvestmentsisdifferentthantheamount
109 estimated,thedepartmentofeconomicdevelopmentshalladjustthecredits
110 arisingonthesecondallowancedatetoaccountforsuchdifference.
111 4.Thedepartmentofeconomicdevelopmentshallrecapturethetax
112 creditallowedunderthissectionwithrespecttosuchqualifiedequity
113 investmentunderthissectionif:
114 (1)Anyamountofthefederaltaxcreditavailablewithrespecttoa
115 qualifiedequityinvestmentthatiseligibleforataxcreditunderthissectionis
116 recapturedunderSection45DoftheInternalRevenueCodeof1986,as
117 amended;or
118 (2)Theissuerredeemsormakesprincipalrepaymentwithrespecttoa
119 qualifiedequityinvestmentpriortotheseventhanniversaryoftheissuanceof
HCSHB2319 90 120 suchqualifiedequityinvestment.Anytaxcreditthatissubjecttorecapture
121 shallberecapturedfromthetaxpayerthatclaimedthetaxcreditonareturn.
122 5.Thedepartmentofeconomicdevelopmentshallpromulgaterulesto
123 implementtheprovisionsofthissection,includingrecaptureprovisionsona
124 scaledproportionalbasis,andtoadministertheallocationoftaxcreditsissued
125 forqualifiedequityinvestments,whichshallbeconductedonafirst-come,
126 first-servebasis.Anyruleorportionofarule,asthattermisdefinedin
127 section536.010,thatiscreatedundertheauthoritydelegatedinthissection
128 shallbecomeeffectiveonlyifitcomplieswithandissubjecttoallofthe
129 provisionsofchapter536and,ifapplicable,section536.028.Thissectionand
130 chapter536arenonseverableandifanyofthepowersvestedwiththegeneral
131 assemblypursuanttochapter536toreview,todelaytheeffectivedate,orto
132 disapproveandannularulearesubsequentlyheldunconstitutional,thenthe
133 grantofrulemakingauthorityandanyruleproposedoradoptedafter
134 September4,2007,shallbeinvalidandvoid.
135 6.Forfiscalyearsfollowingfiscalyear2010,qualifiedequity
136 investmentsshallnotbemadeunderthissectionunlessreauthorizationis
137 madepursuanttothissubsection.Forallfiscalyearsfollowingfiscalyear
138 2010,unlessthegeneralassemblyadoptsaconcurrentresolutiongranting
139 authoritytothedepartmentofeconomicdevelopmenttoapprovequalified
140 equityinvestmentsfortheMissourinewmarketsdevelopmentprogramand
141 clearlydescribingtheamountoftaxcreditsavailableforthenextfiscalyear,
142 orotherwisecomplieswiththeprovisionsofthissubsection,noqualified
143 equityinvestmentsmaybepermittedtobemadeunderthissection.The
144 amountofavailabletaxcreditscontainedinsucharesolutionshallnotexceed
145 thelimitationprovidedundersubsection2ofthissection.Inanyyearin
146 whichtheprovisionsofthissectionshallsunsetpursuanttosubsection7of
147 thissection,reauthorizationshallbemadebygenerallawandnotby
148 concurrentresolution.Nothinginthissubsectionshallprecludeataxpayer
149 whomakesaqualifiedequityinvestmentpriortotheexpirationofauthorityto
150 makequalifiedequityinvestmentsfromclaimingtaxcreditsrelatingtosuch
151 qualifiedequityinvestmentforeachapplicablecreditallowancedate.
152 7.Undersection23.253oftheMissourisunsetact:
153 (1)Theprovisionsofthenewprogramauthorizedunderthissection
154 shallautomaticallysunsetsixyearsafterSeptember4,2007,unless
155 reauthorizedbyanactofthegeneralassembly;and
156 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthis
157 sectionshallautomaticallysunsettwelveyearsaftertheeffectivedateofthe
158 reauthorizationofthissection;and
159 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear
160 immediatelyfollowingthecalendaryearinwhichtheprogramauthorized
161 underthissectionissunset.However,nothinginthissubsectionshallpreclude
162 ataxpayerwhomakesaqualifiedequityinvestmentpriortosunsetofthis
163 sectionundertheprovisionsofsection23.253fromclaimingtaxcredits
164 relatingtosuchqualifiedequityinvestmentforeachcreditallowancedate.]
[135.682.1.Thedirectorofthedepartmentofeconomicdevelopment
2 orthedirector'sdesigneeshallissueletterrulingsregardingthetaxcredit
HCSHB2319 91 3 programauthorizedundersection135.680,subjecttothetermsandconditions
4 setforthinthissection.Thedirectorofthedepartmentofeconomic
5 developmentmayimposeadditionaltermsandconditionsconsistentwiththis
6 sectiontorequestsforletterrulingsbyregulationpromulgatedunderchapter
7 536.Forthepurposesofthissection,theterm"letterruling"meansawritten
8 interpretationoflawtoaspecificsetoffactsprovidedbytheapplicant
9 requestingaletterruling.
10 2.Thedirectorordirector'sdesigneeshallrespondtoarequestfora
11 letterrulingwithinsixtydaysofreceiptofsuchrequest.Theapplicantmay
12 provideadraftletterrulingforthedepartment'sconsideration.Theapplicant
13 maywithdrawtherequestforaletterruling,inwriting,priortotheissuanceof
14 theletterruling.Thedirectororthedirector'sdesigneemayrefusetoissuea
15 letterrulingforgoodcause,butmustlistthespecificreasonsforrefusingto
16 issuetheletterruling.Goodcauseincludes,butisnotlimitedto:
17 (1)Theapplicantrequeststhedirectortodeterminewhetherastatute
18 isconstitutionaloraregulationislawful;
19 (2)Therequestinvolvesahypotheticalsituationoralternativeplans;
20 (3)Thefactsorissuespresentedintherequestareunclear,overbroad,
21 insufficient,orotherwiseinappropriateasabasisuponwhichtoissuealetter
22 ruling;and
23 (4)Theissueiscurrentlybeingconsideredinarulemakingprocedure,
24 contestedcase,orotheragencyorjudicialproceedingthatmaydefinitely
25 resolvetheissue.
26 3.Letterrulingsshallbindthedirectorandthedirector'sagentsand
27 theirsuccessorsuntilsuchtimeasthetaxpayeroritsshareholders,members,
28 orpartners,asapplicable,claimallofsuchtaxcreditsonaMissouritaxreturn,
29 subjecttothetermsandconditionssetforthinproperlypublishedregulations.
30 Theletterrulingshallapplyonlytotheapplicant.
31 4.Letterrulingsissuedundertheauthorityofthissectionshallnotbea
32 ruleasdefinedinsection536.010inthatitisaninterpretationissuedbythe
33 departmentwithrespecttoaspecificsetoffactsandintendedtoapplyonlyto
34 thatspecificsetoffacts,andthereforeshallnotbesubjecttotherulemaking
35 requirementsofchapter536.
36 5.Informationinletterrulingrequestsasdescribedinsection620.014
37 shallbeclosedtothepublic.Copiesofletterrulingsshallbeavailabletothe
38 publicprovidedthattheapplicantidentifyinginformationandotherwise
39 protectedinformationisredactedfromtheletterrulingasprovidedin
40 subsection1ofsection610.024.]
[135.700.ForalltaxyearsbeginningonorafterJanuary1,1999,a
2 grapegrowerorwineproducershallbeallowedataxcreditagainstthestate
3 taxliabilityincurredpursuanttochapter143,exclusiveoftheprovisions
4 relatingtothewithholdingoftaxasprovidedinsections143.191to143.265,
5 inanamountequaltotwenty-fivepercentofthepurchasepriceofallnew
6 equipmentandmaterialsuseddirectlyinthegrowingofgrapesorthe
7 productionofwineinthestate.Eachgrowerorproducershallapplytothe
8 departmentofeconomicdevelopmentandspecifythetotalamountofsuch
9 newequipmentandmaterialspurchasedduringthecalendaryear.The
HCSHB2319 92 10 departmentofeconomicdevelopmentshallcertifytothedepartmentof
11 revenuetheamountofsuchtaxcredittowhichagrapegrowerorwine
12 producerisentitledpursuanttothissection.Theprovisionsofthissection
13 notwithstanding,agrowerorproducermayonlyapplyforandreceivethe
14 creditauthorizedbythissectionforfivetaxperiods.]
[135.710.1.Asusedinthissection,thefollowingtermsmean:
2 (1)"Alternativefuelvehiclerefuelingproperty",propertyinthisstate
3 ownedbyaneligibleapplicantandusedforstoringalternativefuelsandfor
4 dispensingsuchalternativefuelsintofueltanksofmotorvehiclesownedby
5 sucheligibleapplicantorprivatecitizens;
6 (2)"Alternativefuels",anymotorfuelatleastseventypercentofthe
7 volumeofwhichconsistsofoneormoreofthefollowing:
8 (a)Ethanol;
9 (b)Naturalgas;
10 (c)Compressednaturalgas,orCNG;
11 (d)Liquifiednaturalgas,orLNG;
12 (e)Liquifiedpetroleumgas,orLPgas,propane,orautogas;
13 (f)Anymixtureofbiodieselanddieselfuel,withoutregardtoanyuse
14 ofkerosene;
15 (g)Hydrogen;
16 (3)"Department",thedepartmentofeconomicdevelopment;
17 (4)"Electricvehiclerechargingproperty",propertyinthisstateowned
18 byaneligibleapplicantandusedforrechargingelectricmotorvehiclesowned
19 bysucheligibleapplicantorprivatecitizens;
20 (5)"Eligibleapplicant",abusinessentityorprivatecitizenthatisthe
21 ownerofanelectricvehiclerechargingpropertyoranalternativefuelvehicle
22 refuelingproperty;
23 (6)"QualifiedMissouricontractor",acontractorwhoseprincipalplace
24 ofbusinessislocatedinMissouriandhasbeenlocatedinMissouriforaperiod
25 ofnotlessthanfiveyears;
26 (7)"Qualifiedproperty",anelectricvehiclerechargingpropertyoran
27 alternativefuelvehiclerefuelingpropertywhich,ifconstructedafterAugust
28 28,2014,wasconstructedwithatleastfifty-onepercentofthecostsbeingpaid
29 toqualifiedMissouricontractorsforthe:
30 (a)Fabricationofpremanufacturedequipmentorprocesspipingused
31 intheconstructionofsuchfacility;
32 (b)Constructionofsuchfacility;and
33 (c)Generalmaintenanceofsuchfacilityduringthetimeperiodin
34 whichsuchfacilityreceivesanytaxcreditunderthissection.
35
36 IfnoqualifiedMissouricontractorislocatedwithinseventy-fivemilesofthe
37 property,therequirementthatfifty-onepercentofthecostsshallbepaidto
38 qualifiedMissouricontractorsshallnotapply.
39 2.ForalltaxyearsbeginningonorafterJanuary1,2015,butbefore
40 January1,2018,anyeligibleapplicantwhoinstallsandoperatesaqualified
41 propertyshallbeallowedacreditagainstthetaxotherwisedueunderchapter
42 143,excludingwithholdingtaximposedbysections143.191to143.265,or
HCSHB2319 93 43 dueunderchapter147orchapter148foranytaxyearinwhichtheapplicantis
44 constructingthequalifiedproperty.Thecreditallowedinthissectionper
45 eligibleapplicantwhoisaprivatecitizenshallnotexceedfifteenhundred
46 dollarsorpereligibleapplicantthatisabusinessentityshallnotexceedthe
47 lesseroftwentythousanddollarsortwentypercentofthetotalcostsdirectly
48 associatedwiththepurchaseandinstallationofanyalternativefuelstorageand
49 dispensingequipmentoranyrechargingequipmentonanyqualifiedproperty,
50 whichshallnotincludethefollowing:
51 (1)Costsassociatedwiththepurchaseoflanduponwhichtoplacea
52 qualifiedproperty;
53 (2)Costsassociatedwiththepurchaseofanexistingqualified
54 property;or
55 (3)Costsfortheconstructionorpurchaseofanystructure.
56 3.Taxcreditsallowedbythissectionshallbeclaimedbytheeligible
57 applicantatthetimesuchapplicantfilesareturnforthetaxyearinwhichthe
58 storageanddispensingorrechargingfacilitieswereplacedinserviceata
59 qualifiedproperty,andshallbeappliedagainsttheincometaxliability
60 imposedbychapter143,chapter147,orchapter148afterallothercredits
61 providedbylawhavebeenapplied.Thecumulativeamountoftaxcredits
62 whichmaybeclaimedbyeligibleapplicantsclaimingallcreditsauthorizedin
63 thissectionshallnotexceedonemilliondollarsinanycalendaryear,subjectto
64 appropriations.
65 4.Iftheamountofthetaxcreditexceedstheeligibleapplicant'stax
66 liability,thedifferenceshallnotberefundable.Anyamountofcreditthatan
67 eligibleapplicantisprohibitedbythissectionfromclaiminginataxableyear
68 maybecarriedforwardtoanyofsuchapplicant'stwosubsequenttaxable
69 years.Taxcreditsallowedunderthissectionmaybeassigned,transferred,
70 sold,orotherwiseconveyed.
71 5.Anyqualifiedproperty,forwhichaneligibleapplicantreceivestax
72 creditsunderthissection,whichceasestosellalternativefuelorrecharge
73 electricvehiclesshallcausetheforfeitureofsucheligibleapplicant'stax
74 creditsprovidedunderthissectionforthetaxableyearinwhichthequalified
75 propertyceasedtosellalternativefuelorrechargeelectricvehiclesandfor
76 futuretaxableyearswithnorecaptureoftaxcreditsobtainedbyaneligible
77 applicantwithrespecttosuchapplicant'staxyearswhichendedbeforethesale
78 ofalternativefuelorrechargingofelectricvehiclesceased.
79 6.Thedirectorofrevenueshallestablishtheprocedurebywhichthe
80 taxcreditsinthissectionmaybeclaimed,andshallestablishaprocedureby
81 whichthecumulativeamountoftaxcreditsisapportionedequallyamongall
82 eligibleapplicantsclaimingthecredit.Tothemaximumextentpossible,the
83 directorofrevenueshallestablishtheproceduredescribedinthissubsectionin
84 suchamannerastoensurethateligibleapplicantscanclaimallthetaxcredits
85 possibleuptothecumulativeamountoftaxcreditsavailableforthetaxable
86 year.Noeligibleapplicantclaimingataxcreditunderthissectionshallbe
87 liableforanyinterestorpenaltyforfilingataxreturnafterthedatefixedfor
88 filingsuchreturnasaresultoftheapportionmentprocedureunderthis
89 subsection.
HCSHB2319 94 90 7.Anyeligibleapplicantdesiringtoclaimataxcreditunderthis
91 sectionshallsubmittheappropriateapplicationforsuchcreditwiththe
92 department.Theapplicationforataxcreditunderthissectionshallinclude
93 anyinformationrequiredbythedepartment.Thedepartmentshallreviewthe
94 applicationsandcertifytothedepartmentofrevenueeacheligibleapplicant
95 thatqualifiesforthetaxcredit.
96 8.Thedepartmentandthedepartmentofrevenuemaypromulgate
97 rulestoimplementtheprovisionsofthissection.Anyruleorportionofarule,
98 asthattermisdefinedinsection536.010,thatiscreatedundertheauthority
99 delegatedinthissectionshallbecomeeffectiveonlyifitcomplieswithandis
100 subjecttoalloftheprovisionsofchapter536and,ifapplicable,section
101 536.028.Thissectionandchapter536arenonseverableandifanyofthe
102 powersvestedwiththegeneralassemblypursuanttochapter536toreview,to
103 delaytheeffectivedate,ortodisapproveandannularulearesubsequently
104 heldunconstitutional,thenthegrantofrulemakingauthorityandanyrule
105 proposedoradoptedafterAugust28,2008,shallbeinvalidandvoid.
106 9.Theprovisionsofsection23.253oftheMissourisunsetact
107 notwithstanding:
108 (1)Theprovisionsofthenewprogramauthorizedunderthissection
109 shallautomaticallysunsetthreeyearsafterDecember31,2014,unless
110 reauthorizedbyanactofthegeneralassembly;and
111 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthis
112 sectionshallautomaticallysunsetsixyearsaftertheeffectivedateofthe
113 reauthorizationofthissection;and
114 (3)ThissectionshallterminateonDecemberthirty-firstofthe
115 calendaryearimmediatelyfollowingthecalendaryearinwhichtheprogram
116 authorizedunderthissectionissunset;and
117 (4)Theprovisionsofthissubsectionshallnotbeconstruedtolimitor
118 inanywayimpairthedepartment'sabilitytoredeemtaxcreditsauthorizedon
119 orbeforethedatetheprogramauthorizedunderthissectionexpiresora
120 taxpayer'sabilitytoredeemsuchtaxcredits.]
[135.766.Aneligiblesmallbusiness,asdefinedinSection44ofthe
2 InternalRevenueCode,shallbeallowedacreditagainstthetaxotherwisedue
3 pursuanttochapter143,notincludingsections143.191to143.265,inan
4 amountequaltoanyamountpaidbytheeligiblesmallbusinesstotheUnited
5 StatesSmallBusinessAdministrationasaguarantyfeepursuanttoobtaining
6 SmallBusinessAdministrationguaranteedfinancingandtoprograms
7 administeredbytheUnitedStatesDepartmentofAgricultureforrural
8 developmentorfarmserviceagencies.Notaxcreditsprovidedunderthis
9 sectionshallbeauthorizedonorafterthethirtiethdayfollowingtheeffective
10 dateofthisact.Theprovisionsofthissubsectionshallnotbeconstruedto
11 limitorinanywayimpairthedepartment'sabilitytoissuetaxcredits
12 authorizedpriortothethirtiethdayfollowingtheeffectivedateofthisact,ora
13 taxpayer'sabilitytoredeemsuchtaxcredits.]
[173.196.1.Anybusinessfirm,asdefinedinsection32.105,may
2 makeadonationtothe"MissouriHigherEducationScholarshipDonation
HCSHB2319 95 3 Fund",whichisherebycreatedinthestatetreasury.Adonatingbusinessfirm
4 shallreceiveataxcreditasprovidedinthissectionequaltofiftypercentofthe
5 amountofthedonation,exceptthattaxcreditsshallbeawardedeachfiscal
6 yearintheorderdonationsarereceivedandtheamountoftaxcredits
7 authorizedshalltotalnomorethantwohundredandfiftythousanddollarsfor
8 eachfiscalyear.
9 2.Thedepartmentofrevenueshallgranttaxcreditsapprovedunder
10 thissectionwhichshallbeappliedintheorderspecifiedinsubsection1of
11 section32.115untilused.Thetaxcreditsprovidedunderthissectionshallbe
12 refundable,andanytaxcreditnotusedinthefiscalyearinwhichapproved
13 maybecarriedoverthenextfivesucceedingcalendarorfiscalyearsuntilthe
14 fullcredithasbeenclaimed.Notwithstandinganyotherlawtothecontrary,
15 anytaxcreditsgrantedunderthissectionmaybeassigned,transferred,sold,or
16 otherwiseconveyedwithoutconsentorapproval.Suchtaxpayer,hereinafter
17 theassignorforpurposesofthissection,maysell,assign,exchange,or
18 otherwisetransferearnedtaxcredits:
19 (1)Fornolessthanseventy-fivepercentoftheparvalueofsuch
20 credits;and
21 (2)Inanamountnottoexceedonehundredpercentofannualearned
22 credits.
23 3.Notaxcreditauthorizedunderthissectionmaybeappliedagainst
24 anytaxappliedinataxyearbeginningpriortoJanuary1,1995.
25 4.Allrevenuescreditedtothefundshallbeused,subjectto
26 appropriations,toprovidescholarshipsauthorizedundersections173.197to
27 173.199,andfornootherpurpose.
28 5.ForalltaxyearsbeginningonorafterJanuary1,2005,notax
29 creditsshallbeauthorized,awarded,orissuedtoanypersonorentityclaiming
30 anytaxcreditunderthissection.]
[320.093.1.Anyperson,firmorcorporationwhopurchasesadryfire
2 hydrant,asdefinedinsection320.273,orprovidesanacceptablemeansof
3 waterstorageforsuchdryfirehydrantincludingapond,tankorotherstorage
4 facilitywiththeprimarypurposeoffireprotectionwithinthestateofMissouri,
5 shallbeeligibleforacreditonincometaxesotherwiseduepursuanttochapter
6 143,exceptsections143.191to143.261,asanincentivetoimplementsafeand
7 efficientfireprotectioncontrols.Thetaxcredit,nottoexceedfivethousand
8 dollars,shallbeequaltofiftypercentofthecostinactualexpenditureforany
9 newwaterstorageconstruction,equipment,developmentandinstallationof
10 thedryhydrant,includingpipes,valves,hydrantsandlaborforeachsuch
11 installationofadryhydrantornewwaterstoragefacility.Theamountofthe
12 taxcreditclaimedforin-kindcontributionsshallnotexceedtwenty-five
13 percentofthetotalamountofthecontributionforwhichthetaxcreditis
14 claimed.
15 2.Anyamountofcreditwhichexceedsthetaxdueshallnotbe
16 refundedbutmaybecarriedovertoanysubsequenttaxableyear,nottoexceed
17 sevenyears.Theperson,firmorcorporationmayelecttoassigntoathird
18 partytheapprovedtaxcredit.Thecertificateofassignmentandother
HCSHB2319 96 19 appropriateformsshallbefiledwiththeMissouridepartmentofrevenueand
20 thedepartmentofeconomicdevelopment.
21 3.Theperson,firmorcorporationshallmakeapplicationforthecredit
22 tothedepartmentofeconomicdevelopmentafterreceivingapprovalofthe
23 statefiremarshal.Thefiremarshalshallestablishbyrulepromulgated
24 pursuanttochapter536therequirementstobemetbasedontheNational
25 ResourcesConservationService'sDryHydrantStandard.Thestatefire
26 marshalordesignatedlocalrepresentativeshallreviewandauthorizethe
27 constructionandinstallationofanydryfirehydrantsite.Onlyapproveddry
28 firehydrantsitesshallbeeligiblefortaxcreditsasindicatedinthissection.
29 Undernocircumstanceshallsuchauthoritydenyanyentitytheabilityto
30 provideadryfirehydrantsitewhentaxcreditsarenotrequested.
31 4.Thedepartmentofpublicsafetyshallcertifytothedepartmentof
32 revenuethatthedryhydrantsystemmeetstherequirementstoobtainatax
33 creditasspecifiedinsubsection5ofthissection.
34 5.Inordertoqualifyforataxcreditunderthissection,adryhydrant
35 ornewwaterstoragefacilityshallmeetthefollowingminimumrequirements:
36 (1)Eachbodyofwaterorwaterstoragestructureshallbeableto
37 providetwohundredfiftygallonsperminuteforacontinuoustwo-hourperiod
38 duringafifty-yeardroughtorfreezeataverticalliftofeighteenfeet;
39 (2)Eachdryhydrantshallbelocatedwithintwenty-fivefeetofanall-
40 weatherroadwayandshallbeaccessibletofireprotectionequipment;
41 (3)Dryhydrantsshallbelocatedareasonabledistancefromotherdry
42 orpressurizedhydrants;and
43 (4)Thesiteshallprovideameasurableeconomicimprovement
44 potentialforruraldevelopment.
45 6.NewcreditsshallnotbeawardedunderthissectionafterAugust28,
46 2010.Thetotalamountofalltaxcreditsallowedpursuanttothissectionis
47 fivehundredthousanddollarsinanyonefiscalyearasapprovedbythe
48 directorofthedepartmentofeconomicdevelopment.
49 7.Anyruleorportionofarule,asthattermisdefinedinsection
50 536.010,thatiscreatedundertheauthoritydelegatedinthissectionshall
51 becomeeffectiveonlyifitcomplieswithandissubjecttoalloftheprovisions
52 ofchapter536and,ifapplicable,section536.028.Thissectionandchapter
53 536arenonseverableandifanyofthepowersvestedwiththegeneral
54 assemblypursuanttochapter536toreview,todelaytheeffectivedateorto
55 disapproveandannularulearesubsequentlyheldunconstitutional,thenthe
56 grantofrulemakingauthorityandanyruleproposedoradoptedafterAugust
57 28,2007,shallbeinvalidandvoid.]
[348.300.Asusedinsections348.300to348.318,thefollowingterms
2 mean:
3 (1)"CommercialactivitylocatedinMissouri",anyresearch,
4 development,prototypefabrication,andsubsequentprecommercialization
5 activity,oranyactivityrelatedthereto,conductedinMissouriforthepurpose
6 ofproducingaserviceoraproductorprocessformanufacture,assemblyor
7 saleordevelopingaservicebasedonsuchaproductorprocessbyanyperson,
8 corporation,partnership,jointventure,unincorporatedassociation,trustor
HCSHB2319 97 9 otherorganizationdoingbusinessinMissouri.SubsequenttoJanuary1,1999,
10 acommercialactivitylocatedinMissourishallmeanonlysuchactivitythatis
11 locatedwithinadistressedcommunity,asdefinedinsection135.530;
12 (2)"Follow-upcapital",capitalprovidedtoacommercialactivity
13 locatedinMissouriinwhichaqualifiedfundhaspreviouslyinvestedseed
14 capitalorstart-upcapitalandwhichdoesnotexceedtentimestheamountof
15 suchseedandstart-upcapital;
16 (3)"Person",anyindividual,corporation,partnership,orotherentity,
17 includinganycharitablecorporationwhichisexemptfromfederalincometax
18 andwhoseMissouriunrelatedbusinesstaxableincome,ifany,wouldbe
19 subjecttothestateincometaximposedunderchapter143;
20 (4)"Qualifiedcontribution",cashcontributiontoaqualifiedfund;
21 (5)"Qualifiedeconomicdevelopmentorganization",anycorporation
22 organizedundertheprovisionsofchapter355whichhasasofJanuary1,1991,
23 obtainedacontractwiththedepartmentofeconomicdevelopmenttooperate
24 aninnovationcentertopromote,assistandcoordinatetheresearchand
25 developmentofnewservices,productsorprocessesinthestateofMissouri;
26 andtheMissouritechnologycorporationorganizedpursuanttotheprovisions
27 ofsections348.250to348.275;
28 (6)"Qualifiedfund",anycorporation,partnership,jointventure,
29 unincorporatedassociation,trustorotherorganizationwhichisestablished
30 underthelawsofMissouriafterDecember31,1985,whichmeetsallofthe
31 followingrequirementsestablishedbythissubdivision.Thefundshallhaveas
32 itssolepurposeandbusinessthemakingofinvestments,ofwhichatleast
33 ninetypercentofthedollarsinvestedshallbequalifiedinvestments.Thefund
34 shallenterintoacontractwithoneormorequalifiedeconomicdevelopment
35 organizationswhichshallentitlethequalifiedeconomicdevelopment
36 organizationstoreceivenotlessthantenpercentofalldistributionsof
37 equityanddividendsorotherearningsofthefund.Suchcontractsshall
38 requirethequalifiedfundtotransfertotheMissouritechnologycorporation
39 organizedpursuanttotheprovisionsofsections348.250to348.275this
40 interestandmakecorrespondingdistributionstheretointheeventthequalified
41 economicdevelopmentorganizationholdingsuchinterestisdissolvedor
42 ceasestodobusinessforaperiodofoneyearormore;
43 (7)"Qualifiedinvestment",anyinvestmentofseedcapital,start-up
44 capital,orfollow-upcapitalinanycommercialactivitylocatedinMissouri;
45 (8)"Seedcapital",capitalprovidedtoacommercialactivitylocatedin
46 Missouriforresearch,developmentandprecommercializationactivitiesto
47 proveaconceptforanewproductorprocessorservice,andforactivities
48 relatedthereto;
49 (9)"Start-upcapital",capitalprovidedtoacommercialactivitylocated
50 inMissouriforuseinpreproductionproductdevelopmentorservice
51 developmentorinitialmarketingthereof,andforactivitiesrelatedthereto;
52 (10)"Statetaxliability",anystatetaxliabilityincurredbyataxpayer
53 undertheprovisionsofchapters143,147and148,exclusiveoftheprovisions
54 relatingtothewithholdingoftaxasprovidedforinsections143.191to
55 143.265andrelatedprovisions;
HCSHB2319 98 56 (11)"Uninvestedcapital",theamountofanydistribution,otherthanof
57 earnings,byaqualifiedfundmadewithinfiveyearsoftheissuanceofa
58 certificateoftaxcreditasprovidedbysections348.300to348.318;orthe
59 portionofallqualifiedcontributionstoaqualifiedfundwhicharenotinvested
60 asqualifiedinvestmentswithinfiveyearsoftheissuanceofacertificateoftax
61 creditasprovidedbysections348.300to348.318totheextentthattheamount
62 notsoinvestedexceedstenpercentofallsuchqualifiedcontributions.]
[348.300.Asusedinsections348.300to348.318,thefollowingterms
2 mean:
3 (1)"CommercialactivitylocatedinMissouri",anyresearch,
4 development,prototypefabrication,andsubsequentprecommercialization
5 activity,oranyactivityrelatedthereto,conductedinMissouriforthepurpose
6 ofproducingaserviceoraproductorprocessformanufacture,assemblyor
7 saleordevelopingaservicebasedonsuchaproductorprocessbyanyperson,
8 corporation,partnership,jointventure,unincorporatedassociation,trustor
9 otherorganizationdoingbusinessinMissouri.SubsequenttoJanuary1,1999,
10 acommercialactivitylocatedinMissourishallmeanonlysuchactivitythatis
11 locatedwithinadistressedcommunity,asdefinedinsection135.530;
12 (2)"Follow-upcapital",capitalprovidedtoacommercialactivity
13 locatedinMissouriinwhichaqualifiedfundhaspreviouslyinvestedseed
14 capitalorstart-upcapitalandwhichdoesnotexceedtentimestheamountof
15 suchseedandstart-upcapital;
16 (3)"Person",anyindividual,corporation,partnership,orotherentity,
17 includinganycharitablecorporationwhichisexemptfromfederalincometax
18 andwhoseMissouriunrelatedbusinesstaxableincome,ifany,wouldbe
19 subjecttothestateincometaximposedunderchapter143;
20 (4)"Qualifiedcontribution",cashcontributiontoaqualifiedfund;
21 (5)"Qualifiedeconomicdevelopmentorganization",anycorporation
22 organizedundertheprovisionsofchapter355whichhasasofJanuary1,1991,
23 obtainedacontractwiththedepartmentofeconomicdevelopmenttooperate
24 aninnovationcentertopromote,assistandcoordinatetheresearchand
25 developmentofnewservices,productsorprocessesinthestateofMissouri;
26 andtheMissouritechnologycorporationorganizedpursuanttotheprovisions
27 ofsections348.253to348.266;
28 (6)"Qualifiedfund",anycorporation,partnership,jointventure,
29 unincorporatedassociation,trustorotherorganizationwhichisestablished
30 underthelawsofMissouriafterDecember31,1985,whichmeetsallofthe
31 followingrequirementsestablishedbythissubdivision.Thefundshallhaveas
32 itssolepurposeandbusinessthemakingofinvestments,ofwhichatleast
33 ninetypercentofthedollarsinvestedshallbequalifiedinvestments.Thefund
34 shallenterintoacontractwithoneormorequalifiedeconomicdevelopment
35 organizationswhichshallentitlethequalifiedeconomicdevelopment
36 organizationstoreceivenotlessthantenpercentofalldistributionsof
37 equityanddividendsorotherearningsofthefund.Suchcontractsshall
38 requirethequalifiedfundtotransfertotheMissouritechnologycorporation
39 organizedpursuanttotheprovisionsofsections348.253to348.266this
40 interestandmakecorrespondingdistributionstheretointheeventthequalified
HCSHB2319 99 41 economicdevelopmentorganizationholdingsuchinterestisdissolvedor
42 ceasestodobusinessforaperiodofoneyearormore;
43 (7)"Qualifiedinvestment",anyinvestmentofseedcapital,start-up
44 capital,orfollow-upcapitalinanycommercialactivitylocatedinMissouri;
45 (8)"Seedcapital",capitalprovidedtoacommercialactivitylocatedin
46 Missouriforresearch,developmentandprecommercializationactivitiesto
47 proveaconceptforanewproductorprocessorservice,andforactivities
48 relatedthereto;
49 (9)"Start-upcapital",capitalprovidedtoacommercialactivitylocated
50 inMissouriforuseinpreproductionproductdevelopmentorservice
51 developmentorinitialmarketingthereof,andforactivitiesrelatedthereto;
52 (10)"Statetaxliability",anystatetaxliabilityincurredbyataxpayer
53 undertheprovisionsofchapters143,147and148,exclusiveoftheprovisions
54 relatingtothewithholdingoftaxasprovidedforinsections143.191to
55 143.265andrelatedprovisions;
56 (11)"Uninvestedcapital",theamountofanydistribution,otherthanof
57 earnings,byaqualifiedfundmadewithinfiveyearsoftheissuanceofa
58 certificateoftaxcreditasprovidedbysections348.300to348.318;orthe
59 portionofallqualifiedcontributionstoaqualifiedfundwhicharenotinvested
60 asqualifiedinvestmentswithinfiveyearsoftheissuanceofacertificateoftax
61 creditasprovidedbysections348.300to348.318totheextentthattheamount
62 notsoinvestedexceedstenpercentofallsuchqualifiedcontributions.]
[348.302.1.Anypersonwhomakesaqualifiedcontributiontoa
2 qualifiedfundshallbeentitledtoreceiveataxcreditequaltofiftypercentof
3 theamountofthequalifiedcontribution.Thetaxcreditshallbeevidencedby
4 ataxcreditcertificateinaccordancewiththeprovisionsofsections348.300to
5 348.318andmaybeusedtosatisfythestatetaxliabilityoftheownerofsuch
6 certificatethatbecomesdueinthetaxyearinwhichthequalifiedcontribution
7 ismade,orinanyofthetentaxyearsthereafter.Nopersonmayreceiveatax
8 creditpursuanttosections348.300to348.318unlessthatpersonpresentsatax
9 creditcertificatetothedepartmentofrevenueforpaymentofsuchstatetax
10 liability.
11 2.Theamountofsuchqualifiedcontributionswhichcanbemadeis
12 limitedsothattheaggregateofalltaxcreditsauthorizedundertheprovisions
13 ofsections348.300to348.318shallnotexceedninemilliondollars.Alltax
14 creditsauthorizedundertheprovisionsofthissectionmaybetransferred,sold
15 orassigned.]
[348.304.Thetotalamountofcreditevidencedbycertificatesoftax
2 creditissuedtotaxpayersattherequestofanyonequalifiedeconomic
3 developmentorganizationshallnotexceedtwomilliondollars;exceptthat,
4 thistwo-million-dollarlimitationshallnotapplytocertificatesoftaxcredit
5 issuedafterJanuary1,1996.PriortoJanuary1,1996,anyqualifiedeconomic
6 developmentorganizationmayenterintoacontractualagreementwithany
7 otherqualifiedeconomicdevelopmentorganizationtoallocatetothelatterany
8 portionofthetwomilliondollarsoftaxcreditswhichitisauthorizedtoissue
9 totaxpayersundertheprovisionsofthissection.Thecertificateoftaxcredit
HCSHB2319 100 10 maybeissuedinoneaggregatecertificateorinareasonablenumberof
11 multiplecertificatesinregardtoonequalifiedcontribution.Anyissued
12 certificatemaybesurrenderedinexchangefornewcertificatesnottoexceed
13 invaluethevalueoftheissuedcertificate.Thenumberanddenominationof
14 multiplecertificates,ifissued,shallbedeterminedbythedirectorofthe
15 departmentofeconomicdevelopment.]
[348.306.Nopersonshallreceive,byissuance,transferorassignment,
2 certificatesoftaxcreditissuedundertheprovisionsofsections348.300to
3 348.318inanamountinexcessofonemilliondollars.Subjecttothe
4 provisionsofthissection,certificatesoftaxcreditissuedinaccordancewith
5 sections348.300to348.318maybetransferredorassignedbynotarized
6 endorsementthereofwhichnamesthetransferee.]
[348.308.1.Thedirectorofthedepartmentofeconomicdevelopment
2 shallberesponsiblefortheadministrationandissuanceofthecertificateoftax
3 creditsauthorizedbysections348.300to348.318.Thedirectorofthe
4 departmentofeconomicdevelopmentshallissueacertificateoftaxcreditat
5 therequestofanyqualifiedeconomicdevelopmentorganization.Eachrequest
6 shallincludeatruecopyofthedocumentscreatingthequalifiedfundandthe
7 interestofthequalifiedeconomicdevelopmentorganizationinthequalified
8 fund,thenameofthepersonwhoistoreceiveacertificateoftaxcredit,the
9 typeofstatetaxliability,asspecifiedinsubdivision(10)ofsection348.300,
10 againstwhichthetaxcreditistobeused,andtheamountofthecertificateof
11 taxcredittobeissuedtothepersonmakingthequalifiedcontribution.Each
12 requestshallbeacknowledgedunderoathbythepersonmakingthequalified
13 contributionandthepresidentofthequalifiedeconomicdevelopment
14 organization.
15 2.Intheeventthattwoormorequalifiedeconomicdevelopment
16 organizationshaveaninterestinaqualifiedfund,eitherorbothofsuch
17 qualifiedeconomicdevelopmentorganizationsmayrequestissuanceof
18 certificatesoftaxcreditinaccordancewiththeprovisionsofsections
19 348.300to348.318topersonscontributingtoqualifiedfunds.]
[348.310.TheMissouridepartmentofrevenueshallaccepta
2 certificateoftaxcreditinlieuofotherpaymentinsuchamountasisequal
3 tothelesseroftheamountofthetaxortheremainingunusedamountofthe
4 creditasindicatedonthecertificateoftaxcredit;andshallindicateonthe
5 certificateoftaxcredittheamountoftaxtherebypaid,thedateofsuch
6 payment,andtheremainderoftheunusedcreditavailabletothetaxpayerafter
7 suchpayment.Thecertificateoftaxcreditshallbereturnedtothedirectorof
8 thedepartmentofeconomicdevelopment.Thedirectorofthedepartmentof
9 economicdevelopmentshallissueanewcertificatetotheproperownerfor
10 anyunusedbalance.]
[348.312.Noprovisionofsections348.300to348.318shallbe
2 construedtorequireaqualifiedeconomicdevelopmentorganizationtoaccept
3 aninterestinanyfund,norshallanyprovisionofsections348.300to348.318
HCSHB2319 101 4 beconstruedtolimitorrestrictthetermsandconditionsonwhichaqualified
5 economicdevelopmentorganizationmayagreetoacceptaninterestinany
6 fund.]
[348.316.1.Eachqualifiedfund,onorbeforetheduedateofits
2 federalincometaxreturn,shallmakeareportforaperiodcorrespondingtothe
3 qualifiedfund'sfederalincometaxyear.Thereportshallbemadeonaform
4 requiredbythedepartmentofeconomicdevelopment.Itshallbeverifiedby
5 theaffidavitofthefund'spresident,oranotherauthorizedofficer,tothe
6 departmentofeconomicdevelopment.Itshallstatetheamountofall
7 uninvestedcapital,whetherdistributionsofequityorfundsnotinvestedin
8 qualifiedinvestments,anditshallcontainothersuchinformationasmaybe
9 requiredbythedirectorofthedepartmentofeconomicdevelopment.
10 2.Uponthereceiptofsuchreturns,thedirectorofthedepartmentof
11 economicdevelopmentshallverifythesameandcertifytheamountoftaxdue
12 fromthevariousfundstothedirectorofrevenuewithinsixtydaysfromthe
13 dateofthereturn.Thedirectorofrevenueshallsendeachqualifiedfunda
14 noticeoftaxduewithinthirtydaysofthedateofcertificationbythe
15 departmentofeconomicdevelopment.Thequalifiedfundshallpaythetaxas
16 providedinthenoticewithinthirtydaysofthedateofsuchnotice.]
[348.318.Exceptasotherwisespecificallyprovidedinsections
2 348.300to348.318,interestandpenaltyprovisionsandproceduralmatters
3 undertheprovisionsofsections348.300to348.318shallbedetermined
4 pursuanttoandinthemannerprescribedinthefollowingsectionsofthe
5 revisedstatutesofMissouri,thestateincometaxlaw,governingsimilar
6 proceduresthereunder:sections143.271to143.301,143.511,143.551to
7 143.571,143.611to143.751,143.771,143.791to143.861,143.881to
8 143.971,and143.986.]
[620.635.Sections620.635to620.653shallbeknownandmaybe
2 citedasthe"MissouriNewEnterpriseCreationAct".]
[620.638.Asusedinsections620.635to620.653,thefollowingterms
2 mean:
3 (1)"Committedcontributions",thetotalamountofqualified
4 contributionsthatarecommittedtoaqualifyingfundbycontractual
5 agreement;
6 (2)"Corporation",theMissouritechnologycorporationasestablished
7 pursuanttosection348.251;
8 (3)"Department",thedepartmentofeconomicdevelopment;
9 (4)"Director",thedirectorofthedepartmentofeconomic
10 development;
11 (5)"Follow-upcapital",capitalprovidedtoaqualifiedbusinessin
12 whichaqualifiedfundhaspreviouslyinvestedseedcapitalorstart-upcapital.
13 Nomorethanfortypercentofthequalifiedcontributionstoaqualifiedfund
14 maybeusedforfollow-upcapital,andnoqualifiedcontributionswhich
HCSHB2319 102 15 generatetaxcreditsbeforethesecondroundofallocationsasauthorizedby
16 section620.650shallbeusedforfollow-upcapitalinvestments;
17 (6)"Person",anyindividual,corporation,partnership,limitedliability
18 companyorotherentity,includinganycharitableorganizationwhichis
19 exemptfromfederalincometaxandwhoseMissouriunrelatedbusiness
20 taxableincome,ifany,wouldbesubjecttothestateincometaximposedunder
21 chapter143;
22 (7)"Positivecashflow",totalcashreceiptsfromsalesorservices,but
23 notfrominvestmentsorloans,exceedingtotalcashexpendituresascalculated
24 onafiscalyearbasis;
25 (8)"Qualifiedbusiness",anyindependentlyownedandoperated
26 businesswhichisheadquarteredandlocatedinMissouriandwhichisinvolved
27 inorintendstobeinvolvedincommerceforthepurposeofmanufacturing,
28 processingorassemblingproducts,conductingresearchanddevelopment,or
29 providingservicesininterstatecommerce.Suchabusinessshallmaintainits
30 headquartersinMissouriforaperiodofatleastthreeyearsfromthedateof
31 receiptofaqualifiedinvestmentorbesubjecttopenaltiespursuanttosection
32 620.017;
33 (9)"Qualifiedcontribution",cashcontributionstoaqualifiedfund
34 pursuanttothetermsofcontractualagreementsmadebetweenthequalified
35 fundandaqualifiedeconomicdevelopmentorganizationauthorizedbythe
36 corporationtoenterintosuchcontracts;
37 (10)"Qualifiedeconomicdevelopmentorganization",anycorporation
38 organizedpursuanttotheprovisionsofchapter355that,asofJanuary1,1991,
39 hadobtainedacontractwiththedepartmenttooperateaninnovationcenterto
40 promote,assistandcoordinatetheresearchanddevelopmentofnewservices,
41 productsorprocessesinthisstate;
42 (11)"Qualifiedfund",afundestablishedbyanycorporation,
43 partnership,jointventure,unincorporatedassociation,trustorother
44 organizationestablishedpursuanttothelawsofMissouriandapprovedby
45 thecorporation;
46 (12)"Qualifiedinvestment",anyinvestmentofseedcapital,start-up
47 capitalorfollow-upcapitalinaqualifiedbusinessthatdoesnotcausemore
48 thantenpercentofallthequalifiedcontributionstoaqualifiedfundtobe
49 investedinasinglequalifiedbusiness;
50 (13)"Seedcapital",capitalprovidedtoaqualifiedbusinessfor
51 research,developmentandprecommercializationactivitiestoproveaconcept
52 foranewproduct,processorservice,andforactivitiesrelatedthereto;
53 providedthat,seedcapitalshallnotbeprovidedtoanybusinesswhichina
54 pastfiscalyearhasexperiencedapositivecashflow;
55 (14)"Start-upcapital",capitalprovidedtoaqualifiedbusinessforuse
56 inpreproductionproductdevelopment,servicedevelopmentorinitial
57 marketingthereof;providedthat,start-upcapitalshallnotbeprovidedto
58 anybusinesswhichhasexperiencedapositivecashflowinapastfiscalyear;
59 (15)"Uninvestedcapital",thatportionofanyqualifiedcontributionto
60 aqualifiedfund,otherthanmanagementfeesnottoexceedthreepercentper
61 yearofcommittedcontributions,qualifiedinvestmentsandotherexpensesor
HCSHB2319 103 62 feesauthorizedbythecorporation,thatisnotinvestedasaqualified
63 investmentwithintenyearsofitsreceipt.]
[620.641.ThepowersanddutiesoftheMissouriseedcapital
2 investmentboardshallbetransferredtotheMissouritechnologycorporation
3 effectiveAugust28,2011,andtheMissouriseedcapitalinvestmentboard
4 shallbedissolved.]
[620.644.1.TheMissouriseedcapitalandcommercialization
2 strategyshallbejointlydevelopedandapprovedbytheboardsofdirectorsof
3 allofthequalifiedeconomicdevelopmentorganizationsandsubmittedasone
4 plantothecorporationforitsapproval.Theboardshallnotapproveany
5 qualifiedfund,exclusiveofthefundapprovedbythecorporation,unlesssuch
6 fundisdescribedintheMissouriseedcapitalandcommercializationstrategy.
7 Thestrategyshallincludeaproposalfortheestablishmentandoperationof
8 betweenoneandfourqualifiedfundsinMissouri,includingthefundapproved
9 bythecorporationpursuanttotheprovisionsofsection620.653.Theinitial
10 strategyshallbesubmittedtotheboardnolaterthanJuly1,2000,andshallbe
11 approvedorrejectedbytheboardwithinthreemonthsofreceipt.Notax
12 creditsauthorizedpursuanttotheprovisionsofsections620.635to620.653
13 shallbeawardeduntilsuchstrategyhasbeenapprovedbytheboard,other
14 thantaxcreditsauthorizedforqualifiedcontributionstothefundapprovedby
15 thecorporation.
16 2.Thedepartmentshallauthorizetheuseofuptotwentymillion
17 dollarsintaxcreditsbytheapprovedqualifiedfunds,inaggregatepursuantto
18 theprovisionsofsection620.650,withnotmorethanfivemilliondollarsof
19 taxcreditsbeingissuedinanyoneyear.
20 3.Thecorporationshallapprovetheprofessionalmanagersemployed
21 bythequalifiedfundsaccordingtocriteriasimilartothatusedbytheU.S.
22 SmallBusinessAdministration'sSmallBusinessInvestmentCorporation
23 Program.
24 4.Thedepartmentmaypromulgateanyrulesandregulations
25 necessarytoadministertheprovisionsofsections620.635to620.653.No
26 ruleorregulationorportionofaruleorregulationpromulgatedpursuanttothe
27 authorityofthissectionshallbecomeeffectiveunlessithasbeenpromulgated
28 pursuanttotheprovisionsofchapter536.
29 5.Thecorporationshallreportthefollowingtothedepartment:
30 (1)Assoonaspracticableafterthereceiptofaqualifiedcontribution
31 thenameofeachpersonfromwhichthequalifiedcontributionwasreceived,
32 theamountofeachcontributor'squalifiedcontributionandthetaxcredits
33 computedpursuanttothissection;
34 (2)Onaquarterlybasis,theamountofqualifiedinvestmentsmadeto
35 anyqualifiedbusiness;
36 (3)Onaquarterlybasis,verificationthattheinvestmentofseed
37 capital,start-upcapital,orfollow-upcapitalinaqualifiedbusinessdoesnot
38 directmorethantenpercentofallthequalifiedcontributionstoaqualified
39 fundtobeinvestedinasinglequalifyingbusiness.
HCSHB2319 104 40 6.Eachqualifiedfundshallprovideannualauditedfinancial
41 statements,includingtheopinionofanindependentcertifiedpublic
42 accountant,tothedepartmentwithinninetydaysofthecloseofthestate
43 fiscalyear.Theauditshalladdressthemethodsofoperationandconductof
44 thebusinessofthequalifiedeconomicdevelopmentorganizationtodetermine
45 compliancewiththestatutesandprogramandprogramrulesandthatthe
46 qualifiedcontributionsreceivedbythequalifiedfundhavebeeninvestedas
47 requiredbythissection.]
[620.647.1.Thecorporationmayauthorizeeachqualifiedeconomic
2 developmentorganizationtoenterintocontractualagreementswithany
3 qualifiedfundallowingsuchqualifiedfundtooffertaxcreditsauthorized
4 pursuanttotheprovisionsofsections620.635to620.653tothosepersons
5 makingqualifiedcontributionstothequalifiedfund.Thecorporationshall
6 establishpoliciesandproceduresrequiringeachauthorizedqualifiedeconomic
7 developmentorganizationtosecurefromeachqualifiedfundanditsinvestors
8 themaximumfundequityinterestpossible,asdictatedbymarketconditions,
9 inexchangefortheuseofthetaxcredits.Alltaxcreditsauthorizedpursuant
10 tosections620.635to620.653shallbeadministeredbythedepartment.
11 2.Eachqualifiedfundshallenterintoacontractwithoneormore
12 qualifiedeconomicdevelopmentorganizationswhichshallentitleallqualified
13 economicdevelopmentorganizationsinexistenceatthattimetoreceiveand
14 shareequallyalldistributionsofequityanddividendsorotherearningsofthe
15 fundthataregeneratedasaresultofanyequityinterestsecuredasaresultof
16 actionstakentocomplywithsubsection1ofthissection.Suchcontractsshall
17 requirethequalifiedfundstotransfertothecorporationalldistributionsof
18 dividendsorotherearningsofthefundthatareowedtoanyqualified
19 economicdevelopmentorganizationthathasdissolvedorhasceaseddoing
20 businessforaperiodofoneyearormore.
21 3.Alldistributionsofdividends,earnings,equityorthelikeowed
22 pursuanttotheprovisionsofsections620.635to620.653toaqualified
23 economicdevelopmentorganizationbyanyqualifiedfundshallbepaidtothe
24 qualifiedeconomicdevelopmentorganization.Thequalifiedeconomic
25 developmentorganizationshallusesuchpaymentssolelyforreinvestmentin
26 qualifiedfundsinordertoprovideongoingseedcapital,start-upcapitaland
27 follow-upcapitalforMissouribusinesses.Noqualifiedeconomic
28 developmentorganizationmaytransferanydividends,earnings,equityor
29 thelikeoweditpursuanttosections620.635to620.653toanyotherpersonor
30 entitywithouttheapprovalofthecorporation.]
[620.650.1.Thesolepurposeofeachqualifiedfundistomake
2 investments.Onehundredpercentofinvestmentsmadefromqualified
3 contributionsshallbequalifiedinvestments.
4 2.Anypersonwhomakesaqualifiedcontributiontoaqualifiedfund
5 shallreceiveataxcreditagainstthetaxotherwiseduepursuanttochapter143,
6 chapter147,orchapter148,otherthantaxeswithheldpursuanttosections
7 143.191to143.265,inanamountequaltoonehundredpercentofsuch
8 person'squalifiedcontribution.
HCSHB2319 105 9 3.Suchpersonshallsubmittothedepartmentanapplicationforthe
10 taxcreditonaformprovidedbythedepartment.Thedepartmentshallaward
11 taxcreditsintheordertheapplicationsarereceivedandbaseduponthe
12 strategyapprovedbythecorporation.Taxcreditsissuedpursuanttothis
13 sectionmaybeclaimedforthetaxyearinwhichthequalifiedcontributionis
14 madeorinanyofthefollowingtenyears,andmaybeassigned,transferredor
15 sold.
16 4.Thereisherebyimposedoneachqualifiedfundataxequalto
17 fifteenpercentofthequalifiedfund'suninvestedcapitalatthecloseofsuch
18 qualifiedfund'staxyear.Forpurposesoftaxcomputation,anydistribution
19 madebyaqualifiedfundduringataxyearisdeemedmadeattheendofsuch
20 taxyear.Eachtaxyear,everyqualifiedfundshallremitthetaximposedby
21 thissectiontothedirectorofthedepartmentofrevenuefordepositinthestate
22 treasurytothecreditofthegeneralrevenuefund.]
[620.653.Theprovisionsofsections620.635to620.650tothe
2 contrarynotwithstanding,onequalifiedfundshallbeapprovedbythe
3 corporationassoonaspracticableafterJuly8,1999.Suchfundneednotbe
4 initiallyincorporatedintotheseedcapitalandcommercializationstrategyuntil
5 aftertheappointmentoftheboard.Aftertheappointmentoftheboard,all
6 powersexercisedbythecorporationinrelationtothatfundshallbetransferred
7 totheboard.Afterthedissolutionoftheboard,allpowersexercisedbythe
8 boardshallbetransferredtothecorporation.Thecorporationshallapprove
9 theprofessionalfundmanageremployedbythequalifiedfundestablishedby
10 thissection.]
[620.2600.1.Thissectionshallbeknownandmaybecitedasthe
2 "InnovationCampusTaxCreditAct".
3 2.Asusedinthissection,thefollowingtermsmean:
4 (1)"Certificate",ataxcreditcertificateissuedunderthissection;
5 (2)"Department",theMissouridepartmentofeconomicdevelopment;
6 (3)"Eligibledonation",donationsreceivedfromataxpayerby
7 innovationcampusesthataretobeusedsolelyforprojectsthatadvance
8 learningintheareasofscience,technology,engineering,andmathematics.
9 Eligibledonationsmayincludecash,publiclytradedstocksandbonds,and
10 realestatethatshallandwillbevaluedanddocumentedaccordingtotherules
11 promulgatedbythedepartmentofeconomicdevelopment;
12 (4)"Innovationeducationcampus"or"innovationcampus",asdefined
13 insection178.1100,aneducationalpartnershipconsistingofatleastoneof
14 eachofthefollowingentities:
15 (a)AlocalMissourihighschoolorK-12schooldistrict;
16 (b)AMissourifour-yearpublicorprivatehighereducationinstitution;
17 (c)AMissouri-basedbusinessorbusinesses;and
18 (d)AMissouritwo-yearpublichighereducationinstitutionorstate
19 technicalcollegeofMissouri;
20 (5)"Taxpayer",anyofthefollowingindividualsorentitieswhomake
21 aneligibledonationtoanyinnovationcampus:
HCSHB2319 106 22 (a)Aperson,firm,partnerinafirm,corporation,orashareholderin
23 anScorporationdoingbusinessinthestateofMissouriandsubjecttothestate
24 incometaximposedinchapter143;
25 (b)Acorporationsubjecttotheannualcorporationfranchisetax
26 imposedinchapter147;
27 (c)Aninsurancecompanypayinganannualtaxonitsgrosspremium
28 receiptsinthisstate;
29 (d)AnyotherfinancialinstitutionpayingtaxestothestateofMissouri
30 oranypoliticalsubdivisionsofthisstateunderchapter148;
31 (e)Anindividualsubjecttothestateincometaximposedinchapter
32 143;
33 (f)Anycharitableorganizationwhichisexemptfromfederalincome
34 taxandwhoseMissouriunrelatedbusinesstaxableincome,ifany,wouldbe
35 subjecttothestateincometaximposedunderchapter143.
36 3.ForalltaxableyearsbeginningonorafterJanuary1,2015,any
37 taxpayershallbeallowedacreditagainstthetaxesotherwisedueunder
38 chapters147,148,or143,excludingwithholdingtaximposedbysections
39 143.191to143.265,inanamountequaltofiftypercentoftheamountofan
40 eligibledonation,subjecttotherestrictionsinthissection.Theamountofthe
41 taxcreditclaimedshallnotexceedtheamountofthetaxpayer'sstateincome
42 taxliabilityinthetaxyearforwhichthecreditisclaimed.Anyamountof
43 creditthatthetaxpayerisprohibitedbythissectionfromclaiminginataxyear
44 shallnotberefundable,butmaybecarriedforwardtoanyofthetaxpayer's
45 foursubsequenttaxableyears.
46 4.Toclaimthecreditauthorizedinthissection,aninnovationcampus
47 maysubmittothedepartmentanapplicationforthetaxcreditauthorizedby
48 thissectiononbehalfoftaxpayers.Thedepartmentshallverifythatthe
49 innovationcampushassubmittedthefollowingitems:
50 (1)Avalidapplicationintheformandformatrequiredbythe
51 department;
52 (2)Astatementattestingtotheeligibledonationreceived,whichshall
53 includethenameandtaxpayeridentificationnumberoftheindividualor
54 taxpayermakingtheeligibledonation,theamountoftheeligibledonation,and
55 thedatetheeligibledonationwasreceivedbytheinnovationcampus;and
56 (3)Paymentfromtheinnovationcampusequaltothevalueofthetax
57 creditforwhichapplicationismade.
58
59 Iftheinnovationcampusapplyingforthetaxcreditmeetsallcriteriarequired
60 bythissubsection,thedepartmentshallissueacertificateintheappropriate
61 amount.
62 5.Taxcreditsissuedunderthissectionmaybeassigned,transferred,
63 sold,orotherwiseconveyed,andthenewownerofthetaxcreditshallhavethe
64 samerightsinthecreditasthetaxpayer.Wheneveracertificateisassigned,
65 transferred,sold,orotherwiseconveyed,anotarizedendorsementshallbe
66 filedwiththedepartmentspecifyingthenameandaddressofthenewownerof
67 thetaxcreditandthevalueofthecredit.
68 6.Thedepartmentmaypromulgaterulestoimplementtheprovisions
69 ofthissection.Anyruleorportionofarule,asthattermisdefinedinsection
HCSHB2319 107 70 536.010,thatiscreatedundertheauthoritydelegatedinthissectionshall
71 becomeeffectiveonlyifitcomplieswithandissubjecttoalloftheprovisions
72 ofchapter536and,ifapplicable,section536.028.Thissectionandchapter
73 536arenonseverableandifanyofthepowersvestedwiththegeneral
74 assemblyunderandpursuanttochapter536toreview,todelaytheeffective
75 date,ortodisapproveandannularulearesubsequentlyheldunconstitutional,
76 thenthegrantofrulemakingauthorityandanyruleproposedoradoptedafter
77 August28,2014,shallbeinvalidandvoid.
78 7.Undersection23.253oftheMissourisunsetact:
79 (1)Theprogramauthorizedunderthissectionshallexpiresixyears
80 afterAugust28,2014,unlessreauthorizedbyanactofthegeneralassembly;
81 and
82 (2)Ifsuchprogramisreauthorized,theprogramauthorizedunderthis
83 sectionshallautomaticallysunsettwelveyearsafterAugust28,2014;and
84 (3)ThissectionshallterminateonSeptemberfirstofthecalendaryear
85 immediatelyfollowingthecalendaryearinwhichtheprogramauthorized
86 underthissectionissunset.]
âś”
HCSHB2319 108