| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | FIRSTREGULARSESSION | |
| 2 | - | HOUSECOMMITTEESUBSTITUTEFOR | |
| 3 | 2 | HOUSEBILLNO.235 | |
| 4 | 3 | 103RDGENERALASSEMBLY | |
| 5 | - | 0712H.02C JOSEPHENGLER,ChiefClerk | |
| 4 | + | INTRODUCEDBYREPRESENTATIVEGALLICK. | |
| 5 | + | 0712H.01I DANARADEMANMILLER,ChiefClerk | |
| 6 | 6 | ANACT | |
| 7 | - | ||
| 8 | - | ||
| 7 | + | Toamendchapter348,RSMo,byaddingtheretotwonewsectionsrelatingtotaxcreditsfor | |
| 8 | + | investmentsincertainMissouribusinesses. | |
| 9 | 9 | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: | |
| 10 | - | SectionA.Sections32.115,135.341,135.460,and135.647,RSMo,arerepealedand | |
| 11 | - | 2sixnewsectionsenactedinlieuthereof,tobeknownassections32.115,135.341,135.460, | |
| 12 | - | 3135.647,348.273,and348.274,toreadasfollows: | |
| 13 | - | 32.115.1.Thedepartmentofrevenueshallgrantataxcredit,tobeappliedinthe | |
| 14 | - | 2followingorderuntilused,against: | |
| 15 | - | 3 (1)Theannualtaxongrosspremiumreceiptsofinsurancecompaniesinchapter148; | |
| 16 | - | 4 (2)Thetaxonbanksdeterminedpursuanttosubdivision(2)ofsubsection2ofsection | |
| 17 | - | 5148.030; | |
| 18 | - | 6 (3)Thetaxonbanksdeterminedinsubdivision(1)ofsubsection2ofsection | |
| 19 | - | 7148.030; | |
| 20 | - | 8 (4)Thetaxonotherfinancialinstitutionsinchapter148; | |
| 21 | - | 9 (5)Thecorporationfranchisetaxinchapter147; | |
| 22 | - | 10 (6)Thestateincometaxinchapter143;and | |
| 23 | - | 11 (7)Theannualtaxongrossreceiptsofexpresscompaniesinchapter153. | |
| 24 | - | 12 2.Forproposalsapprovedpursuanttosection32.110: | |
| 25 | - | 13 (1)Theamountofthetaxcreditshallnotexceed[fifty] seventypercentofthetotal | |
| 26 | - | 14amountcontributedduringthetaxableyearbythebusinessfirmor,inthecaseofafinancial | |
| 27 | - | 15institution,whereapplicable,duringtherelevantincomeperiodinprogramsapproved | |
| 28 | - | 16pursuanttosection32.110; | |
| 29 | - | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis | |
| 30 | - | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 17 (2)Exceptasprovidedinsubsection2or5ofthissection,ataxcreditofupto | |
| 31 | - | 18seventypercentmaybeallowedforcontributionstoprogramswhereactivitiesfallwithinthe | |
| 32 | - | 19scopeofspecialprogramprioritiesasdefinedwiththeapprovalofthegovernorinregulations | |
| 33 | - | 20promulgatedbythedirectorofthedepartmentofeconomicdevelopment; | |
| 34 | - | 21 (3)Exceptasprovidedinsubsection2or5ofthissection,thetaxcreditallowedfor | |
| 35 | - | 22contributionstoprogramslocatedinanycommunityshallbeequaltoseventypercentofthe | |
| 36 | - | 23totalamountcontributedwheresuchcommunityisacity,townorvillagewhichhasfifteen | |
| 37 | - | 24thousandorlessinhabitantsasofthelastdecennialcensusandislocatedinacountywhichis | |
| 38 | - | 25eitherlocatedin: | |
| 39 | - | 26 (a)Anareathatisnotpartofastandardmetropolitanstatisticalarea; | |
| 40 | - | 27 (b)Astandardmetropolitanstatisticalareabutsuchcountyhasonlyonecity,townor | |
| 41 | - | 28villagewhichhasmorethanfifteenthousandinhabitants;or | |
| 42 | - | 29 (c)Astandardmetropolitanstatisticalareaandasubstantialnumberofpersonsin | |
| 43 | - | 30suchcountyderivetheirincomefromagriculture. | |
| 44 | - | 31 | |
| 45 | - | 32Suchcommunitymayalsobeinanunincorporatedareainsuchcountyasprovidedin | |
| 46 | - | 33subdivision(1),(2)or(3)ofthissubsection.Exceptinnocaseshallthetotaleconomic | |
| 47 | - | 34benefitofthecombinedfederalandstatetaxsavingstothetaxpayerexceedtheamount | |
| 48 | - | 35contributedbythetaxpayerduringthetaxyear; | |
| 49 | - | 36 (4)Suchtaxcreditallocation,equaltoseventypercentofthetotalamount | |
| 50 | - | 37contributed,shallnotexceedfourmilliondollarsinfiscalyear1999andsixmilliondollarsin | |
| 51 | - | 38fiscalyear2000andanysubsequentfiscalyear.Whenthemaximumdollarlimitonthe | |
| 52 | - | 39seventypercenttaxcreditallocationiscommitted,thetaxcreditallocationforsuchprograms | |
| 53 | - | 40shallthenbeequaltofiftypercentcreditofthetotalamountcontributed.Regulations | |
| 54 | - | 41establishingspecialprogramprioritiesaretobepromulgatedduringthefirstmonthofeach | |
| 55 | - | 42fiscalyearandatsuchtimesduringtheyearasthepublicinterestdictates.Suchcreditshall | |
| 56 | - | 43notexceedtwohundredandfiftythousanddollarsannuallyexceptasprovidedinsubdivision | |
| 57 | - | 44(5)ofthissubsection.Notaxcreditshallbeapprovedforanybank,bankandtrustcompany, | |
| 58 | - | 45insurancecompany,trustcompany,nationalbank,savingsassociation,orbuildingandloan | |
| 59 | - | 46associationforactivitiesthatareapartofitsnormalcourseofbusiness.Anytaxcreditnot | |
| 60 | - | 47usedintheperiodthecontributionwasmademaybecarriedoverthenextfivesucceeding | |
| 61 | - | 48calendarorfiscalyearsuntilthefullcredithasbeenclaimed.Exceptasotherwiseprovided | |
| 62 | - | 49forproposalsapprovedpursuanttosection32.111,32.112or32.117,innoeventshallthe | |
| 63 | - | 50totalamountofallothertaxcreditsallowedpursuanttosections32.100to32.125exceed | |
| 64 | - | 51thirty-twomilliondollarsinanyonefiscalyear,ofwhichsixmillionshallbecreditsallowed | |
| 65 | - | 52pursuanttosection135.460.Ifsixmilliondollarsincreditsarenotapproved,thenthe | |
| 66 | - | 53remainingcreditsmaybeusedforprogramsapprovedpursuanttosections32.100to32.125; | |
| 67 | - | HCSHB235 2 54 (5)Thecreditmayexceedtwohundredfiftythousanddollarsannuallyandshallnot | |
| 68 | - | 55belimitedifcommunityservices,crimeprevention,education,jobtraining,physical | |
| 69 | - | 56revitalizationoreconomicdevelopment,asdefinedbysection32.105,isrenderedinanarea | |
| 70 | - | 57definedbyfederalorstatelawasanimpoverished,economicallydistressed,orblightedarea | |
| 71 | - | 58orasaneighborhoodexperiencingproblemsendangeringitsexistenceasaviableandstable | |
| 72 | - | 59neighborhood,orifthecommunityservices,crimeprevention,education,jobtraining, | |
| 73 | - | 60physicalrevitalizationoreconomicdevelopmentislimitedtoimpoverishedpersons. | |
| 74 | - | 61 3.Forproposalsapprovedpursuanttosection32.111: | |
| 75 | - | 62 (1)Theamountofthetaxcreditshallnotexceedfifty-fivepercentofthetotalamount | |
| 76 | - | 63investedinaffordablehousingassistanceactivitiesormarketratehousingindistressed | |
| 77 | - | 64communitiesasdefinedinsection135.530byabusinessfirm.Wheneversuchinvestmentis | |
| 78 | - | 65madeintheformofanequityinvestmentoraloan,asopposedtoadonationalone,taxcredits | |
| 79 | - | 66maybeclaimedonlywheretheloanorequityinvestmentisaccompaniedbyadonation | |
| 80 | - | 67whichiseligibleforfederalincometaxcharitablededuction,andwherethetotalvalueofthe | |
| 81 | - | 68taxcreditshereinplusthevalueofthefederalincometaxcharitabledeductionislessthanor | |
| 82 | - | 69equaltothevalueofthedonation.Anytaxcreditnotusedintheperiodforwhichthecredit | |
| 83 | - | 70wasapprovedmaybecarriedoverthenexttensucceedingcalendarorfiscalyearsuntilthe | |
| 84 | - | 71fullcredithasbeenallowed.Iftheaffordablehousingunitsormarketratehousingunitsin | |
| 85 | - | 72distressedcommunitiesforwhichataxisclaimedarewithinalargerstructure,partsofwhich | |
| 86 | - | 73arenotthesubjectofataxcreditclaim,thenexpendituresapplicabletotheentirestructure | |
| 87 | - | 74shallbereducedonaproratedbasisinproportiontotheratioofthenumberofsquarefeet | |
| 88 | - | 75devotedtotheaffordablehousingunitsormarketratehousingunitsindistressed | |
| 89 | - | 76communities,forpurposesofdeterminingtheamountofthetaxcredit.Thetotalamount | |
| 90 | - | 77oftaxcreditgrantedforprogramsapprovedpursuanttosection32.111forthefiscalyear | |
| 91 | - | 78beginningJuly1,1991,shallnotexceedtwomilliondollars,tobeincreasedbynomorethan | |
| 92 | - | 79twomilliondollarseachsucceedingfiscalyear,untilthetotaltaxcreditsthatmaybe | |
| 93 | - | 80approvedreachestenmilliondollarsinanyfiscalyear; | |
| 94 | - | 81 (2)Foranyyearduringthecomplianceperiodindicatedinthelanduserestriction | |
| 95 | - | 82agreement,theowneroftheaffordablehousingrentalunitsforwhichacreditisbeing | |
| 96 | - | 83claimedshallcertifytothecommissionthatalltenantsrentingclaimedunitsareincome | |
| 97 | - | 84eligibleforaffordablehousingunitsandthattherentalsforeachclaimedunitarein | |
| 98 | - | 85compliancewiththeprovisionsofsections32.100to32.125.Thecommissionisauthorized, | |
| 99 | - | 86initsdiscretion,toaudittherecordsandaccountsoftheownertoverifysuchcertification; | |
| 100 | - | 87 (3)Inthecaseofowner-occupiedaffordablehousingunits,thequalifyingowner | |
| 101 | - | 88occupantshall,beforetheendofthefirstyearinwhichcreditsareclaimed,certifytothe | |
| 102 | - | 89commissionthattheoccupantisincomeeligibleduringtheprecedingtwoyears,andatthe | |
| 103 | - | 90timeoftheinitialpurchasecontract,butnotthereafter.Thequalifyingowneroccupantshall | |
| 104 | - | HCSHB235 3 91furthercertifytothecommission,beforetheendofthefirstyearinwhichcreditsareclaimed, | |
| 105 | - | 92thatduringthecomplianceperiodindicatedinthelanduserestrictionagreement,thecostof | |
| 106 | - | 93theaffordablehousingunittotheoccupantfortheclaimedunitcanreasonablybeprojectedto | |
| 107 | - | 94beincompliancewiththeprovisionsofsections32.100to32.125.Anysucceedingowner | |
| 108 | - | 95occupantacquiringtheaffordablehousingunitduringthecomplianceperiodindicatedinthe | |
| 109 | - | 96landuserestrictionagreementshallmakethesamecertification; | |
| 110 | - | 97 (4)Ifatanytimeduringthecomplianceperiodthecommissiondeterminesaproject | |
| 111 | - | 98forwhichaproposalhasbeenapprovedisnotincompliancewiththeapplicableprovisionsof | |
| 112 | - | 99sections32.100to32.125orrulespromulgatedtherefor,thecommissionmaywithinone | |
| 113 | - | 100hundredfiftydaysofnoticetotheownereitherseekinjunctiveenforcementactionagainstthe | |
| 114 | - | 101owner,orseeklegaldamagesagainsttheownerrepresentingthevalueofthetaxcredits,or | |
| 115 | - | 102forecloseonthelieninthelanduserestrictionagreement,sellingtheprojectatapublicsale, | |
| 116 | - | 103andpayingtotheownertheproceedsofthesale,lessthecostsofthesaleandlessthevalueof | |
| 117 | - | 104alltaxcreditsallowedherein.Thecommissionshallremittothedirectorofrevenuethe | |
| 118 | - | 105portionofthelegaldamagescollectedorthesaleproceedsrepresentingthevalueofthetax | |
| 119 | - | 106credits.However,exceptintheeventofintentionalfraudbythetaxpayer,theproposal's | |
| 120 | - | 107certificateofeligibilityfortaxcreditsshallnotberevoked. | |
| 121 | - | 108 4.Forproposalsapprovedpursuanttosection32.112,theamountofthetaxcredit | |
| 122 | - | 109shallnotexceedfifty-fivepercentofthetotalamountcontributedtoaneighborhood | |
| 123 | - | 110organizationbybusinessfirms.Anytaxcreditnotusedintheperiodforwhichthecreditwas | |
| 124 | - | 111approvedmaybecarriedoverthenexttensucceedingcalendarorfiscalyearsuntilthefull | |
| 125 | - | 112credithasbeenallowed.Thetotalamountoftaxcreditgrantedforprogramsapproved | |
| 126 | - | 113pursuanttosection32.112shallnotexceedonemilliondollarsforeachfiscalyear. | |
| 127 | - | 114 5.Thetotalamountoftaxcreditsusedformarketratehousingindistressed | |
| 128 | - | 115communitiespursuanttosections32.100to32.125shallnotexceedthirtypercentofthetotal | |
| 129 | - | 116amountofalltaxcreditsauthorizedpursuanttosections32.111and32.112. | |
| 130 | - | 135.341.1.Asusedinthissection,thefollowingtermsshallmean: | |
| 131 | - | 2 (1)"CASA",anentitywhichreceivesfundingfromthecourt-appointedspecial | |
| 132 | - | 3advocatefundestablishedundersection476.777,includinganassociationbasedinthisstate, | |
| 133 | - | 4affiliatedwithanationalassociation,organizedtoprovidesupporttoentitiesreceiving | |
| 134 | - | 5fundingfromthecourt-appointedspecialadvocatefund; | |
| 135 | - | 6 (2)"Childadvocacycenters",theregionalchildassessmentcenterslistedin | |
| 136 | - | 7subsection2ofsection210.001,includinganassociationbasedinthisstate,affiliatedwitha | |
| 137 | - | 8nationalassociation,andorganizedtoprovidesupporttoentitieslistedinsubsection2of | |
| 138 | - | 9section210.001; | |
| 139 | - | 10 (3)"Contribution",theamountofdonationtoaqualifiedagency; | |
| 140 | - | HCSHB235 4 11 (4)"Crisiscarecenter",entitiescontractedwiththisstatewhichprovidetemporary | |
| 141 | - | 12careforchildrenwhoseagerangesfrombirththroughseventeenyearsofagewhoseparents | |
| 142 | - | 13orguardianareexperiencinganunexpectedandunstableorseriousconditionthatrequires | |
| 143 | - | 14immediateactionresultinginshort-termcare,usuallythreetofivecontinuous,uninterrupted | |
| 144 | - | 15days,forchildrenwhomaybeatriskforchildabuse,neglect,orinanemergencysituation; | |
| 145 | - | 16 (5)"Department",thedepartmentofrevenue; | |
| 146 | - | 17 (6)"Director",thedirectorofthedepartmentofrevenue; | |
| 147 | - | 18 (7)"Qualifiedagency",CASA,childadvocacycenters,oracrisiscarecenter; | |
| 148 | - | 19 (8)"Taxliability",thetaxdueunderchapter143otherthantaxeswithheldunder | |
| 149 | - | 20sections143.191to143.265. | |
| 150 | - | 21 2.ForalltaxyearsbeginningonorafterJanuary1,2013,ataxcreditmaybeclaimed | |
| 151 | - | 22inanamountequaltouptofiftypercentofaverifiedcontributiontoaqualifiedagencyand | |
| 152 | - | 23shallbenamedthechampionforchildrentaxcredit.Theminimumamountofanytaxcredit | |
| 153 | - | 24issuedshallnotbelessthanfiftydollarsandshallbeappliedtotaxesdueunderchapter143, | |
| 154 | - | 25excludingsections143.191to143.265.Acontributionverificationshallbeissuedtothe | |
| 155 | - | 26taxpayerbytheagencyreceivingthecontribution.Suchcontributionverificationshall | |
| 156 | - | 27includethetaxpayer'sname,SocialSecuritynumber,amountoftaxcredit,amountof | |
| 157 | - | 28contribution,thenameandaddressoftheagencyreceivingthecredit,andthedatethe | |
| 158 | - | 29contributionwasmade.Thetaxcreditprovidedunderthissubsectionshallbeinitiallyfiled | |
| 159 | - | 30fortheyearinwhichtheverifiedcontributionismade. | |
| 160 | - | 31 3.Thecumulativeamountofthetaxcreditsredeemedshallnotexceedonemillion | |
| 161 | - | 32dollarsforallfiscalyearsendingonorbeforeJune30,2019,andonemillionfivehundred | |
| 162 | - | 33thousanddollarsforallfiscalyearsbeginningonorafterJuly1,2019.Theamountavailable | |
| 163 | - | 34shallbeequallydividedamongthethreequalifiedagencies:CASA,childadvocacycenters, | |
| 164 | - | 35orcrisiscarecenters,tobeusedtowardstaxcreditsissued.Intheeventtaxcreditsclaimed | |
| 165 | - | 36underoneagencydonottotaltheallocatedamountforthatagency,theunusedportionforthat | |
| 166 | - | 37agencywillbemadeavailabletotheremainingagenciesequally.Intheeventthetotal | |
| 167 | - | 38amountoftaxcreditsclaimedforanyoneagencyexceedstheamountavailableforthat | |
| 168 | - | 39agency,theamountredeemedshallandwillbeapportionedequallytoalleligibletaxpayers | |
| 169 | - | 40claimingthecreditunderthatagency. | |
| 170 | - | 41 4.PriortoDecemberthirty-firstofeachyear,eachqualifiedagencyshallapplytothe | |
| 171 | - | 42departmentofsocialservicesinordertoverifytheirqualifiedagencystatus.Upona | |
| 172 | - | 43determinationthattheagencyiseligibletobeaqualifiedagency,thedepartmentofsocial | |
| 173 | - | 44servicesshallprovidealetterofeligibilitytosuchagency.NolaterthanFebruaryfirstof | |
| 174 | - | 45eachyear,thedepartmentofsocialservicesshallprovidealistofqualifiedagenciestothe | |
| 175 | - | 46departmentofrevenue.Alltaxcreditapplicationstoclaimthechampionforchildrentax | |
| 176 | - | 47creditshallbefiledbetweenJulyfirstandAprilfifteenthofeachfiscalyear,orasdirected | |
| 177 | - | HCSHB235 5 48bysection143.851. Ataxpayershallapplyforthechampionforchildrentaxcreditby | |
| 178 | - | 49attachingacopyofthecontributionverificationprovidedbyaqualifiedagencytosuch | |
| 179 | - | 50taxpayer'sincometaxreturn. | |
| 180 | - | 51 5.Anyamountoftaxcreditwhichexceedsthetaxdueorwhichisappliedforand | |
| 181 | - | 52otherwiseeligibleforissuancebutnotissuedshallnotberefundedbutmaybecarriedoverto | |
| 182 | - | 53anysubsequenttaxyear,nottoexceedatotaloffiveyears. | |
| 183 | - | 54 6.Taxcreditsmaynotbeassigned,transferredorsold. | |
| 184 | - | 55 7.[(1)]Intheeventafullorpartialcreditdenial,dueto[lackofavailablefunds] the | |
| 185 | - | 56cumulativemaximumamountofcreditsbeingredeemedforthefiscalyear, causes[a | |
| 186 | - | 57balance-duenotice] anincometaxbalanceduetobe[generatedbythedepartmentof | |
| 187 | - | 58revenue,oranyotherredeemingagency] owedtothestatebythetaxpayer, thetaxpayer | |
| 188 | - | 59[will]shallnotbeheldliableforanyadditiontotax,penalty, orinterestonthatincometax | |
| 189 | - | 60balancedue,providedthebalanceispaid,orapprovedpaymentarrangementshavebeen | |
| 190 | - | 61made,withinsixtydaysfromissuanceofthenoticeofcreditdenial. | |
| 191 | - | 62 [(2)Intheeventthebalanceisnotpaidwithinsixtydaysfromthenoticeofdenial, | |
| 192 | - | 63theremainingbalanceshallbedueandpayableundertheprovisionsofchapter143.] | |
| 193 | - | 64 8.Thedepartmentmaypromulgatesuchrulesorregulationsasarenecessaryto | |
| 194 | - | 65administertheprovisionsofthissection.Anyruleorportionofarule,asthattermisdefined | |
| 195 | - | 66insection536.010,thatiscreatedundertheauthoritydelegatedinthissectionshallbecome | |
| 196 | - | 67effectiveonlyifitcomplieswithandissubjecttoalloftheprovisionsofchapter536and,if | |
| 197 | - | 68applicable,section536.028.Thissectionandchapter536arenonseverableandifanyofthe | |
| 198 | - | 69powersvestedwiththegeneralassemblypursuanttochapter536toreview,todelaythe | |
| 199 | - | 70effectivedate,ortodisapproveandannularulearesubsequentlyheldunconstitutional,then | |
| 200 | - | 71thegrantofrulemakingauthorityandanyruleproposedoradoptedafterAugust28,2013, | |
| 201 | - | 72shallbeinvalidandvoid. | |
| 202 | - | 73 9.Pursuanttosection23.253,oftheMissourisunsetact: | |
| 203 | - | 74 (1)Theprogramauthorizedunderthissectionshallbereauthorizedasof[December | |
| 204 | - | 7531,2019] August28,2025, andshallexpireonDecember31,[2025] 2032, unless | |
| 205 | - | 76reauthorizedbythegeneralassembly;and | |
| 206 | - | 77 (2)ThissectionshallterminateonSeptemberfirstofthecalendaryearimmediately | |
| 207 | - | 78followingthecalendaryearinwhichtheprogramauthorizedunderthissectionissunset;and | |
| 208 | - | 79 (3)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway | |
| 209 | - | 80impairthedepartment'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatethe | |
| 210 | - | 81programauthorizedunderthissectionexpiresorataxpayer'sabilitytoredeemsuchcredits. | |
| 211 | - | 82 10.BeginningonMarch29,2013,anyverifiedcontributiontoaqualifiedagency | |
| 212 | - | 83madeonorafterJanuary1,2013,shallbeeligiblefortaxcreditsasprovidedbythissection. | |
| 213 | - | HCSHB235 6 135.460.1.Thissectionandsections620.1100and620.1103shallbeknownand | |
| 214 | - | 2maybecitedasthe"YouthOpportunitiesandViolencePreventionAct". | |
| 215 | - | 3 2.Asusedinthissection,theterm"taxpayer"shallincludecorporationsasdefinedin | |
| 216 | - | 4section143.441or143.471,anycharitableorganizationwhichisexemptfromfederalincome | |
| 217 | - | 5taxandwhoseMissouriunrelatedbusinesstaxableincome,ifany,wouldbesubjecttothe | |
| 218 | - | 6stateincometaximposedunderchapter143,andindividuals,individualproprietorshipsand | |
| 219 | - | 7partnerships. | |
| 220 | - | 8 3.Ataxpayershallbeallowedataxcreditagainstthetaxotherwiseduepursuantto | |
| 221 | - | 9chapter143,excludingwithholdingtaximposedbysections143.191to143.265,chapter147, | |
| 222 | - | 10chapter148,orchapter153inanamountequaltothirtypercentforpropertycontributions | |
| 223 | - | 11and[fifty] seventypercentformonetarycontributionsoftheamountsuchtaxpayer | |
| 224 | - | 12contributedtotheprogramsdescribedinsubsection5ofthissection,nottoexceedtwo | |
| 225 | - | 13hundredthousanddollarspertaxableyear,pertaxpayer;exceptasotherwiseprovidedin | |
| 226 | - | 14subdivision(5)ofsubsection5ofthissection.Thedepartmentofeconomicdevelopment | |
| 227 | - | 15shallprescribethemethodforclaimingthetaxcreditsallowedinthissection.Noruleor | |
| 228 | - | 16portionofarulepromulgatedundertheauthorityofthissectionshallbecomeeffectiveunless | |
| 229 | - | 17ithasbeenpromulgatedpursuanttotheprovisionsofchapter536.Allrulemakingauthority | |
| 230 | - | 18delegatedpriortoJune27,1997,isofnoforceandeffectandrepealed;however,nothingin | |
| 231 | - | 19thissectionshallbeinterpretedtorepealoraffectthevalidityofanyrulefiledoradopted | |
| 232 | - | 20priortoJune27,1997,ifsuchrulecompliedwiththeprovisionsofchapter536.The | |
| 233 | - | 21provisionsofthissectionandchapter536arenonseverableandifanyofthepowersvested | |
| 234 | - | 22withthegeneralassemblypursuanttochapter536,includingtheabilitytoreview,todelaythe | |
| 235 | - | 23effectivedate,ortodisapproveandannularuleorportionofarule,aresubsequentlyheld | |
| 236 | - | 24unconstitutional,thenthepurportedgrantofrulemakingauthorityandanyrulesoproposed | |
| 237 | - | 25andcontainedintheorderofrulemakingshallbeinvalidandvoid. | |
| 238 | - | 26 4.Thetaxcreditsallowedbythissectionshallbeclaimedbythetaxpayertooffset | |
| 239 | - | 27thetaxesthatbecomedueinthetaxpayer'staxperiodinwhichthecontributionwasmade. | |
| 240 | - | 28Anytaxcreditnotusedinsuchtaxperiodmaybecarriedoverthenextfivesucceedingtax | |
| 241 | - | 29periods. | |
| 242 | - | 30 5.Thetaxcreditallowedbythissectionmayonlybeclaimedformonetaryor | |
| 243 | - | 31propertycontributionstopublicorprivateprogramsauthorizedtoparticipatepursuanttothis | |
| 244 | - | 32sectionbythedepartmentofeconomicdevelopmentandmaybeclaimedforthe | |
| 245 | - | 33development,establishment,implementation,operation,andexpansionofthefollowing | |
| 246 | - | 34activitiesandprograms: | |
| 247 | - | 35 (1)Anadopt-a-schoolprogram.Componentsoftheadopt-a-schoolprogramshall | |
| 248 | - | 36includedonationsforschoolactivities,seminars,andfunctions;school-businessemployment | |
| 249 | - | 37programs;andthedonationofpropertyandequipmentofthecorporationtotheschool; | |
| 250 | - | HCSHB235 7 38 (2)Expansionofprogramstoencourageschooldropoutstoreenterandcompletehigh | |
| 251 | - | 39schoolortocompleteagraduateequivalencydegreeprogram; | |
| 252 | - | 40 (3)Employmentprograms.Suchprogramsshallinitially,butnotexclusively,target | |
| 253 | - | 41unemployedyouthlivinginpovertyandyouthlivinginareaswithahighincidenceofcrime; | |
| 254 | - | 42 (4)Neworexistingyouthclubsorassociations; | |
| 255 | - | 43 (5)Employment/internship/apprenticeshipprogramsinbusinessortradesforpersons | |
| 256 | - | 44lessthantwentyyearsofage,inwhichcasethetaxcreditclaimedpursuanttothissection | |
| 257 | - | 45shallbeequaltoone-halfoftheamountpaidtotheinternorapprenticeinthattaxyear,except | |
| 258 | - | 46thatsuchcreditshallnotexceedtenthousanddollarsperperson; | |
| 259 | - | 47 (6)Mentorandrolemodelprograms; | |
| 260 | - | 48 (7)Drugandalcoholabusepreventiontrainingprogramsforyouth; | |
| 261 | - | 49 (8)Donationofpropertyorequipmentofthetaxpayertoschools,includingschools | |
| 262 | - | 50whichprimarilyeducatechildrenwhohavebeenexpelledfromotherschools,ordonationof | |
| 263 | - | 51thesametomunicipalities,ornot-for-profitcorporationsorothernot-for-profitorganizations | |
| 264 | - | 52whichofferprogramsdedicatedtoyouthviolencepreventionasauthorizedbythe | |
| 265 | - | 53department; | |
| 266 | - | 54 (9)Not-for-profit,privateorpublicyouthactivitycenters; | |
| 267 | - | 55 (10)Nonviolentconflictresolutionandmediationprograms; | |
| 268 | - | 56 (11)Youthoutreachandcounselingprograms. | |
| 269 | - | 57 6.Anyprogramauthorizedinsubsection5ofthissectionshall,atleastannually, | |
| 270 | - | 58submitareporttothedepartmentofeconomicdevelopmentoutliningthepurposeand | |
| 271 | - | 59objectivesofsuchprogram,thenumberofyouthserved,thespecificactivitiesprovided | |
| 272 | - | 60pursuanttosuchprogram,thedurationofsuchprogramandrecordedyouthattendancewhere | |
| 273 | - | 61applicable. | |
| 274 | - | 62 7.Thedepartmentofeconomicdevelopmentshall,atleastannuallysubmitareportto | |
| 275 | - | 63theMissourigeneralassemblylistingtheorganizationsparticipating,servicesofferedandthe | |
| 276 | - | 64numberofyouthservedastheresultoftheimplementationofthissection. | |
| 277 | - | 65 8.Thetaxcreditallowedbythissectionshallapplytoalltaxableyearsbeginning | |
| 278 | - | 66afterDecember31,1995. | |
| 279 | - | 67 9.Forthepurposesofthecreditsdescribedinthissection,inthecaseofacorporation | |
| 280 | - | 68describedinsection143.471,partnership,limitedliabilitycompanydescribedinsection | |
| 281 | - | 69347.015,cooperative,marketingenterprise,orpartnership,incomputingMissouri'stax | |
| 282 | - | 70liability,suchcreditsshallbeallowedtothefollowing: | |
| 283 | - | 71 (1)Theshareholdersofthecorporationdescribedinsection143.471; | |
| 284 | - | 72 (2)Thepartnersofthepartnership; | |
| 285 | - | 73 (3)Themembersofthelimitedliabilitycompany;and | |
| 286 | - | 74 (4)Individualmembersofthecooperativeormarketingenterprise. | |
| 287 | - | HCSHB235 8 75 | |
| 288 | - | 76Suchcreditsshallbeapportionedtotheentitiesdescribedinsubdivisions(1)and(2)ofthis | |
| 289 | - | 77subsectioninproportiontotheirshareofownershiponthelastdayofthetaxpayer'stax | |
| 290 | - | 78period. | |
| 291 | - | 135.647.1.Asusedinthissection,thefollowingtermsshallmean: | |
| 292 | - | 2 (1)"Localfoodpantry",anyfoodpantrythatis: | |
| 293 | - | 3 (a)Exemptfromtaxationundersection501(c)(3)oftheInternalRevenueCodeof | |
| 294 | - | 41986,asamended;and | |
| 295 | - | 5 (b)DistributingemergencyfoodsuppliestoMissourilow-incomepeoplewhowould | |
| 296 | - | 6otherwisenothaveaccesstofoodsuppliesintheareainwhichthetaxpayerclaimingthetax | |
| 297 | - | 7creditunderthissectionresides; | |
| 298 | - | 8 (2)"Localhomelessshelter",anyhomelessshelterthatis: | |
| 299 | - | 9 (a)ExemptfromtaxationunderSection501(c)(3)oftheInternalRevenueCodeof | |
| 300 | - | 101986,asamended;and | |
| 301 | - | 11 (b)Providingtemporarylivingarrangements,intheareainwhichthetaxpayer | |
| 302 | - | 12claimingthetaxcreditunderthissectionresides,forindividualsandfamilieswhootherwise | |
| 303 | - | 13lackafixed,regular,andadequatenighttimeresidenceandlacktheresourcesorsupport | |
| 304 | - | 14networkstoobtainotherpermanenthousing; | |
| 305 | - | 15 (3)"Localsoupkitchen",anysoupkitchenthatis: | |
| 306 | - | 16 (a)Exemptfromtaxationundersection501(c)(3)oftheInternalRevenueCodeof | |
| 307 | - | 171986,asamended;and | |
| 308 | - | 18 (b)Providingpreparedmealsthroughanestablishedcongregatefeedingoperationto | |
| 309 | - | 19needy,low-incomepersonsincluding,butnotlimitedto,homelesspersonsintheareain | |
| 310 | - | 20whichthetaxpayerclaimingthetaxcreditunderthissectionresides; | |
| 311 | - | 21 (4)"Taxpayer",anindividual,afirm,apartnerinafirm,corporation,orashareholder | |
| 312 | - | 22inanScorporationdoingbusinessinthisstateandsubjecttothestateincometaximposedby | |
| 313 | - | 23chapter143,excludingwithholdingtaximposedbysections143.191to143.265. | |
| 314 | - | 24 2.(1)BeginningonMarch29,2013,anydonationofcashorfoodmadetoalocal | |
| 315 | - | 25foodpantryonorafterJanuary1,2013,unlesssuchfoodisdonatedafterthefood'sexpiration | |
| 316 | - | 26date,shallbeeligiblefortaxcreditsasprovidedbythissection. | |
| 317 | - | 27 (2)BeginningonAugust28,2018,anydonationofcashorfoodmadetoalocalsoup | |
| 318 | - | 28kitchenorlocalhomelessshelteronorafterJanuary1,2018,unlesssuchfoodisdonatedafter | |
| 319 | - | 29thefood'sexpirationdate,shallbeeligibleforataxcreditasprovidedunderthissection. | |
| 320 | - | 30 (3)Anytaxpayerwhomakesadonationthatiseligibleforataxcreditunderthis | |
| 321 | - | 31sectionshallbeallowedacreditagainstthetaxotherwisedueunderchapter143,excluding | |
| 322 | - | 32withholdingtaximposedbysections143.191to143.265,inanamountequaltofiftypercent | |
| 323 | - | 33ofthevalueofthedonationsmadetotheextentsuchamountsthathavebeensubtractedfrom | |
| 324 | - | HCSHB235 9 34federaladjustedgrossincomeorfederaltaxableincomeareaddedbackinthedetermination | |
| 325 | - | 35ofMissouriadjustedgrossincomeorMissouritaxableincomebeforethecreditcanbe | |
| 326 | - | 36claimed.Eachtaxpayerclaimingataxcreditunderthissectionshallfileanaffidavitwiththe | |
| 327 | - | 37incometaxreturnverifyingtheamountoftheircontributions.Theamountofthetaxcredit | |
| 328 | - | 38claimedshallnotexceedtheamountofthetaxpayer'sstatetaxliabilityforthetaxyearthat | |
| 329 | - | 39thecreditisclaimedandshallnotexceedtwothousandfivehundreddollarspertaxpayer | |
| 330 | - | 40claimingthecredit.Anyamountofcreditthatthetaxpayerisprohibitedbythissectionfrom | |
| 331 | - | 41claiminginataxyearshallnotberefundable,butmaybecarriedforwardtoanyofthe | |
| 332 | - | 42taxpayer'sthreesubsequenttaxyears.Notaxcreditgrantedunderthissectionshallbe | |
| 333 | - | 43transferred,sold,orassigned.Notaxpayershallbeeligibletoreceiveacreditpursuanttothis | |
| 334 | - | 44sectionifsuchtaxpayeremployspersonswhoarenotauthorizedtoworkintheUnitedStates | |
| 335 | - | 45underfederallaw.Notaxpayershallbeabletoclaimmorethanonecreditunderthissection | |
| 336 | - | 46forasingledonation. | |
| 337 | - | 47 3.(1)Thecumulativeamountoftaxcreditsunderthissectionwhichmaybe | |
| 338 | - | 48allocatedtoalltaxpayerscontributingtoalocalfoodpantry,localsoupkitchen,orlocal | |
| 339 | - | 49homelessshelterinanyonefiscalyearshallnotexceedonemillionsevenhundredfifty | |
| 340 | - | 50thousanddollars.Thedirectorofrevenueshallestablishaprocedurebywhichthecumulative | |
| 341 | - | 51amountoftaxcreditsisapportionedamongalltaxpayersclaimingthecreditbyAprilfifteenth | |
| 342 | - | 52ofthefiscalyear,orasdirectedbysection143.851,inwhichthetaxcreditisclaimed.To | |
| 343 | - | 53themaximumextentpossible,thedirectorofrevenueshallestablishtheproceduredescribed | |
| 344 | - | 54inthissubsectioninsuchamannerastoensurethattaxpayerscanclaimallthetaxcredits | |
| 345 | - | 55possibleuptothecumulativeamountoftaxcreditsavailableforthefiscalyear. | |
| 346 | - | 56 (2)Intheeventafullorpartialcreditdenial,duetothecumulativemaximum | |
| 347 | - | 57amountofcreditsbeingclaimedforthefiscalyear,causesataxbalanceduetobeowed | |
| 348 | - | 58tothestatebythetaxpayer,thetaxpayershallnotbeheldliableforanyadditiontotax, | |
| 349 | - | 59penalty,orinterestonthattaxbalancedue,providedthebalanceispaid,orapproved | |
| 350 | - | 60paymentarrangementshavebeenmade,withinsixtydaysfromissuanceofthenoticeof | |
| 351 | - | 61creditdenial. | |
| 352 | - | 62 4.Anylocalfoodpantry,localsoupkitchen,orlocalhomelesssheltermayacceptor | |
| 353 | - | 63rejectanydonationoffoodmadeunderthissectionforanyreason.Forpurposesofthis | |
| 354 | - | 64section,anydonationsoffoodacceptedbyalocalfoodpantry,localsoupkitchen,orlocal | |
| 355 | - | 65homelesssheltershallbevaluedatfairmarketvalue,oratwholesalevalueifthetaxpayer | |
| 356 | - | 66makingthedonationoffoodisaretailgrocerystore,foodbroker,wholesaler,orrestaurant. | |
| 357 | - | 67 5.Thedepartmentofrevenueshallpromulgaterulestoimplementtheprovisionsof | |
| 358 | - | 68thissection.Anyruleorportionofarule,asthattermisdefinedinsection536.010,thatis | |
| 359 | - | 69createdundertheauthoritydelegatedinthissectionshallbecomeeffectiveonlyifitcomplies | |
| 360 | - | 70withandissubjecttoalloftheprovisionsofchapter536and,ifapplicable,section536.028. | |
| 361 | - | HCSHB235 10 71Thissectionandchapter536arenonseverableandifanyofthepowersvestedwiththe | |
| 362 | - | 72generalassemblypursuanttochapter536toreview,todelaytheeffectivedate,orto | |
| 363 | - | 73disapproveandannularulearesubsequentlyheldunconstitutional,thenthegrantof | |
| 364 | - | 74rulemakingauthorityandanyruleproposedoradoptedafterAugust28,2007,shallbeinvalid | |
| 365 | - | 75andvoid. | |
| 366 | - | 76 6.Undersection23.253oftheMissourisunsetact: | |
| 367 | - | 77 (1)TheprogramauthorizedunderthissectionshallbereauthorizedasofAugust28, | |
| 368 | - | 78[2018] 2025, andshallexpireonDecember31,[2026] 2032, unlessreauthorizedbythe | |
| 369 | - | 79generalassembly;and | |
| 370 | - | 80 (2)ThissectionshallterminateonSeptemberfirstofthecalendaryearimmediately | |
| 371 | - | 81followingthecalendaryearinwhichtheprogramauthorizedunderthissectionissunset;and | |
| 372 | - | 82 (3)Theprovisionsofthissubsectionshallnotbeconstruedtolimitorinanyway | |
| 373 | - | 83impairataxpayer'sabilitytoredeemtaxcreditsauthorizedonorbeforethedatetheprogram | |
| 374 | - | 84authorizedunderthissectionexpires. | |
| 10 | + | SectionA.Chapter348,RSMo,isamendedbyaddingtheretotwonewsections,tobe | |
| 11 | + | 2knownassections348.273and348.274,toreadasfollows: | |
| 375 | 12 | 348.273.1.Thissectionandsection348.274shallbeknownandmaybecitedas | |
| 376 | 13 | 2the"MissouriAngelInvestmentIncentiveAct". | |
| 377 | 14 | 3 2.Asusedinthissectionandsection348.274,thefollowingtermsmean: | |
| 378 | 15 | 4 (1)"Cashinvestment",anymoneysormoney-equivalentcontributionin | |
| 379 | 16 | 5considerationofqualifiedsecurities; | |
| 380 | 17 | 6 (2)"Department",thedepartmentofeconomicdevelopment; | |
| 381 | 18 | 7 (3)"Designatedgeographicregions",thefollowingfourregions: | |
| 382 | 19 | 8 (a)Region1:CountiesofAndrew,Bates,Benton,Buchanan,Cass,Clay,Clinton, | |
| 383 | 20 | 9DeKalb,Gentry,Henry,Holt,Jackson,Johnson,Lafayette,Platte,Ray,andWorth; | |
| 384 | 21 | 10 (b)Region2:CountiesofFranklin,Jefferson,Lincoln,St.Charles,Warren,and | |
| 385 | 22 | 11St.Louis,andtheCityofSt.Louis; | |
| 386 | 23 | 12 (c)Region3:CountiesgeographicallynorthoftheMissouriRiver,excludingany | |
| 387 | 24 | 13countiesinregion1orregion2;and | |
| 388 | 25 | 14 (d)Region4:CountiesgeographicallysouthoftheMissouriRiver,excludingany | |
| 389 | 26 | 15countiesinregion1orregion2; | |
| 390 | 27 | 16 (4)"Investor",oneofthefollowingpersonsorentities: | |
| 391 | - | 17 (a)Anaturalpersonwhoisanaccreditedinvestorasdefinedunder17CFR | |
| 28 | + | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis | |
| 29 | + | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 17 (a)Anaturalpersonwhoisanaccreditedinvestorasdefinedunder17CFR | |
| 392 | 30 | 18230.501(a)(5)or230.501(a)(6),asineffectonJuly24,2013; | |
| 393 | 31 | 19 (b)Apermittedentityinvestorwhoisanaccreditedinvestorasdefinedunder17 | |
| 394 | 32 | 20CFR230.501(a)(8)asineffectonJuly24,2013;or | |
| 395 | 33 | 21 (c)Anaturalpersonorpermittedentityinvestormakinganinvestmentwho | |
| 396 | 34 | 22qualifiesunderthefederalJumpstartOurBusinessStartups(JOBS)Act,Pub.L.112- | |
| 397 | 35 | 23106asineffectonApril5,2012. | |
| 398 | - | ||
| 36 | + | 24 | |
| 399 | 37 | 25Theterm"investor"shallnotincludeanypersonwhoservesasanexecutive,officer,or | |
| 400 | 38 | 26employeeofthebusinessinwhichanotherwisequalifiedcashinvestmentismade,and | |
| 401 | 39 | 27suchpersonshallnotqualifyfortheissuanceoftaxcreditsforsuchinvestment. | |
| 402 | 40 | 28However,aninvestorwhoservessolelyasadirectormayqualifyfortheissuanceoftax | |
| 403 | 41 | 29credits; | |
| 404 | 42 | 30 (5)"MTC",theMissouritechnologycorporationestablishedundersection | |
| 405 | 43 | 31348.251; | |
| 406 | 44 | 32 (6)"Owner",anynaturalpersonwhois,directlyorindirectly,apartner, | |
| 407 | 45 | 33stockholder,ormemberinapermittedentityinvestor; | |
| 408 | 46 | 34 (7)"Permittedentityinvestor",anygeneralpartnership;limitedpartnership; | |
| 409 | 47 | 35corporationthathasineffectavalidelectiontobetaxedasanScorporationunderthe | |
| 410 | 48 | 36InternalRevenueCodeof1986,asamended;revocablelivingtrust;nonprofit | |
| 411 | 49 | 37corporation;orlimitedliabilitycompanythathaselectedtobetaxedasa | |
| 412 | 50 | 38partnershipundertheInternalRevenueCodeof1986,asamended,andthatwas | |
| 413 | 51 | 39establishedandisoperatedforthepurposeofmakinginvestmentsinotherentities; | |
| 414 | 52 | 40 (8)"Qualifiedknowledge-basedcompany",acompanyengagedintheresearch, | |
| 415 | 53 | 41development,implementation,andcommercializationofinnovativetechnologies, | |
| 416 | 54 | 42products,andservicesforuseinthecommercialmarketplace; | |
| 417 | 55 | 43 (9)"QualifiedMissouribusiness",aMissouribusinessthatisapprovedasa | |
| 418 | 56 | 44qualifiedknowledge-basedcompanybytheMTCandmeetsatleastoneofthefollowing | |
| 419 | 57 | 45criteria: | |
| 420 | 58 | 46 (a)Anypartnership,association,limitedliabilitycompany,orcorporation | |
| 421 | 59 | 47domiciledinMissouri;or | |
| 422 | 60 | 48 (b)Anylimitedliabilitycompanyorcorporationthatisdomiciledoutsidethe | |
| 423 | 61 | 49stateofMissouributhasitsbusinessoperationslocatedprimarilyinMissouriordoes | |
| 424 | 62 | 50substantiallyallofsuchbusiness’sproductioninMissouri; | |
| 425 | 63 | 51 (10)"Qualifiedsecurities",acashinvestmentthroughanyformorcombination | |
| 426 | 64 | 52offormsoffinancialassistanceasprovidedunderthissubdivision.Suchformsof | |
| 427 | 65 | 53financialassistanceinclude,butarenotlimitedto: | |
| 428 | - | 54 (a)Anyformofequity,suchas: | |
| 66 | + | HB235 2 54 (a)Anyformofequity,suchas: | |
| 429 | 67 | 55 a.Ageneralorlimitedpartnershipinterest; | |
| 430 | 68 | 56 b.Commonstock; | |
| 431 | 69 | 57 c.Simpleagreementforfutureequity(SAFE);or | |
| 432 | 70 | 58 d.Preferredstock,withoutregardtovotingrightsorsenioritypositionand | |
| 433 | 71 | 59regardlessofwhetherconvertibleintocommonstock;and | |
| 434 | - | ||
| 72 | + | 60 (b)Anydebtinstrumentsubordinatetothegeneralcreditorsofthequalified | |
| 435 | 73 | 61MissouricompanydebtorthatrequiresnopaymentfromthequalifiedMissouri | |
| 436 | 74 | 62companydebtorandthatshallconverttosomeformofequitypriorto,orin | |
| 437 | 75 | 63conjunctionwith,thequalifiedMissouricompanyraisinganyadditionalfunds; | |
| 438 | - | 64 (11)"Ruralcounty", | |
| 439 | - | ||
| 440 | - | ||
| 76 | + | 64 (11)"Ruralcounty",anycountyinthestateofMissouriwithfewerthantwenty- | |
| 77 | + | 65fivethousandinhabitants,andsuchtermshallbedeemedtoincludeboththefarmand | |
| 78 | + | 66nonfarmpopulationthereof.Thenumberofinhabitantsspecifiedinthis | |
| 441 | 79 | 67subdivisionshallbeincreasedbysixpercenteverytenyearsaftereachdecennial | |
| 442 | 80 | 68censusbeginningin2030; | |
| 443 | 81 | 69 (12)"Taxcredit",acreditagainstthetaxotherwisedueunderchapter143, | |
| 444 | 82 | 70excludingwithholdingtaximposedbysections143.191to143.265,chapter147,or | |
| 445 | 83 | 71chapter148. | |
| 446 | 84 | 72 3.(1)ForalltaxyearsbeginningonorafterJanuary1,2026,ataxcreditshall | |
| 447 | 85 | 73beallowedforaninvestor'scashinvestmentinthequalifiedsecuritiesofaqualified | |
| 448 | 86 | 74Missouribusiness.Thecreditshallbeinatotalamountequaltofortypercentofsuch | |
| 449 | 87 | 75investor'scashinvestmentinanyqualifiedMissouribusiness,subjecttothelimitations | |
| 450 | 88 | 76setforthinthissubsection.Thecreditshallbeinatotalamountequaltofiftypercent | |
| 451 | 89 | 77wheretheinvestor'scashinvestmentinthequalifiedsecuritiesofaqualifiedMissouri | |
| 452 | 90 | 78businessareinaruralcounty.Iftheamountbywhichthatportionofthecreditallowed | |
| 453 | 91 | 79bythissectionexceedstheinvestor'staxliabilityinanyonetaxyear,theremaining | |
| 454 | 92 | 80portionofthecreditmaybecarriedforwardfiveyearsoruntilthetotalamountofthe | |
| 455 | 93 | 81creditisused,whicheveroccursfirst.Iftheinvestorisapermittedentityinvestor,the | |
| 456 | 94 | 82creditprovidedbythissectionshallbeclaimedbythepermittedentityinvestorin | |
| 457 | 95 | 83proportiontosuchowner'sequityinvestmentinthepermittedentityinvestor. | |
| 458 | 96 | 84 (2)Acashinvestmentinaqualifiedsecurityshallbedeemedtohavebeenmade | |
| 459 | 97 | 85onthedateofacquisitionofthequalifiedsecurity,assuchdateisdeterminedin | |
| 460 | 98 | 86accordancewiththeprovisionsoftheInternalRevenueCodeof1986,asamended. | |
| 461 | 99 | 87 (3)ThedepartmentandtheMTCshallnotallowtaxcreditsofmorethan | |
| 462 | 100 | 88seventy-fivethousanddollarsforasinglequalifiedMissouribusinessperinvestorwhois | |
| 463 | 101 | 89anaturalpersonorapermittedentityinvestorandshallnotallowatotalofthree | |
| 464 | 102 | 90hundredthousanddollarsintaxcreditsforasingletaxyearperinvestorwhoisa | |
| 465 | - | 91naturalpersonorapermittedentityinvestor.Notaxcreditauthorizedbythissectionor | |
| 103 | + | HB235 3 91naturalpersonorapermittedentityinvestor.Notaxcreditauthorizedbythissectionor | |
| 466 | 104 | 92section348.274shallbeallowedforanycashinvestmentsinqualifiedsecuritiesmadein | |
| 467 | 105 | 93anyyearafterDecember31,2032.Thetotalamountoftaxcreditsthatmaybeallowed | |
| 468 | 106 | 94underthissectionshallnotexceedsixmilliondollarsduringeithercalendaryear2026 | |
| 469 | 107 | 95or2027.Beginningincalendaryear2028,thetotalamountoftaxcreditsallowedunder | |
| 470 | 108 | 96thissectionshallbeannuallyincreasedbytwentypercentofthetotalamountoftax | |
| 471 | - | ||
| 109 | + | 97creditsallowedintheimmediatelyprecedingcalendaryear,solongasthetotalamount | |
| 472 | 110 | 98oftaxcreditsallowedintheimmediatelyprecedingcalendaryearwasissuedduring | |
| 473 | 111 | 99suchcalendaryear.Foreachsuccessiveyearthereafter,ifthetotalamountoftax | |
| 474 | 112 | 100creditsallowedintheimmediatelyprecedingcalendaryearunderthissectionisissued, | |
| 475 | 113 | 101thetotalamountoftaxcreditsshallbeincreasedbyanadditionaltwentypercent.Such | |
| 476 | 114 | 102increaseoftwentypercentoftaxcreditsallowedshallcontinue,solongasthetotal | |
| 477 | 115 | 103amountoftaxcreditsallowedintheimmediatelyprecedingcalendaryearwas | |
| 478 | 116 | 104completelyissued.Thebalanceofunissuedtaxcreditsmaybecarriedoverforissuance | |
| 479 | 117 | 105infutureyearsbeforeDecember31,2034.Thebalanceofunissuedtaxcreditscarried | |
| 480 | 118 | 106over,ifany,shallnotbeusedinthecalculationofthetotalamountoftaxcreditsallowed | |
| 481 | 119 | 107inagivencalendaryear. | |
| 482 | 120 | 108 (4)Atthebeginningofeachcalendaryear,theMTCshallequallydesignatethe | |
| 483 | 121 | 109totalamountoftaxcreditsavailableduringthefirstsixmonthsofthatcalendaryearto | |
| 484 | 122 | 110eachdesignatedgeographicregion.Assoonaspracticableattheendofthefirstsix | |
| 485 | 123 | 111monthsofthatcalendaryear,theMTCshallprepareandissueareporttothedirector | |
| 486 | 124 | 112ofthedepartmentdesignatingalltaxcreditawardsforthatyeartodate,sothatthe | |
| 487 | 125 | 113departmentmayissuesuchtaxcreditsinaccordancewiththeprovisionsofthissection | |
| 488 | 126 | 114andsection348.274. | |
| 489 | 127 | 115 (5)Duringthelastsixmonthsofthecalendaryear,anyunissuedtaxcredits | |
| 490 | 128 | 116previouslyallocatedtoanydesignatedgeographicregionmaybeawardedatthe | |
| 491 | 129 | 117discretionoftheMTCtoaqualifiedMissouricompanyinanydesignatedgeographic | |
| 492 | 130 | 118regionthroughoutthestate. | |
| 493 | 131 | 119 4.(1)Beforeaninvestorisentitledtoreceivetaxcreditsunderthissectionand | |
| 494 | 132 | 120section348.274,suchinvestorshallhavemadeacashinvestmentinaqualifiedsecurity | |
| 495 | 133 | 121ofaqualifiedMissouribusiness.Thebusinessshallhavebeenapprovedasaqualified | |
| 496 | 134 | 122Missouribusinessbeforethedateonwhichthecashinvestmentwasmade.Tobe | |
| 497 | 135 | 123designatedasaqualifiedMissouribusiness,abusinessshallapplytotheMTC. | |
| 498 | 136 | 124 (2)Theapplicationbyabusinessshallbeintheformandsubstancerequiredby | |
| 499 | 137 | 125theMTCincoordinationwiththedepartmentbyandthroughitsserviceontheMTC | |
| 500 | 138 | 126boardofdirectorsbutshallincludeatleastthefollowing: | |
| 501 | - | 127 (a)Thenameofthebusinessandcertifiedcopiesoftheorganizational | |
| 139 | + | HB235 4 127 (a)Thenameofthebusinessandcertifiedcopiesoftheorganizational | |
| 502 | 140 | 128documentsofthebusiness; | |
| 503 | 141 | 129 (b)Abusinessplan,includingadescriptionofthebusinessandthemanagement, | |
| 504 | 142 | 130product,market,andfinancialplanofthebusiness; | |
| 505 | 143 | 131 (c)Astatementofthepotentialeconomicimpactofthebusiness,includingthe | |
| 506 | 144 | 132number,location,andtypesofjobsexpectedtobecreated; | |
| 507 | - | ||
| 145 | + | 133 (d)Adescriptionofthequalifiedsecuritiestobeissued,theconsiderationtobe | |
| 508 | 146 | 134paidforthequalifiedsecurities,andtheamountofanytaxcreditsrequested; | |
| 509 | 147 | 135 (e)Astatementoftheamount,timing,andprojecteduseoftheproceedstobe | |
| 510 | 148 | 136raisedfromtheproposedsaleofqualifiedsecurities;and | |
| 511 | 149 | 137 (f)Suchotherinformationasmaybereasonablyrequested. | |
| 512 | 150 | 138 (3)ThedesignationofabusinessasaqualifiedMissouribusinessshallbemade | |
| 513 | 151 | 139bytheMTC,andeachqualifiedMissouribusinessshallannuallyapplytorenewsuch | |
| 514 | 152 | 140designation,tobeapprovedbytheMTC.AbusinessshallbesodesignatediftheMTC | |
| 515 | 153 | 141determines,basedupontheapplicationsubmittedbythebusinessandanyadditional | |
| 516 | 154 | 142informationprovidedinconnectionwithsuchapplicationorasreasonablyrequestedby | |
| 517 | 155 | 143theMTC,thatsuchbusinessmeetsestablishedcriteria,includingatleastthefollowing: | |
| 518 | 156 | 144 (a)Thebusinessshallnothavehadannualgrossrevenuesofmorethanfive | |
| 519 | 157 | 145milliondollarsinthemostrecenttaxyearofthebusiness; | |
| 520 | 158 | 146 (b)Businessesthatarenotbiosciencebusinessesshallhavebeeninoperationfor | |
| 521 | 159 | 147lessthanfiveyears,andbiosciencebusinessesshallhavebeeninoperationforlessthan | |
| 522 | 160 | 148tenyears; | |
| 523 | 161 | 149 (c)Theabilityofinvestorsinthebusinesstoreceivetaxcreditsforcash | |
| 524 | 162 | 150investmentsinqualifiedsecuritiesofthebusinessisbeneficialtoadvancingthegoalsof | |
| 525 | 163 | 151thissectionandsection348.274; | |
| 526 | 164 | 152 (d)Thebusinessshallnothaveownershipinterestsincluding,butnotlimitedto, | |
| 527 | 165 | 153commonorpreferredsharesofstockthatcanbetradedviaapublicstockexchange | |
| 528 | 166 | 154beforethedatethataqualifyinginvestmentismade; | |
| 529 | 167 | 155 (e)Thebusinessshallnotbeengagedprimarilyinanyoneormoreofthe | |
| 530 | 168 | 156followingenterprises: | |
| 531 | 169 | 157 a.Thebusinessofbanking,savingsandloanorlendinginstitutions,creditor | |
| 532 | 170 | 158finance,orfinancialbrokerageorinvestments; | |
| 533 | 171 | 159 b.Theprovisionofprofessionalservices,suchaslegal,accounting,or | |
| 534 | 172 | 160engineeringservices;however,contractresearchormanufacturingorganizations, | |
| 535 | 173 | 161sometimesreferredtoasCROsorCMOs,shallnotbesubjecttothisexclusion; | |
| 536 | 174 | 162 c.Governmental,charitable,religious,ortradeorganizations; | |
| 537 | 175 | 163 d.Theownership,development,brokerage,sales,orleasingofrealestate; | |
| 538 | - | 164 e.Insurance; | |
| 176 | + | HB235 5 164 e.Insurance; | |
| 539 | 177 | 165 f.Construction,constructionmanagement,orcontracting; | |
| 540 | 178 | 166 g.Businessconsultingorbrokerage; | |
| 541 | 179 | 167 h.Anybusinessengagedprimarilyasapassivebusiness,havingirregularor | |
| 542 | 180 | 168noncontiguousoperations,orderivingsubstantiallyalloftheincomeofthebusiness | |
| 543 | 181 | 169frompassiveinvestmentsthatgenerateinterest,dividends,royalties,orcapitalgainsor | |
| 544 | - | ||
| 182 | + | 170anybusinessarrangementstheeffectofwhichistoimmunizeaninvestorfromriskof | |
| 545 | 183 | 171loss; | |
| 546 | 184 | 172 i.Anyactivitythatisinviolationofthelaw; | |
| 547 | 185 | 173 j.Anybusinessraisingmoneysprimarilytopurchaserealestate,land,or | |
| 548 | 186 | 174fixtures;and | |
| 549 | 187 | 175 k.Anygambling-relatedbusiness; | |
| 550 | 188 | 176 (f)Thebusinesshasareasonablechanceofsuccess; | |
| 551 | 189 | 177 (g)Thebusinesshasthereasonablepotentialtocreatemeasurableemployment | |
| 552 | 190 | 178withintheregion,thisstate,orboth; | |
| 553 | 191 | 179 (h)Thebusinessisbasedonaninnovativetechnology,product,orservice | |
| 554 | 192 | 180designedtobeusedinthecommercialmarketplace; | |
| 555 | 193 | 181 (i)Theexistingownersofthebusinessandotherfoundershavemadeorare | |
| 556 | 194 | 182committedtomakingasubstantialfinancialortimecommitmenttothebusiness; | |
| 557 | 195 | 183 (j)Thesecuritiestobeissuedandpurchasedarequalifiedsecurities; | |
| 558 | 196 | 184 (k)Thebusinesshasthereasonablepotentialtoaddressneedsandopportunities | |
| 559 | 197 | 185specifictotheregion,thisstate,orboth; | |
| 560 | 198 | 186 (l)ThebusinesshasmadebindingcommitmentstotheMTCforadequate | |
| 561 | 199 | 187reportingoffinancialdata,includingarequirementforanannualreportor,ifrequired, | |
| 562 | 200 | 188anannualauditofthefinancialandoperationalrecordsofthebusiness;therightof | |
| 563 | 201 | 189accesstothefinancialrecordsofthebusiness;therightofthedepartmentandtheMTC | |
| 564 | 202 | 190torecordandpublishnormalandcustomarydataandinformationrelatedtothe | |
| 565 | 203 | 191issuanceoftaxcreditsthatarenototherwisedeterminedtobetradeorbusinesssecrets; | |
| 566 | 204 | 192andothersuchprotectionsasmaybeinthebestinterestofMissouritaxpayersto | |
| 567 | 205 | 193achievethegoalsofthissectionandsection348.274;and | |
| 568 | 206 | 194 (m)Thebusinessshallsatisfyallotherrequirementsofthissectionandsection | |
| 569 | 207 | 195348.274. | |
| 570 | 208 | 196 (4)AqualifiedMissouribusinessshallhavetheburdenofprooftodemonstrate | |
| 571 | 209 | 197thequalificationsofthebusinessunderthissection. | |
| 572 | 210 | 198 (5)TheMTCshallestablishanapplicationfeeforqualifiedMissouribusinesses | |
| 573 | 211 | 199andinvestorsortransferees.ThisfeeshallbeutilizedbyMTCtoadministerthisact, | |
| 574 | 212 | 200issuethetaxcredits,andreviewtheapplications. | |
| 575 | - | 348.274.1.(1)TheMTCisauthorizedtoallocatetaxcreditstoqualified | |
| 213 | + | HB235 6 348.274.1.(1)TheMTCisauthorizedtoallocatetaxcreditstoqualified | |
| 576 | 214 | 2Missouribusinesses,andthedepartmentisauthorizedtoissuetaxcreditstoinvestorsin | |
| 577 | 215 | 3suchqualifiedMissouribusinesses.Suchtaxcreditsshallbeallocatedtothosequalified | |
| 578 | 216 | 4Missouribusinessesthat,asdeterminedbytheMTC,aremostlikelytoprovidethe | |
| 579 | 217 | 5greatesteconomicbenefittotheregionorthestate,orboth.TheMTCmayallocate, | |
| 580 | 218 | 6andthedepartmentmayissue,wholeorpartialtaxcreditsinaccordancewiththereport | |
| 581 | - | ||
| 219 | + | 7issuedtothedirectorofthedepartmentbasedontheMTC'sassessmentofthequalified | |
| 582 | 220 | 8Missouribusinesses.TheMTCmayconsidernumerousfactorsinsuchassessment | |
| 583 | 221 | 9including,butnotlimitedto,thequalityandexperienceofthemanagementteam,the | |
| 584 | 222 | 10sizeoftheestimatedmarketopportunity,theriskfromcurrentorfuturecompetition, | |
| 585 | 223 | 11theabilitytodefendintellectualproperty,thequalityandutilityofthebusinessmodel, | |
| 586 | 224 | 12andthequalityandreasonablenessoffinancialprojectionsforthebusiness. | |
| 587 | 225 | 13 (2)EachqualifiedMissouribusinessforwhichtheMTChasallocatedtaxcredits | |
| 588 | 226 | 14suchthatthedepartmentcanissuetaxcreditstotheinvestorsofsuchqualifiedMissouri | |
| 589 | 227 | 15businessshallsubmittotheMTCareportbeforesuchtaxcreditsareissued.Such | |
| 590 | 228 | 16reportshallincludethefollowing: | |
| 591 | 229 | 17 (a)Thename,address,andtaxpayeridentificationnumberofeachinvestorwho | |
| 592 | 230 | 18hasmadecashinvestmentinthequalifiedsecuritiesofthequalifiedMissouribusiness; | |
| 593 | 231 | 19 (b)Proofofsuchinvestment,includingcopiesofthesecurities'purchase | |
| 594 | 232 | 20agreementsandcancelledchecksorwire-transferreceipts;and | |
| 595 | 233 | 21 (c)Suchotherinformationasmaybereasonablyrequiredunderthissectionand | |
| 596 | 234 | 22section348.273orreasonablyrequestedbythedepartmentortheMTC. | |
| 597 | 235 | 23 2.(1)ThestateofMissouri,thedepartment,ortheMTCshallnotbeheldliable | |
| 598 | 236 | 24foranydamagestoanyinvestorthatmakesaninvestmentinanyqualifiedsecurityofa | |
| 599 | 237 | 25qualifiedMissouribusiness,anybusinessthatappliestobedesignatedasaqualified | |
| 600 | 238 | 26Missouribusinessandisdenied,oranyinvestorthatmakesaninvestmentinabusiness | |
| 601 | 239 | 27thatappliestobedesignatedasaqualifiedMissouribusinessandisdenied. | |
| 602 | 240 | 28 (2)EachqualifiedMissouribusinessshallhavetheobligationtonotifytheMTC, | |
| 603 | 241 | 29whichshallnotifythedirectorofthedepartment,ofanychangesinthequalificationsof | |
| 604 | 242 | 30thebusinessorintheeligibilityofinvestorstoclaimataxcreditforcashinvestmentina | |
| 605 | 243 | 31qualifiedsecurity. | |
| 606 | 244 | 32 (3)Thedirectorofthedepartment,incooperationwiththeMTC,shallprovide | |
| 607 | 245 | 33theinformationspecifiedundersubdivision(3)ofsubsection4ofthissectiontothe | |
| 608 | 246 | 34directorofthedepartmentofrevenueonanannualbasis.TheMTCshallconductan | |
| 609 | 247 | 35annualreviewoftheactivitiesundertakenunderthissectionandsection348.273to | |
| 610 | 248 | 36ensurethattaxcreditsissuedunderthissectionandsection348.273areissuedin | |
| 611 | 249 | 37compliancewiththeprovisionsofthissectionandsection348.273orrulesand | |
| 612 | - | 38regulationspromulgatedbytheMTCorthedepartmentwithrespecttothissectionand | |
| 250 | + | HB235 7 38regulationspromulgatedbytheMTCorthedepartmentwithrespecttothissectionand | |
| 613 | 251 | 39section348.273.ThereasonablecostsoftheannualreviewshallbepaidbytheMTC | |
| 614 | 252 | 40accordingtoareasonablefeescheduleadoptedbytheMTCincooperationwiththe | |
| 615 | 253 | 41departmentbyandthroughitsserviceontheMTCboardofdirectors. | |
| 616 | 254 | 42 (4)IftheMTCdeterminesthatabusinessisnotinsubstantialcompliancewith | |
| 617 | 255 | 43therequirementsunderthissectionandsection348.273tomaintainitsdesignation,the | |
| 618 | - | ||
| 256 | + | 44departmentorMTC,bywrittennotice,mayinformthebusinessthatsuchbusinesswill | |
| 619 | 257 | 45loseitsdesignationasaqualifiedMissouribusinessonehundredtwentydaysfromthe | |
| 620 | 258 | 46dateofmailingofthenoticeunlesssuchbusinesscorrectsthedeficienciesandisonce | |
| 621 | 259 | 47againincompliancewiththerequirementsfordesignationandprovidestheMTCwith | |
| 622 | 260 | 48evidenceofcorrectingthedeficienciesastheMTCreasonablyrequests. | |
| 623 | 261 | 49 (5)Attheendoftheone-hundred-twenty-dayperiod,ifthequalifiedMissouri | |
| 624 | 262 | 50businessisstillnotinsubstantialcompliance,thedepartmentorMTCmaysendanotice | |
| 625 | 263 | 51oflossofdesignationtothebusiness,thedirectorofthedepartmentofrevenue,andto | |
| 626 | 264 | 52allknowninvestorsinthebusiness. | |
| 627 | 265 | 53 (6)AbusinessmayloseitsdesignationasaqualifiedMissouribusinessunder | |
| 628 | 266 | 54thissectionandsection348.273bymovingeitheritsheadquartersoutsideofMissourior | |
| 629 | 267 | 55asubstantialnumberofthejobscreatedinMissouritoalocationoutsideMissouri | |
| 630 | 268 | 56withintenyearsafterreceivingfinancialassistanceunderthissectionandsection | |
| 631 | 269 | 57348.273,providedthatnobusinessmayloseitsdesignationasaqualifiedMissouri | |
| 632 | 270 | 58businessunderthissectionandsection348.273ifsuchmoveisinconnectionwiththe | |
| 633 | 271 | 59acquisitionofthebusinessbysaleofallorsubstantiallyallofitsbusiness,whetherby | |
| 634 | 272 | 60merger,saleofstock,saleofassets,orotherwise. | |
| 635 | 273 | 61 (7)IntheeventthatabusinesslosesitsdesignationasaqualifiedMissouri | |
| 636 | 274 | 62business,suchbusinessshallbeprecludedfrombeingissuedanyadditionaltaxcredits | |
| 637 | 275 | 63availableunderthissectionandsection348.273withrespecttothebusiness,shallbe | |
| 638 | 276 | 64precludedfrombeingapprovedasaqualifiedMissouribusiness,andshallbesubjectto | |
| 639 | 277 | 65anappropriateclawbackprovisionthattheMTC,incooperationwiththedepartment | |
| 640 | 278 | 66byandthroughitsserviceontheMTCboardofdirectors,mayinstitute. | |
| 641 | 279 | 67 (8)InvestorswholawfullymakeaninvestmentinaqualifiedMissouribusiness | |
| 642 | 280 | 68shallnothaveissuedtaxcreditsdisallowedsolelyduetothebusinesssubsequentlylosing | |
| 643 | 281 | 69itsdesignationasaqualifiedMissouribusiness.Intheeventsuchqualifiedbusiness | |
| 644 | 282 | 70losesitsdesignationasaqualifiedMissouribusiness,theamountoftaxcreditsissued | |
| 645 | 283 | 71underthissectionandsection348.273shallbesubjecttoclawbackprovisionsfromthe | |
| 646 | 284 | 72qualifiedMissouribusiness,tobedeterminedbythedepartmentandtheMTCboardof | |
| 647 | 285 | 73directors. | |
| 648 | - | 74 (9)Theportionsofdocumentsandothermaterialssubmittedtothedepartment | |
| 286 | + | HB235 8 74 (9)Theportionsofdocumentsandothermaterialssubmittedtothedepartment | |
| 649 | 287 | 75orMTCthatcontainconfidentialinformationshallbekeptconfidentialandshallbe | |
| 650 | 288 | 76maintainedinasecuredenvironment.Forthepurposesofthissectionandsection | |
| 651 | 289 | 77348.273,confidentialinformationshallinclude,butnotbelimitedto,suchportionsof | |
| 652 | 290 | 78tradesecrets,documents,anycustomerlists,andothermaterials;anyformula, | |
| 653 | 291 | 79compound,productiondata,orcompilationofinformationthatwillallowcertain | |
| 654 | 292 | 80individualswithinacommercialconcernusingsuchportionsofdocumentsandother | |
| 655 | - | ||
| 293 | + | 81materialthemeanstofabricate,produce,orcompoundanarticleoftrade;orany | |
| 656 | 294 | 82servicehavingcommercialvaluethatgivestheuseranopportunitytoobtainabusiness | |
| 657 | 295 | 83advantageovercompetitorswhodonotknoworusesuchservice. | |
| 658 | 296 | 84 (10)ThedepartmentandtheMTCmayprepareandadoptprocedures,rules, | |
| 659 | 297 | 85andpublishedguidanceconcerningtheperformanceofthedutiesplaceduponeach | |
| 660 | 298 | 86respectiveentitybythissectionandsection348.273. | |
| 661 | 299 | 87 3.Anyinvestorwhomakesacashinvestmentinaqualifiedsecurityofa | |
| 662 | 300 | 88qualifiedMissouribusinessmaytransferthetaxcreditssuchinvestormayreceiveunder | |
| 663 | 301 | 89subsection3ofsection348.273toanynaturalperson.Solongastheinvestorhasnot | |
| 664 | 302 | 90claimedthetaxcreditagainsttheinvestor'sMissouriincometaxliability,such | |
| 665 | 303 | 91transfereemayclaimthetaxcreditagainstthetransferee'sMissouriincometaxliability | |
| 666 | 304 | 92asprovidedinsubdivision(1)ofsubsection3ofsection348.273,subjecttoall | |
| 667 | 305 | 93restrictionsandlimitationssetforthinthissectionandsection348.273.Documentation | |
| 668 | 306 | 94ofanytaxcredittransferunderthissectionshallbeprovidedbytheinvestorinthe | |
| 669 | 307 | 95mannerestablishedbytheMTCandthedepartmentbyandthroughitsserviceonthe | |
| 670 | 308 | 96MTCboardofdirectors. | |
| 671 | 309 | 97 4.(1)EachqualifiedMissouribusinessforwhichtaxcreditswereissuedunder | |
| 672 | 310 | 98thissectionandsection348.273shallreporttotheMTCannuallyonorbeforeFebruary | |
| 673 | 311 | 99first.TheMTCshallprovidecopiesofthereportstothedepartmentunderappropriate | |
| 674 | 312 | 100confidentialityagreementsasmaybenecessaryunderthecircumstances.Suchreports | |
| 675 | 313 | 101shallincludethefollowing: | |
| 676 | 314 | 102 (a)Thename,address,andtaxpayeridentificationnumberofeachinvestorwho | |
| 677 | 315 | 103hasmadeacashinvestmentinthequalifiedsecuritiesofthequalifiedMissouribusiness | |
| 678 | 316 | 104andhasreceivedtaxcreditsforthisinvestmentduringtheprecedingyear; | |
| 679 | 317 | 105 (b)Theamountsofcashinvestmentsbyeachinvestorandadescriptionofthe | |
| 680 | 318 | 106qualifiedsecuritiesissuedinconsiderationofsuchcashinvestments;and | |
| 681 | 319 | 107 (c)Suchotherinformationasmaybereasonablyrequiredunderthissectionand | |
| 682 | 320 | 108section348.273. | |
| 683 | - | 109 (2)TheMTCshallreportquarterlytothedirectorofthedepartmentonthe | |
| 321 | + | HB235 9 109 (2)TheMTCshallreportquarterlytothedirectorofthedepartmentonthe | |
| 684 | 322 | 110allocationofthetaxcreditsintheprecedingcalendarquarter.Suchreportsshall | |
| 685 | 323 | 111include: | |
| 686 | 324 | 112 (a)Thenumberofapplicationsreceived; | |
| 687 | 325 | 113 (b)Thenumberandratioofsuccessfulapplicationstounsuccessfulapplications; | |
| 688 | 326 | 114 (c)Theamountoftaxcreditsallocatedbutnotissuedinthepreviousquarter, | |
| 689 | 327 | 115includingwhatpercentagewasallocatedtoindividualsandwhatpercentagewas | |
| 690 | 328 | 116allocatedtoinvestmentfirms;and | |
| 691 | 329 | 117 (d)Suchotherinformationasreasonablyagreeduponfromtimetotime. | |
| 692 | - | ||
| 330 | + | 118 (3)TheMTCandthedepartment,asapplicable,shallalsoreportannuallytothe | |
| 693 | 331 | 119governor,thedirectorofthedepartmentofeconomicdevelopment,thepresidentpro | |
| 694 | 332 | 120temporeofthesenate,andthespeakerofthehouseofrepresentatives,onorbefore | |
| 695 | 333 | 121Aprilfirst,ontheallocationandissuanceofthetaxcredits.Suchreportsshallinclude: | |
| 696 | 334 | 122 (a)Theamountoftaxcreditsissuedinthepreviousfiscalyear,includingwhat | |
| 697 | 335 | 123percentagewasissuedtoindividualsandwhatpercentagewasissuedtoinvestment | |
| 698 | 336 | 124firms; | |
| 699 | 337 | 125 (b)Thetypesofbusinessesthatbenefittedfromthetaxcredits; | |
| 700 | 338 | 126 (c)Theamountofallocatedbutunissuedtaxcreditsandtheinformationabout | |
| 701 | 339 | 127theunissuedtaxcreditssetforthinsubdivision(2)ofthissubsection; | |
| 702 | 340 | 128 (d)Anyaggregatejobcreationorcapitalinvestmentintheregionthatresulted | |
| 703 | 341 | 129fromtheuseofthetaxcreditsforaperiodoffiveyearsbeginningfromthedateon | |
| 704 | 342 | 130whichthetaxcreditswereawarded; | |
| 705 | 343 | 131 (e)Themannerinwhichthepurposeofthissectionandsection348.273hasbeen | |
| 706 | 344 | 132carriedoutwithregardtoadesignatedgeographicregion; | |
| 707 | 345 | 133 (f)Thetotalcashinvestmentsmadeforthepurchaseofqualifiedsecuritiesof | |
| 708 | 346 | 134qualifiedMissouribusinesseswithinthestateduringtheprecedingyearand | |
| 709 | 347 | 135cumulativelysincetheeffectivedateofthissectionandsection348.273; | |
| 710 | 348 | 136 (g)Anestimateofjobscreatedandjobspreservedbycashinvestmentsmadein | |
| 711 | 349 | 137qualifiedMissouribusinesseswithinthestate; | |
| 712 | 350 | 138 (h)Anestimateofthemultipliereffectontheeconomyofthecashinvestments | |
| 713 | 351 | 139madeunderthissectionandsection348.273;and | |
| 714 | 352 | 140 (i)Informationregardingwhatbusinessesderivingbenefitsfromthetaxcredits | |
| 715 | 353 | 141remainedinthedesignatedgeographicregion,whatbusinessesceasedbusiness,what | |
| 716 | 354 | 142businesseswerepurchased,andwhatbusinessesmayhavemovedoutofadesignated | |
| 717 | 355 | 143geographicregionorthestate. | |
| 718 | 356 | 144 (4)Anyviolationofthereportingrequirementsofthissubsectionbyaqualified | |
| 719 | 357 | 145MissouribusinessmaybegroundsforthelossofdesignationasaqualifiedMissouri | |
| 720 | - | 146business,andanysuchbusinessthatlosesitsdesignationasaqualifiedMissouri | |
| 358 | + | HB235 10 146business,andanysuchbusinessthatlosesitsdesignationasaqualifiedMissouri | |
| 721 | 359 | 147businessshallbesubjecttotherestrictionsuponlossofdesignationsetforthin | |
| 722 | 360 | 148subsection2ofthissection. | |
| 723 | 361 | 149 5.Notwithstandinganyprovisionofsection105.1500tothecontrary,any | |
| 724 | 362 | 150requirementtoprovideinformation,documents,orrecordsundersection348.273or | |
| 725 | 363 | 151348.274,andanyrequirementestablishedbytheMTCoranystateagencytoprovide | |
| 726 | 364 | 152information,documents,orrecordsforthepurposeofadministeringthesesections, | |
| 727 | 365 | 153shallbeexemptfromsection105.1500ofthepersonalprivacyprotectionact. | |
| 728 | - | ||
| 366 | + | 154 6.Taxcreditsissuedundersection348.273or348.274shallbeclassifiedas | |
| 729 | 367 | 155"entrepreneurialtaxcredits"undersection135.800ofthetaxcreditaccountabilityact. | |
| 730 | 368 | 156 7.Section348.273andthissectionshallexpireonDecember31,2032. | |
| 731 | 369 | âś” | |
| 732 | - | ||
| 370 | + | HB235 11 |