| 208 | | - | 348.273.1.Thissectionandsection348.274shallbeknownandmaybecitedas |
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| 209 | | - | 2the"MissouriAngelInvestmentIncentiveAct". |
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| 210 | | - | 3 2.Asusedinthissectionandsection348.274,thefollowingtermsmean: |
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| 211 | | - | 4 (1)"Cashinvestment",anymoneysormoney-equivalentcontributionin |
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| 212 | | - | 5considerationofqualifiedsecurities; |
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| 213 | | - | 6 (2)"Department",thedepartmentofeconomicdevelopment; |
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| 214 | | - | 7 (3)"Designatedgeographicregions",thefollowingfourregions: |
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| 215 | | - | HCSHB682 6 8 (a)Region1:CountiesofBates,Cass,Clay,Jackson,andPlatte; |
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| 216 | | - | 9 (b)Region2:CountiesofFranklin,Jefferson,Lincoln,St.Charles,Warren,and |
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| 217 | | - | 10St.Louis,andtheCityofSt.Louis; |
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| 218 | | - | 11 (c)Region3:CountiesgeographicallynorthoftheMissouriRiver,excludingany |
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| 219 | | - | 12countiesinregion1orregion2;and |
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| 220 | | - | 13 (d)Region4:CountiesgeographicallysouthoftheMissouriRiver,excludingany |
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| 221 | | - | 14countiesinregion1orregion2; |
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| 222 | | - | 15 (4)"Investor",oneofthefollowingpersonsorentities: |
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| 223 | | - | 16 (a)Anaturalpersonwhoisanaccreditedinvestorasdefinedunder17CFR |
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| 224 | | - | 17230.501(a)(5)or230.501(a)(6),asineffectonJuly24,2013; |
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| 225 | | - | 18 (b)Apermittedentityinvestorwhoisanaccreditedinvestorasdefinedunder17 |
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| 226 | | - | 19CFR230.501(a)(8)asineffectonJuly24,2013;or |
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| 227 | | - | 20 (c)Anaturalpersonorpermittedentityinvestormakinganinvestmentwho |
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| 228 | | - | 21qualifiesunderthefederalJumpstartOurBusinessStartups(JOBS)Act,Pub.L.112- |
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| 229 | | - | 22106asineffectonApril5,2012. |
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| 230 | | - | 23 |
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| 231 | | - | 24Theterm"investor"shallnotincludeanypersonwhoservesasanexecutive,officer,or |
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| 232 | | - | 25employeeofthebusinessinwhichanotherwisequalifiedcashinvestmentismade,and |
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| 233 | | - | 26suchpersonshallnotqualifyfortheissuanceoftaxcreditsforsuchinvestment. |
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| 234 | | - | 27However,aninvestorwhoservessolelyasadirectormayqualifyfortheissuanceoftax |
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| 235 | | - | 28credits; |
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| 236 | | - | 29 (5)"MTC",theMissouritechnologycorporationestablishedundersection |
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| 237 | | - | 30348.251; |
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| 238 | | - | 31 (6)"Owner",anynaturalpersonwhois,directlyorindirectly,apartner, |
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| 239 | | - | 32stockholder,ormemberinapermittedentityinvestor; |
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| 240 | | - | 33 (7)"Permittedentityinvestor",anygeneralpartnership;limitedpartnership; |
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| 241 | | - | 34corporationthathasineffectavalidelectiontobetaxedasanScorporationunderthe |
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| 242 | | - | 35InternalRevenueCodeof1986,asamended;revocablelivingtrust;nonprofit |
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| 243 | | - | 36corporation;orlimitedliabilitycompanythathaselectedtobetaxedasa |
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| 244 | | - | 37partnershipundertheInternalRevenueCodeof1986,asamended,andthatwas |
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| 245 | | - | 38establishedandisoperatedforthepurposeofmakinginvestmentsinotherentities; |
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| 246 | | - | 39 (8)"Qualifiedknowledge-basedcompany",acompanyengagedintheresearch, |
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| 247 | | - | 40development,implementation,andcommercializationofinnovativetechnologies, |
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| 248 | | - | 41products,andservicesforuseinthecommercialmarketplace; |
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| 249 | | - | 42 (9)"QualifiedMissouribusiness",aMissouribusinessthatisapprovedasa |
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| 250 | | - | 43qualifiedknowledge-basedcompanybytheMTCandmeetsatleastoneofthefollowing |
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| 251 | | - | 44criteria: |
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| 252 | | - | HCSHB682 7 45 (a)Anypartnership,association,limitedliabilitycompany,orcorporation |
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| 253 | | - | 46domiciledinMissouri;or |
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| 254 | | - | 47 (b)Anylimitedliabilitycompanyorcorporationthatisdomiciledoutsidethe |
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| 255 | | - | 48stateofMissouributhasitsbusinessoperationslocatedprimarilyinMissouriordoes |
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| 256 | | - | 49substantiallyallofsuchbusiness’sproductioninMissouri; |
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| 257 | | - | 50 (10)"Qualifiedsecurities",acashinvestmentthroughanyformorcombination |
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| 258 | | - | 51offormsoffinancialassistanceasprovidedunderthissubdivision.Suchformsof |
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| 259 | | - | 52financialassistanceinclude,butarenotlimitedto: |
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| 260 | | - | 53 (a)Anyformofequity,suchas: |
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| 261 | | - | 54 a.Ageneralorlimitedpartnershipinterest; |
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| 262 | | - | 55 b.Commonstock; |
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| 263 | | - | 56 c.Simpleagreementforfutureequity(SAFE);or |
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| 264 | | - | 57 d.Preferredstock,withoutregardtovotingrightsorsenioritypositionand |
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| 265 | | - | 58regardlessofwhetherconvertibleintocommonstock;and |
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| 266 | | - | 59 (b)Anydebtinstrumentsubordinatetothegeneralcreditorsofthequalified |
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| 267 | | - | 60MissouricompanydebtorthatrequiresnopaymentfromthequalifiedMissouri |
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| 268 | | - | 61companydebtorandthatshallconverttosomeformofequitypriorto,orin |
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| 269 | | - | 62conjunctionwith,thequalifiedMissouricompanyraisinganyadditionalfunds; |
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| 270 | | - | 63 (11)"Ruralcounty",anycountyinthestateofMissouriwithfewerthantwenty- |
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| 271 | | - | 64fivethousandinhabitants,andsuchtermshallbedeemedtoincludeboththefarmand |
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| 272 | | - | 65nonfarmpopulationthereof.Thenumberofinhabitantsspecifiedinthissubdivision |
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| 273 | | - | 66shallbeincreasedbysixpercenteverytenyearsaftereachdecennialcensusbeginning |
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| 274 | | - | 67in2030; |
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| 275 | | - | 68 (12)"Taxcredit",acreditagainstthetaxotherwisedueunderchapter143, |
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| 276 | | - | 69excludingwithholdingtaximposedbysections143.191to143.265,chapter147,or |
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| 277 | | - | 70chapter148. |
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| 278 | | - | 71 3.(1)ForalltaxyearsbeginningonorafterJanuary1,2026,ataxcreditshall |
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| 279 | | - | 72beallowedforaninvestor'scashinvestmentinthequalifiedsecuritiesofaqualified |
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| 280 | | - | 73Missouribusiness.Thecreditshallbeinatotalamountequaltofortypercentofsuch |
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| 281 | | - | 74investor'scashinvestmentinanyqualifiedMissouribusiness,subjecttothelimitations |
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| 282 | | - | 75setforthinthissubsection.Thecreditshallbeinatotalamountequaltofiftypercent |
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| 283 | | - | 76wheretheinvestor'scashinvestmentinthequalifiedsecuritiesofaqualifiedMissouri |
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| 284 | | - | 77businessareinaruralcounty.Iftheamountbywhichthatportionofthecreditallowed |
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| 285 | | - | 78bythissectionexceedstheinvestor'staxliabilityinanyonetaxyear,theremaining |
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| 286 | | - | 79portionofthecreditmaybecarriedforwardfiveyearsoruntilthetotalamountofthe |
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| 287 | | - | 80creditisused,whicheveroccursfirst.Iftheinvestorisapermittedentityinvestor,the |
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| 288 | | - | HCSHB682 8 81creditprovidedbythissectionshallbeclaimedbythepermittedentityinvestorin |
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| 289 | | - | 82proportiontosuchowner'sequityinvestmentinthepermittedentityinvestor. |
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| 290 | | - | 83 (2)Acashinvestmentinaqualifiedsecurityshallbedeemedtohavebeenmade |
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| 291 | | - | 84onthedateofacquisitionofthequalifiedsecurity,assuchdateisdeterminedin |
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| 292 | | - | 85accordancewiththeprovisionsoftheInternalRevenueCodeof1986,asamended. |
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| 293 | | - | 86 (3)ThedepartmentandtheMTCshallnotallowtaxcreditsofmorethan |
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| 294 | | - | 87seventy-fivethousanddollarsforasinglequalifiedMissouribusinessperinvestorwhois |
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| 295 | | - | 88anaturalpersonorapermittedentityinvestorandshallnotallowatotalofthree |
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| 296 | | - | 89hundredthousanddollarsintaxcreditsforasingletaxyearperinvestorwhoisa |
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| 297 | | - | 90naturalpersonorapermittedentityinvestor.Notaxcreditauthorizedbythissectionor |
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| 298 | | - | 91section348.274shallbeallowedforanycashinvestmentsinqualifiedsecuritiesmadein |
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| 299 | | - | 92anyyearafterDecember31,2032.Thetotalamountoftaxcreditsthatmaybeallowed |
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| 300 | | - | 93underthissectionshallnotexceedsixmilliondollarsduringeithercalendaryear2026 |
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| 301 | | - | 94or2027.Beginningincalendaryear2028,thetotalamountoftaxcreditsallowedunder |
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| 302 | | - | 95thissectionshallbeannuallyincreasedbytwentypercentofthetotalamountoftax |
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| 303 | | - | 96creditsallowedintheimmediatelyprecedingcalendaryear,solongasthetotalamount |
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| 304 | | - | 97oftaxcreditsallowedintheimmediatelyprecedingcalendaryearwasissuedduring |
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| 305 | | - | 98suchcalendaryear.Foreachsuccessiveyearthereafter,ifthetotalamountoftax |
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| 306 | | - | 99creditsallowedintheimmediatelyprecedingcalendaryearunderthissectionisissued, |
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| 307 | | - | 100thetotalamountoftaxcreditsshallbeincreasedbyanadditionaltwentypercent.Such |
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| 308 | | - | 101increaseoftwentypercentoftaxcreditsallowedshallcontinue,solongasthetotal |
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| 309 | | - | 102amountoftaxcreditsallowedintheimmediatelyprecedingcalendaryearwas |
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| 310 | | - | 103completelyissued.Thebalanceofunissuedtaxcreditsmaybecarriedoverforissuance |
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| 311 | | - | 104infutureyearsbeforeDecember31,2034.Thebalanceofunissuedtaxcreditscarried |
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| 312 | | - | 105over,ifany,shallnotbeusedinthecalculationofthetotalamountoftaxcreditsallowed |
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| 313 | | - | 106inagivencalendaryear. |
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| 314 | | - | 107 (4)Atthebeginningofeachcalendaryear,theMTCshallequallydesignatethe |
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| 315 | | - | 108totalamountoftaxcreditsavailableduringthefirstsixmonthsofthatcalendaryearto |
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| 316 | | - | 109eachdesignatedgeographicregion.Assoonaspracticableattheendofthefirstsix |
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| 317 | | - | 110monthsofthatcalendaryear,theMTCshallprepareandissueareporttothedirector |
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| 318 | | - | 111ofthedepartmentdesignatingalltaxcreditawardsforthatyeartodate,sothatthe |
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| 319 | | - | 112departmentmayissuesuchtaxcreditsinaccordancewiththeprovisionsofthissection |
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| 320 | | - | 113andsection348.274. |
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| 321 | | - | 114 (5)Duringthelastsixmonthsofthecalendaryear,anyunissuedtaxcredits |
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| 322 | | - | 115previouslyallocatedtoanydesignatedgeographicregionmaybeawardedatthe |
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| 323 | | - | 116discretionoftheMTCtoaqualifiedMissouricompanyinanydesignatedgeographic |
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| 324 | | - | 117regionthroughoutthestate. |
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| 325 | | - | HCSHB682 9 118 4.(1)Beforeaninvestorisentitledtoreceivetaxcreditsunderthissectionand |
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| 326 | | - | 119section348.274,suchinvestorshallhavemadeacashinvestmentinaqualifiedsecurity |
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| 327 | | - | 120ofaqualifiedMissouribusiness.Thebusinessshallhavebeenapprovedasaqualified |
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| 328 | | - | 121Missouribusinessbeforethedateonwhichthecashinvestmentwasmade.Tobe |
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| 329 | | - | 122designatedasaqualifiedMissouribusiness,abusinessshallapplytotheMTC. |
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| 330 | | - | 123 (2)Theapplicationbyabusinessshallbeintheformandsubstancerequiredby |
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| 331 | | - | 124theMTCincoordinationwiththedepartmentbyandthroughitsserviceontheMTC |
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| 332 | | - | 125boardofdirectorsbutshallincludeatleastthefollowing: |
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| 333 | | - | 126 (a)Thenameofthebusinessandcertifiedcopiesoftheorganizational |
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| 334 | | - | 127documentsofthebusiness; |
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| 335 | | - | 128 (b)Abusinessplan,includingadescriptionofthebusinessandthemanagement, |
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| 336 | | - | 129product,market,andfinancialplanofthebusiness; |
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| 337 | | - | 130 (c)Astatementofthepotentialeconomicimpactofthebusiness,includingthe |
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| 338 | | - | 131number,location,andtypesofjobsexpectedtobecreated; |
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| 339 | | - | 132 (d)Adescriptionofthequalifiedsecuritiestobeissued,theconsiderationtobe |
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| 340 | | - | 133paidforthequalifiedsecurities,andtheamountofanytaxcreditsrequested; |
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| 341 | | - | 134 (e)Astatementoftheamount,timing,andprojecteduseoftheproceedstobe |
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| 342 | | - | 135raisedfromtheproposedsaleofqualifiedsecurities;and |
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| 343 | | - | 136 (f)Suchotherinformationasmaybereasonablyrequested. |
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| 344 | | - | 137 (3)ThedesignationofabusinessasaqualifiedMissouribusinessshallbemade |
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| 345 | | - | 138bytheMTC,andeachqualifiedMissouribusinessshallannuallyapplytorenewsuch |
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| 346 | | - | 139designation,tobeapprovedbytheMTC.AbusinessshallbesodesignatediftheMTC |
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| 347 | | - | 140determines,basedupontheapplicationsubmittedbythebusinessandanyadditional |
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| 348 | | - | 141informationprovidedinconnectionwithsuchapplicationorasreasonablyrequestedby |
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| 349 | | - | 142theMTC,thatsuchbusinessmeetsestablishedcriteria,includingatleastthefollowing: |
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| 350 | | - | 143 (a)Thebusinessshallnothavehadannualgrossrevenuesofmorethanfive |
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| 351 | | - | 144milliondollarsinthemostrecenttaxyearofthebusiness; |
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| 352 | | - | 145 (b)Businessesthatarenotbiosciencebusinessesshallhavebeeninoperationfor |
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| 353 | | - | 146lessthanfiveyears,andbiosciencebusinessesshallhavebeeninoperationforlessthan |
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| 354 | | - | 147tenyears; |
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| 355 | | - | 148 (c)Theabilityofinvestorsinthebusinesstoreceivetaxcreditsforcash |
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| 356 | | - | 149investmentsinqualifiedsecuritiesofthebusinessisbeneficialtoadvancingthegoalsof |
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| 357 | | - | 150thissectionandsection348.274; |
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| 358 | | - | 151 (d)Thebusinessshallnothaveownershipinterestsincluding,butnotlimitedto, |
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| 359 | | - | 152commonorpreferredsharesofstockthatcanbetradedviaapublicstockexchange |
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| 360 | | - | 153beforethedatethataqualifyinginvestmentismade; |
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| 361 | | - | HCSHB682 10 154 (e)Thebusinessshallnotbeengagedprimarilyinanyoneormoreofthe |
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| 362 | | - | 155followingenterprises: |
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| 363 | | - | 156 a.Thebusinessofbanking,savingsandloanorlendinginstitutions,creditor |
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| 364 | | - | 157finance,orfinancialbrokerageorinvestments; |
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| 365 | | - | 158 b.Theprovisionofprofessionalservices,suchaslegal,accounting,or |
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| 366 | | - | 159engineeringservices;however,contractresearchormanufacturingorganizations, |
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| 367 | | - | 160sometimesreferredtoasCROsorCMOs,shallnotbesubjecttothisexclusion; |
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| 368 | | - | 161 c.Governmental,charitable,religious,ortradeorganizations; |
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| 369 | | - | 162 d.Theownership,development,brokerage,sales,orleasingofrealestate; |
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| 370 | | - | 163 e.Insurance; |
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| 371 | | - | 164 f.Construction,constructionmanagement,orcontracting; |
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| 372 | | - | 165 g.Businessconsultingorbrokerage; |
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| 373 | | - | 166 h.Anybusinessengagedprimarilyasapassivebusiness,havingirregularor |
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| 374 | | - | 167noncontiguousoperations,orderivingsubstantiallyalloftheincomeofthebusiness |
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| 375 | | - | 168frompassiveinvestmentsthatgenerateinterest,dividends,royalties,orcapitalgainsor |
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| 376 | | - | 169anybusinessarrangementstheeffectofwhichistoimmunizeaninvestorfromriskof |
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| 377 | | - | 170loss; |
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| 378 | | - | 171 i.Anyactivitythatisinviolationofthelaw; |
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| 379 | | - | 172 j.Anybusinessraisingmoneysprimarilytopurchaserealestate,land,or |
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| 380 | | - | 173fixtures;and |
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| 381 | | - | 174 k.Anygambling-relatedbusiness; |
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| 382 | | - | 175 (f)Thebusinesshasareasonablechanceofsuccess; |
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| 383 | | - | 176 (g)Thebusinesshasthereasonablepotentialtocreatemeasurableemployment |
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| 384 | | - | 177withintheregion,thisstate,orboth; |
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| 385 | | - | 178 (h)Thebusinessisbasedonaninnovativetechnology,product,orservice |
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| 386 | | - | 179designedtobeusedinthecommercialmarketplace; |
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| 387 | | - | 180 (i)Theexistingownersofthebusinessandotherfoundershavemadeorare |
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| 388 | | - | 181committedtomakingasubstantialfinancialortimecommitmenttothebusiness; |
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| 389 | | - | 182 (j)Thesecuritiestobeissuedandpurchasedarequalifiedsecurities; |
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| 390 | | - | 183 (k)Thebusinesshasthereasonablepotentialtoaddressneedsandopportunities |
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| 391 | | - | 184specifictotheregion,thisstate,orboth; |
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| 392 | | - | 185 (l)ThebusinesshasmadebindingcommitmentstotheMTCforadequate |
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| 393 | | - | 186reportingoffinancialdata,includingarequirementforanannualreportor,ifrequired, |
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| 394 | | - | 187anannualauditofthefinancialandoperationalrecordsofthebusiness;therightof |
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| 395 | | - | 188accesstothefinancialrecordsofthebusiness;therightofthedepartmentandtheMTC |
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| 396 | | - | 189torecordandpublishnormalandcustomarydataandinformationrelatedtothe |
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| 397 | | - | 190issuanceoftaxcreditsthatarenototherwisedeterminedtobetradeorbusinesssecrets; |
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| 398 | | - | HCSHB682 11 191andothersuchprotectionsasmaybeinthebestinterestofMissouritaxpayersto |
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| 399 | | - | 192achievethegoalsofthissectionandsection348.274;and |
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| 400 | | - | 193 (m)Thebusinessshallsatisfyallotherrequirementsofthissectionandsection |
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| 401 | | - | 194348.274. |
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| 402 | | - | 195 (4)AqualifiedMissouribusinessshallhavetheburdenofprooftodemonstrate |
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| 403 | | - | 196thequalificationsofthebusinessunderthissection. |
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| 404 | | - | 197 (5)TheMTCshallestablishanapplicationfeeforqualifiedMissouribusinesses |
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| 405 | | - | 198andinvestorsortransferees.ThisfeeshallbeutilizedbyMTCtoadministerthisact, |
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| 406 | | - | 199issuethetaxcredits,andreviewtheapplications. |
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| 407 | | - | 348.274.1.(1)TheMTCisauthorizedtoallocatetaxcreditstoqualified |
|---|
| 408 | | - | 2Missouribusinesses,andthedepartmentisauthorizedtoissuetaxcreditstoinvestorsin |
|---|
| 409 | | - | 3suchqualifiedMissouribusinesses.Suchtaxcreditsshallbeallocatedtothosequalified |
|---|
| 410 | | - | 4Missouribusinessesthat,asdeterminedbytheMTC,aremostlikelytoprovidethe |
|---|
| 411 | | - | 5greatesteconomicbenefittotheregionorthestate,orboth.TheMTCmayallocate, |
|---|
| 412 | | - | 6andthedepartmentmayissue,wholeorpartialtaxcreditsinaccordancewiththereport |
|---|
| 413 | | - | 7issuedtothedirectorofthedepartmentbasedontheMTC'sassessmentofthequalified |
|---|
| 414 | | - | 8Missouribusinesses.TheMTCmayconsidernumerousfactorsinsuchassessment |
|---|
| 415 | | - | 9including,butnotlimitedto,thequalityandexperienceofthemanagementteam,the |
|---|
| 416 | | - | 10sizeoftheestimatedmarketopportunity,theriskfromcurrentorfuturecompetition, |
|---|
| 417 | | - | 11theabilitytodefendintellectualproperty,thequalityandutilityofthebusinessmodel, |
|---|
| 418 | | - | 12andthequalityandreasonablenessoffinancialprojectionsforthebusiness. |
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| 419 | | - | 13 (2)EachqualifiedMissouribusinessforwhichtheMTChasallocatedtaxcredits |
|---|
| 420 | | - | 14suchthatthedepartmentcanissuetaxcreditstotheinvestorsofsuchqualifiedMissouri |
|---|
| 421 | | - | 15businessshallsubmittotheMTCareportbeforesuchtaxcreditsareissued.Such |
|---|
| 422 | | - | 16reportshallincludethefollowing: |
|---|
| 423 | | - | 17 (a)Thename,address,andtaxpayeridentificationnumberofeachinvestorwho |
|---|
| 424 | | - | 18hasmadecashinvestmentinthequalifiedsecuritiesofthequalifiedMissouribusiness; |
|---|
| 425 | | - | 19 (b)Proofofsuchinvestment,includingcopiesofthesecurities'purchase |
|---|
| 426 | | - | 20agreementsandcancelledchecksorwire-transferreceipts;and |
|---|
| 427 | | - | 21 (c)Suchotherinformationasmaybereasonablyrequiredunderthissectionand |
|---|
| 428 | | - | 22section348.273orreasonablyrequestedbythedepartmentortheMTC. |
|---|
| 429 | | - | 23 2.(1)ThestateofMissouri,thedepartment,ortheMTCshallnotbeheldliable |
|---|
| 430 | | - | 24foranydamagestoanyinvestorthatmakesaninvestmentinanyqualifiedsecurityofa |
|---|
| 431 | | - | 25qualifiedMissouribusiness,anybusinessthatappliestobedesignatedasaqualified |
|---|
| 432 | | - | 26Missouribusinessandisdenied,oranyinvestorthatmakesaninvestmentinabusiness |
|---|
| 433 | | - | 27thatappliestobedesignatedasaqualifiedMissouribusinessandisdenied. |
|---|
| 434 | | - | HCSHB682 12 28 (2)EachqualifiedMissouribusinessshallhavetheobligationtonotifytheMTC, |
|---|
| 435 | | - | 29whichshallnotifythedirectorofthedepartment,ofanychangesinthequalificationsof |
|---|
| 436 | | - | 30thebusinessorintheeligibilityofinvestorstoclaimataxcreditforcashinvestmentina |
|---|
| 437 | | - | 31qualifiedsecurity. |
|---|
| 438 | | - | 32 (3)Thedirectorofthedepartment,incooperationwiththeMTC,shallprovide |
|---|
| 439 | | - | 33theinformationspecifiedundersubdivision(3)ofsubsection4ofthissectiontothe |
|---|
| 440 | | - | 34directorofthedepartmentofrevenueonanannualbasis.TheMTCshallconductan |
|---|
| 441 | | - | 35annualreviewoftheactivitiesundertakenunderthissectionandsection348.273to |
|---|
| 442 | | - | 36ensurethattaxcreditsissuedunderthissectionandsection348.273areissuedin |
|---|
| 443 | | - | 37compliancewiththeprovisionsofthissectionandsection348.273orrulesand |
|---|
| 444 | | - | 38regulationspromulgatedbytheMTCorthedepartmentwithrespecttothissectionand |
|---|
| 445 | | - | 39section348.273.ThereasonablecostsoftheannualreviewshallbepaidbytheMTC |
|---|
| 446 | | - | 40accordingtoareasonablefeescheduleadoptedbytheMTCincooperationwiththe |
|---|
| 447 | | - | 41departmentbyandthroughitsserviceontheMTCboardofdirectors. |
|---|
| 448 | | - | 42 (4)IftheMTCdeterminesthatabusinessisnotinsubstantialcompliancewith |
|---|
| 449 | | - | 43therequirementsunderthissectionandsection348.273tomaintainitsdesignation,the |
|---|
| 450 | | - | 44departmentorMTC,bywrittennotice,mayinformthebusinessthatsuchbusinesswill |
|---|
| 451 | | - | 45loseitsdesignationasaqualifiedMissouribusinessonehundredtwentydaysfromthe |
|---|
| 452 | | - | 46dateofmailingofthenoticeunlesssuchbusinesscorrectsthedeficienciesandisonce |
|---|
| 453 | | - | 47againincompliancewiththerequirementsfordesignationandprovidestheMTCwith |
|---|
| 454 | | - | 48evidenceofcorrectingthedeficienciesastheMTCreasonablyrequests. |
|---|
| 455 | | - | 49 (5)Attheendoftheone-hundred-twenty-dayperiod,ifthequalifiedMissouri |
|---|
| 456 | | - | 50businessisstillnotinsubstantialcompliance,thedepartmentorMTCmaysendanotice |
|---|
| 457 | | - | 51oflossofdesignationtothebusiness,thedirectorofthedepartmentofrevenue,andto |
|---|
| 458 | | - | 52allknowninvestorsinthebusiness. |
|---|
| 459 | | - | 53 (6)AbusinessmayloseitsdesignationasaqualifiedMissouribusinessunder |
|---|
| 460 | | - | 54thissectionandsection348.273bymovingeitheritsheadquartersoutsideofMissourior |
|---|
| 461 | | - | 55asubstantialnumberofthejobscreatedinMissouritoalocationoutsideMissouri |
|---|
| 462 | | - | 56withintenyearsafterreceivingfinancialassistanceunderthissectionandsection |
|---|
| 463 | | - | 57348.273,providedthatnobusinessmayloseitsdesignationasaqualifiedMissouri |
|---|
| 464 | | - | 58businessunderthissectionandsection348.273ifsuchmoveisinconnectionwiththe |
|---|
| 465 | | - | 59acquisitionofthebusinessbysaleofallorsubstantiallyallofitsbusiness,whetherby |
|---|
| 466 | | - | 60merger,saleofstock,saleofassets,orotherwise. |
|---|
| 467 | | - | 61 (7)IntheeventthatabusinesslosesitsdesignationasaqualifiedMissouri |
|---|
| 468 | | - | 62business,suchbusinessshallbeprecludedfrombeingissuedanyadditionaltaxcredits |
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| 469 | | - | 63availableunderthissectionandsection348.273withrespecttothebusiness,shallbe |
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| 470 | | - | 64precludedfrombeingapprovedasaqualifiedMissouribusiness,andshallbesubjectto |
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| 471 | | - | HCSHB682 13 65anappropriateclawbackprovisionthattheMTC,incooperationwiththedepartment |
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| 472 | | - | 66byandthroughitsserviceontheMTCboardofdirectors,mayinstitute. |
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| 473 | | - | 67 (8)InvestorswholawfullymakeaninvestmentinaqualifiedMissouribusiness |
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| 474 | | - | 68shallnothaveissuedtaxcreditsdisallowedsolelyduetothebusinesssubsequentlylosing |
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| 475 | | - | 69itsdesignationasaqualifiedMissouribusiness.Intheeventsuchqualifiedbusiness |
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| 476 | | - | 70losesitsdesignationasaqualifiedMissouribusiness,theamountoftaxcreditsissued |
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| 477 | | - | 71underthissectionandsection348.273shallbesubjecttoclawbackprovisionsfromthe |
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| 478 | | - | 72qualifiedMissouribusiness,tobedeterminedbythedepartmentandtheMTCboardof |
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| 479 | | - | 73directors. |
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| 480 | | - | 74 (9)Theportionsofdocumentsandothermaterialssubmittedtothedepartment |
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| 481 | | - | 75orMTCthatcontainconfidentialinformationshallbekeptconfidentialandshallbe |
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| 482 | | - | 76maintainedinasecuredenvironment.Forthepurposesofthissectionandsection |
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| 483 | | - | 77348.273,confidentialinformationshallinclude,butnotbelimitedto,suchportionsof |
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| 484 | | - | 78tradesecrets,documents,anycustomerlists,andothermaterials;anyformula, |
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| 485 | | - | 79compound,productiondata,orcompilationofinformationthatwillallowcertain |
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| 486 | | - | 80individualswithinacommercialconcernusingsuchportionsofdocumentsandother |
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| 487 | | - | 81materialthemeanstofabricate,produce,orcompoundanarticleoftrade;orany |
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| 488 | | - | 82servicehavingcommercialvaluethatgivestheuseranopportunitytoobtainabusiness |
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| 489 | | - | 83advantageovercompetitorswhodonotknoworusesuchservice. |
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| 490 | | - | 84 (10)ThedepartmentandtheMTCmayprepareandadoptprocedures,rules, |
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| 491 | | - | 85andpublishedguidanceconcerningtheperformanceofthedutiesplaceduponeach |
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| 492 | | - | 86respectiveentitybythissectionandsection348.273. |
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| 493 | | - | 87 3.Anyinvestorwhomakesacashinvestmentinaqualifiedsecurityofa |
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| 494 | | - | 88qualifiedMissouribusinessmaytransferthetaxcreditssuchinvestormayreceiveunder |
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| 495 | | - | 89subsection3ofsection348.273toanynaturalperson.Solongastheinvestorhasnot |
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| 496 | | - | 90claimedthetaxcreditagainsttheinvestor'sMissouriincometaxliability,such |
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| 497 | | - | 91transfereemayclaimthetaxcreditagainstthetransferee'sMissouriincometaxliability |
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| 498 | | - | 92asprovidedinsubdivision(1)ofsubsection3ofsection348.273,subjecttoall |
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| 499 | | - | 93restrictionsandlimitationssetforthinthissectionandsection348.273.Documentation |
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| 500 | | - | 94ofanytaxcredittransferunderthissectionshallbeprovidedbytheinvestorinthe |
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| 501 | | - | 95mannerestablishedbytheMTCandthedepartmentbyandthroughitsserviceonthe |
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| 502 | | - | 96MTCboardofdirectors. |
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| 503 | | - | 97 4.(1)EachqualifiedMissouribusinessforwhichtaxcreditswereissuedunder |
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| 504 | | - | 98thissectionandsection348.273shallreporttotheMTCannuallyonorbeforeFebruary |
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| 505 | | - | 99first.TheMTCshallprovidecopiesofthereportstothedepartmentunderappropriate |
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| 506 | | - | 100confidentialityagreementsasmaybenecessaryunderthecircumstances.Suchreports |
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| 507 | | - | 101shallincludethefollowing: |
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| 508 | | - | HCSHB682 14 102 (a)Thename,address,andtaxpayeridentificationnumberofeachinvestorwho |
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| 509 | | - | 103hasmadeacashinvestmentinthequalifiedsecuritiesofthequalifiedMissouribusiness |
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| 510 | | - | 104andhasreceivedtaxcreditsforthisinvestmentduringtheprecedingyear; |
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| 511 | | - | 105 (b)Theamountsofcashinvestmentsbyeachinvestorandadescriptionofthe |
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| 512 | | - | 106qualifiedsecuritiesissuedinconsiderationofsuchcashinvestments;and |
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| 513 | | - | 107 (c)Suchotherinformationasmaybereasonablyrequiredunderthissectionand |
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| 514 | | - | 108section348.273. |
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| 515 | | - | 109 (2)TheMTCshallreportquarterlytothedirectorofthedepartmentonthe |
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| 516 | | - | 110allocationofthetaxcreditsintheprecedingcalendarquarter.Suchreportsshall |
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| 517 | | - | 111include: |
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| 518 | | - | 112 (a)Thenumberofapplicationsreceived; |
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| 519 | | - | 113 (b)Thenumberandratioofsuccessfulapplicationstounsuccessfulapplications; |
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| 520 | | - | 114 (c)Theamountoftaxcreditsallocatedbutnotissuedinthepreviousquarter, |
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| 521 | | - | 115includingwhatpercentagewasallocatedtoindividualsandwhatpercentagewas |
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| 522 | | - | 116allocatedtoinvestmentfirms;and |
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| 523 | | - | 117 (d)Suchotherinformationasreasonablyagreeduponfromtimetotime. |
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| 524 | | - | 118 (3)TheMTCandthedepartment,asapplicable,shallalsoreportannuallytothe |
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| 525 | | - | 119governor,thedirectorofthedepartmentofeconomicdevelopment,thepresidentpro |
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| 526 | | - | 120temporeofthesenate,andthespeakerofthehouseofrepresentatives,onorbefore |
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| 527 | | - | 121Aprilfirst,ontheallocationandissuanceofthetaxcredits.Suchreportsshallinclude: |
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| 528 | | - | 122 (a)Theamountoftaxcreditsissuedinthepreviousfiscalyear,includingwhat |
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| 529 | | - | 123percentagewasissuedtoindividualsandwhatpercentagewasissuedtoinvestment |
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| 530 | | - | 124firms; |
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| 531 | | - | 125 (b)Thetypesofbusinessesthatbenefittedfromthetaxcredits; |
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| 532 | | - | 126 (c)Theamountofallocatedbutunissuedtaxcreditsandtheinformationabout |
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| 533 | | - | 127theunissuedtaxcreditssetforthinsubdivision(2)ofthissubsection; |
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| 534 | | - | 128 (d)Anyaggregatejobcreationorcapitalinvestmentintheregionthatresulted |
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| 535 | | - | 129fromtheuseofthetaxcreditsforaperiodoffiveyearsbeginningfromthedateon |
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| 536 | | - | 130whichthetaxcreditswereawarded; |
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| 537 | | - | 131 (e)Themannerinwhichthepurposeofthissectionandsection348.273hasbeen |
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| 538 | | - | 132carriedoutwithregardtoadesignatedgeographicregion; |
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| 539 | | - | 133 (f)Thetotalcashinvestmentsmadeforthepurchaseofqualifiedsecuritiesof |
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| 540 | | - | 134qualifiedMissouribusinesseswithinthestateduringtheprecedingyearand |
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| 541 | | - | 135cumulativelysincetheeffectivedateofthissectionandsection348.273; |
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| 542 | | - | 136 (g)Anestimateofjobscreatedandjobspreservedbycashinvestmentsmadein |
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| 543 | | - | 137qualifiedMissouribusinesseswithinthestate; |
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| 544 | | - | HCSHB682 15 138 (h)Anestimateofthemultipliereffectontheeconomyofthecashinvestments |
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| 545 | | - | 139madeunderthissectionandsection348.273;and |
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| 546 | | - | 140 (i)Informationregardingwhatbusinessesderivingbenefitsfromthetaxcredits |
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| 547 | | - | 141remainedinthedesignatedgeographicregion,whatbusinessesceasedbusiness,what |
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| 548 | | - | 142businesseswerepurchased,andwhatbusinessesmayhavemovedoutofadesignated |
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| 549 | | - | 143geographicregionorthestate. |
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| 550 | | - | 144 (4)Anyviolationofthereportingrequirementsofthissubsectionbyaqualified |
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| 551 | | - | 145MissouribusinessmaybegroundsforthelossofdesignationasaqualifiedMissouri |
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| 552 | | - | 146business,andanysuchbusinessthatlosesitsdesignationasaqualifiedMissouri |
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| 553 | | - | 147businessshallbesubjecttotherestrictionsuponlossofdesignationsetforthin |
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| 554 | | - | 148subsection2ofthissection. |
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| 555 | | - | 149 5.Notwithstandinganyprovisionofsection105.1500tothecontrary,any |
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| 556 | | - | 150requirementtoprovideinformation,documents,orrecordsundersection348.273or |
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| 557 | | - | 151348.274,andanyrequirementestablishedbytheMTCoranystateagencytoprovide |
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| 558 | | - | 152information,documents,orrecordsforthepurposeofadministeringthesesections, |
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| 559 | | - | 153shallbeexemptfromsection105.1500ofthepersonalprivacyprotectionact. |
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| 560 | | - | 154 6.Taxcreditsissuedundersection348.273or348.274shallbeclassifiedas |
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| 561 | | - | 155"entrepreneurialtaxcredits"undersection135.800ofthetaxcreditaccountabilityact. |
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| 562 | | - | 156 7.Section348.273andthissectionshallexpireonDecember31,2032. |
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