Tax credits authorized, order in which applied--amount allowedannually, exceeded when--upper limit set--carry-over permitted,enforceability--credit limit for amount contributed, carry-over,total amount of credit allowed.
32.115. 1. The department of revenue shall grant a tax credit, to beapplied in the following order until used, against:
(1) The annual tax on gross premium receipts of insurance companiesin chapter 148, RSMo;
(2) The tax on banks determined pursuant to subdivision (2) ofsubsection 2 of section 148.030, RSMo;
(3) The tax on banks determined in subdivision (1) of subsection 2 ofsection 148.030, RSMo;
(4) The tax on other financial institutions in chapter 148, RSMo;
(5) The corporation franchise tax in chapter 147, RSMo;
(6) The state income tax in chapter 143, RSMo; and
(7) The annual tax on gross receipts of express companies in chapter153, RSMo.
2. For proposals approved pursuant to section 32.110:
(1) The amount of the tax credit shall not exceed fifty percent ofthe total amount contributed during the taxable year by the business firmor, in the case of a financial institution, where applicable, during therelevant income period in programs approved pursuant to section 32.110;
(2) Except as provided in subsection 2 or 5 of this section, a taxcredit of up to seventy percent may be allowed for contributions toprograms where activities fall within the scope of special programpriorities as defined with the approval of the governor in regulationspromulgated by the director of the department of economic development;
(3) Except as provided in subsection 2 or 5 of this section, the taxcredit allowed for contributions to programs located in any community shallbe equal to seventy percent of the total amount contributed where suchcommunity is a city, town or village which has fifteen thousand or lessinhabitants as of the last decennial census and is located in a countywhich is either located in:
(a) An area that is not part of a standard metropolitan statisticalarea;
(b) A standard metropolitan statistical area but such county has onlyone city, town or village which has more than fifteen thousand inhabitants;or
(c) A standard metropolitan statistical area and a substantial numberof persons in such county derive their income from agriculture.
Such community may also be in an unincorporated area in such county asprovided in subdivision (1), (2) or (3) of this subsection. Except in nocase shall the total economic benefit of the combined federal and state taxsavings to the taxpayer exceed the amount contributed by the taxpayerduring the tax year;
(4) Such tax credit allocation, equal to seventy percent of the totalamount contributed, shall not exceed four million dollars in fiscal year1999 and six million dollars in fiscal year 2000 and any subsequent fiscalyear. When the maximum dollar limit on the seventy percent tax creditallocation is committed, the tax credit allocation for such programs shallthen be equal to fifty percent credit of the total amount contributed.Regulations establishing special program priorities are to be promulgatedduring the first month of each fiscal year and at such times during theyear as the public interest dictates. Such credit shall not exceed twohundred and fifty thousand dollars annually except as provided insubdivision (5) of this subsection. No tax credit shall be approved forany bank, bank and trust company, insurance company, trust company,national bank, savings association, or building and loan association foractivities that are a part of its normal course of business. Any taxcredit not used in the period the contribution was made may be carried overthe next five succeeding calendar or fiscal years until the full credit hasbeen claimed. Except as otherwise provided for proposals approved pursuantto section 32.111, 32.112 or 32.117, in no event shall the total amount ofall other tax credits allowed pursuant to sections 32.100 to 32.125 exceedthirty-two million dollars in any one fiscal year, of which six millionshall be credits allowed pursuant to section 135.460, RSMo. If six milliondollars in credits are not approved, then the remaining credits may be usedfor programs approved pursuant to sections 32.100 to 32.125;
(5) The credit may exceed two hundred fifty thousand dollars annuallyand shall not be limited if community services, crime prevention,education, job training, physical revitalization or economic development,as defined by section 32.105, is rendered in an area defined by federal orstate law as an impoverished, economically distressed, or blighted area oras a neighborhood experiencing problems endangering its existence as aviable and stable neighborhood, or if the community services, crimeprevention, education, job training, physical revitalization or economicdevelopment is limited to impoverished persons.
3. For proposals approved pursuant to section 32.111:
(1) The amount of the tax credit shall not exceed fifty-five percentof the total amount invested in affordable housing assistance activities ormarket rate housing in distressed communities as defined in section135.530, RSMo, by a business firm. Whenever such investment is made in theform of an equity investment or a loan, as opposed to a donation alone, taxcredits may be claimed only where the loan or equity investment isaccompanied by a donation which is eligible for federal income taxcharitable deduction, and where the total value of the tax credits hereinplus the value of the federal income tax charitable deduction is less thanor equal to the value of the donation. Any tax credit not used in theperiod for which the credit was approved may be carried over the next tensucceeding calendar or fiscal years until the full credit has been allowed.If the affordable housing units or market rate housing units in distressedcommunities for which a tax is claimed are within a larger structure, partsof which are not the subject of a tax credit claim, then expendituresapplicable to the entire structure shall be reduced on a prorated basis inproportion to the ratio of the number of square feet devoted to theaffordable housing units or market rate housing units in distressedcommunities, for purposes of determining the amount of the tax credit. Thetotal amount of tax credit granted for programs approved pursuant tosection 32.111 for the fiscal year beginning July 1, 1991, shall not exceedtwo million dollars, to be increased by no more than two million dollarseach succeeding fiscal year, until the total tax credits that may beapproved reaches ten million dollars in any fiscal year;
(2) For any year during the compliance period indicated in the landuse restriction agreement, the owner of the affordable housing rental unitsfor which a credit is being claimed shall certify to the commission thatall tenants renting claimed units are income eligible for affordablehousing units and that the rentals for each claimed unit are in compliancewith the provisions of sections 32.100 to 32.125. The commission isauthorized, in its discretion, to audit the records and accounts of theowner to verify such certification;
(3) In the case of owner-occupied affordable housing units, thequalifying owner occupant shall, before the end of the first year in whichcredits are claimed, certify to the commission that the occupant is incomeeligible during the preceding two years, and at the time of the initialpurchase contract, but not thereafter. The qualifying owner occupant shallfurther certify to the commission, before the end of the first year inwhich credits are claimed, that during the compliance period indicated inthe land use restriction agreement, the cost of the affordable housing unitto the occupant for the claimed unit can reasonably be projected to be incompliance with the provisions of sections 32.100 to 32.125. Anysucceeding owner occupant acquiring the affordable housing unit during thecompliance period indicated in the land use restriction agreement shallmake the same certification;
(4) If at any time during the compliance period the commissiondetermines a project for which a proposal has been approved is not incompliance with the applicable provisions of sections 32.100 to 32.125 orrules promulgated therefor, the commission may within one hundred fiftydays of notice to the owner either seek injunctive enforcement actionagainst the owner, or seek legal damages against the owner representing thevalue of the tax credits, or foreclose on the lien in the land userestriction agreement, selling the project at a public sale, and paying tothe owner the proceeds of the sale, less the costs of the sale and less thevalue of all tax credits allowed herein. The commission shall remit to thedirector of revenue the portion of the legal damages collected or the saleproceeds representing the value of the tax credits. However, except in theevent of intentional fraud by the taxpayer, the proposal's certificate ofeligibility for tax credits shall not be revoked.
4. For proposals approved pursuant to section 32.112, the amount ofthe tax credit shall not exceed fifty-five percent of the total amountcontributed to a neighborhood organization by business firms. Any taxcredit not used in the period for which the credit was approved may becarried over the next ten succeeding calendar or fiscal years until thefull credit has been allowed. The total amount of tax credit granted forprograms approved pursuant to section 32.112 shall not exceed one milliondollars for each fiscal year.
5. The total amount of tax credits used for market rate housing indistressed communities pursuant to sections 32.100 to 32.125 shall notexceed thirty percent of the total amount of all tax credits authorizedpursuant to sections 32.111 and 32.112.
Tax credits authorized, order in which applied--amount allowedannually, exceeded when--upper limit set--carry-over permitted,enforceability--credit limit for amount contributed, carry-over,total amount of credit allowed.
32.115. 1. The department of revenue shall grant a tax credit, to beapplied in the following order until used, against:
(1) The annual tax on gross premium receipts of insurance companiesin chapter 148, RSMo;
(2) The tax on banks determined pursuant to subdivision (2) ofsubsection 2 of section 148.030, RSMo;
(3) The tax on banks determined in subdivision (1) of subsection 2 ofsection 148.030, RSMo;
(4) The tax on other financial institutions in chapter 148, RSMo;
(5) The corporation franchise tax in chapter 147, RSMo;
(6) The state income tax in chapter 143, RSMo; and
(7) The annual tax on gross receipts of express companies in chapter153, RSMo.
2. For proposals approved pursuant to section 32.110:
(1) The amount of the tax credit shall not exceed fifty percent ofthe total amount contributed during the taxable year by the business firmor, in the case of a financial institution, where applicable, during therelevant income period in programs approved pursuant to section 32.110;
(2) Except as provided in subsection 2 or 5 of this section, a taxcredit of up to seventy percent may be allowed for contributions toprograms where activities fall within the scope of special programpriorities as defined with the approval of the governor in regulationspromulgated by the director of the department of economic development;
(3) Except as provided in subsection 2 or 5 of this section, the taxcredit allowed for contributions to programs located in any community shallbe equal to seventy percent of the total amount contributed where suchcommunity is a city, town or village which has fifteen thousand or lessinhabitants as of the last decennial census and is located in a countywhich is either located in:
(a) An area that is not part of a standard metropolitan statisticalarea;
(b) A standard metropolitan statistical area but such county has onlyone city, town or village which has more than fifteen thousand inhabitants;or
(c) A standard metropolitan statistical area and a substantial numberof persons in such county derive their income from agriculture.
Such community may also be in an unincorporated area in such county asprovided in subdivision (1), (2) or (3) of this subsection. Except in nocase shall the total economic benefit of the combined federal and state taxsavings to the taxpayer exceed the amount contributed by the taxpayerduring the tax year;
(4) Such tax credit allocation, equal to seventy percent of the totalamount contributed, shall not exceed four million dollars in fiscal year1999 and six million dollars in fiscal year 2000 and any subsequent fiscalyear. When the maximum dollar limit on the seventy percent tax creditallocation is committed, the tax credit allocation for such programs shallthen be equal to fifty percent credit of the total amount contributed.Regulations establishing special program priorities are to be promulgatedduring the first month of each fiscal year and at such times during theyear as the public interest dictates. Such credit shall not exceed twohundred and fifty thousand dollars annually except as provided insubdivision (5) of this subsection. No tax credit shall be approved forany bank, bank and trust company, insurance company, trust company,national bank, savings association, or building and loan association foractivities that are a part of its normal course of business. Any taxcredit not used in the period the contribution was made may be carried overthe next five succeeding calendar or fiscal years until the full credit hasbeen claimed. Except as otherwise provided for proposals approved pursuantto section 32.111, 32.112 or 32.117, in no event shall the total amount ofall other tax credits allowed pursuant to sections 32.100 to 32.125 exceedthirty-two million dollars in any one fiscal year, of which six millionshall be credits allowed pursuant to section 135.460, RSMo. If six milliondollars in credits are not approved, then the remaining credits may be usedfor programs approved pursuant to sections 32.100 to 32.125;
(5) The credit may exceed two hundred fifty thousand dollars annuallyand shall not be limited if community services, crime prevention,education, job training, physical revitalization or economic development,as defined by section 32.105, is rendered in an area defined by federal orstate law as an impoverished, economically distressed, or blighted area oras a neighborhood experiencing problems endangering its existence as aviable and stable neighborhood, or if the community services, crimeprevention, education, job training, physical revitalization or economicdevelopment is limited to impoverished persons.
3. For proposals approved pursuant to section 32.111:
(1) The amount of the tax credit shall not exceed fifty-five percentof the total amount invested in affordable housing assistance activities ormarket rate housing in distressed communities as defined in section135.530, RSMo, by a business firm. Whenever such investment is made in theform of an equity investment or a loan, as opposed to a donation alone, taxcredits may be claimed only where the loan or equity investment isaccompanied by a donation which is eligible for federal income taxcharitable deduction, and where the total value of the tax credits hereinplus the value of the federal income tax charitable deduction is less thanor equal to the value of the donation. Any tax credit not used in theperiod for which the credit was approved may be carried over the next tensucceeding calendar or fiscal years until the full credit has been allowed.If the affordable housing units or market rate housing units in distressedcommunities for which a tax is claimed are within a larger structure, partsof which are not the subject of a tax credit claim, then expendituresapplicable to the entire structure shall be reduced on a prorated basis inproportion to the ratio of the number of square feet devoted to theaffordable housing units or market rate housing units in distressedcommunities, for purposes of determining the amount of the tax credit. Thetotal amount of tax credit granted for programs approved pursuant tosection 32.111 for the fiscal year beginning July 1, 1991, shall not exceedtwo million dollars, to be increased by no more than two million dollarseach succeeding fiscal year, until the total tax credits that may beapproved reaches ten million dollars in any fiscal year;
(2) For any year during the compliance period indicated in the landuse restriction agreement, the owner of the affordable housing rental unitsfor which a credit is being claimed shall certify to the commission thatall tenants renting claimed units are income eligible for affordablehousing units and that the rentals for each claimed unit are in compliancewith the provisions of sections 32.100 to 32.125. The commission isauthorized, in its discretion, to audit the records and accounts of theowner to verify such certification;
(3) In the case of owner-occupied affordable housing units, thequalifying owner occupant shall, before the end of the first year in whichcredits are claimed, certify to the commission that the occupant is incomeeligible during the preceding two years, and at the time of the initialpurchase contract, but not thereafter. The qualifying owner occupant shallfurther certify to the commission, before the end of the first year inwhich credits are claimed, that during the compliance period indicated inthe land use restriction agreement, the cost of the affordable housing unitto the occupant for the claimed unit can reasonably be projected to be incompliance with the provisions of sections 32.100 to 32.125. Anysucceeding owner occupant acquiring the affordable housing unit during thecompliance period indicated in the land use restriction agreement shallmake the same certification;
(4) If at any time during the compliance period the commissiondetermines a project for which a proposal has been approved is not incompliance with the applicable provisions of sections 32.100 to 32.125 orrules promulgated therefor, the commission may within one hundred fiftydays of notice to the owner either seek injunctive enforcement actionagainst the owner, or seek legal damages against the owner representing thevalue of the tax credits, or foreclose on the lien in the land userestriction agreement, selling the project at a public sale, and paying tothe owner the proceeds of the sale, less the costs of the sale and less thevalue of all tax credits allowed herein. The commission shall remit to thedirector of revenue the portion of the legal damages collected or the saleproceeds representing the value of the tax credits. However, except in theevent of intentional fraud by the taxpayer, the proposal's certificate ofeligibility for tax credits shall not be revoked.
4. For proposals approved pursuant to section 32.112, the amount ofthe tax credit shall not exceed fifty-five percent of the total amountcontributed to a neighborhood organization by business firms. Any taxcredit not used in the period for which the credit was approved may becarried over the next ten succeeding calendar or fiscal years until thefull credit has been allowed. The total amount of tax credit granted forprograms approved pursuant to section 32.112 shall not exceed one milliondollars for each fiscal year.
5. The total amount of tax credits used for market rate housing indistressed communities pursuant to sections 32.100 to 32.125 shall notexceed thirty percent of the total amount of all tax credits authorizedpursuant to sections 32.111 and 32.112.
Tax credits authorized, order in which applied--amount allowedannually, exceeded when--upper limit set--carry-over permitted,enforceability--credit limit for amount contributed, carry-over,total amount of credit allowed.
32.115. 1. The department of revenue shall grant a tax credit, to beapplied in the following order until used, against:
(1) The annual tax on gross premium receipts of insurance companiesin chapter 148, RSMo;
(2) The tax on banks determined pursuant to subdivision (2) ofsubsection 2 of section 148.030, RSMo;
(3) The tax on banks determined in subdivision (1) of subsection 2 ofsection 148.030, RSMo;
(4) The tax on other financial institutions in chapter 148, RSMo;
(5) The corporation franchise tax in chapter 147, RSMo;
(6) The state income tax in chapter 143, RSMo; and
(7) The annual tax on gross receipts of express companies in chapter153, RSMo.
2. For proposals approved pursuant to section 32.110:
(1) The amount of the tax credit shall not exceed fifty percent ofthe total amount contributed during the taxable year by the business firmor, in the case of a financial institution, where applicable, during therelevant income period in programs approved pursuant to section 32.110;
(2) Except as provided in subsection 2 or 5 of this section, a taxcredit of up to seventy percent may be allowed for contributions toprograms where activities fall within the scope of special programpriorities as defined with the approval of the governor in regulationspromulgated by the director of the department of economic development;
(3) Except as provided in subsection 2 or 5 of this section, the taxcredit allowed for contributions to programs located in any community shallbe equal to seventy percent of the total amount contributed where suchcommunity is a city, town or village which has fifteen thousand or lessinhabitants as of the last decennial census and is located in a countywhich is either located in:
(a) An area that is not part of a standard metropolitan statisticalarea;
(b) A standard metropolitan statistical area but such county has onlyone city, town or village which has more than fifteen thousand inhabitants;or
(c) A standard metropolitan statistical area and a substantial numberof persons in such county derive their income from agriculture.
Such community may also be in an unincorporated area in such county asprovided in subdivision (1), (2) or (3) of this subsection. Except in nocase shall the total economic benefit of the combined federal and state taxsavings to the taxpayer exceed the amount contributed by the taxpayerduring the tax year;
(4) Such tax credit allocation, equal to seventy percent of the totalamount contributed, shall not exceed four million dollars in fiscal year1999 and six million dollars in fiscal year 2000 and any subsequent fiscalyear. When the maximum dollar limit on the seventy percent tax creditallocation is committed, the tax credit allocation for such programs shallthen be equal to fifty percent credit of the total amount contributed.Regulations establishing special program priorities are to be promulgatedduring the first month of each fiscal year and at such times during theyear as the public interest dictates. Such credit shall not exceed twohundred and fifty thousand dollars annually except as provided insubdivision (5) of this subsection. No tax credit shall be approved forany bank, bank and trust company, insurance company, trust company,national bank, savings association, or building and loan association foractivities that are a part of its normal course of business. Any taxcredit not used in the period the contribution was made may be carried overthe next five succeeding calendar or fiscal years until the full credit hasbeen claimed. Except as otherwise provided for proposals approved pursuantto section 32.111, 32.112 or 32.117, in no event shall the total amount ofall other tax credits allowed pursuant to sections 32.100 to 32.125 exceedthirty-two million dollars in any one fiscal year, of which six millionshall be credits allowed pursuant to section 135.460, RSMo. If six milliondollars in credits are not approved, then the remaining credits may be usedfor programs approved pursuant to sections 32.100 to 32.125;
(5) The credit may exceed two hundred fifty thousand dollars annuallyand shall not be limited if community services, crime prevention,education, job training, physical revitalization or economic development,as defined by section 32.105, is rendered in an area defined by federal orstate law as an impoverished, economically distressed, or blighted area oras a neighborhood experiencing problems endangering its existence as aviable and stable neighborhood, or if the community services, crimeprevention, education, job training, physical revitalization or economicdevelopment is limited to impoverished persons.
3. For proposals approved pursuant to section 32.111:
(1) The amount of the tax credit shall not exceed fifty-five percentof the total amount invested in affordable housing assistance activities ormarket rate housing in distressed communities as defined in section135.530, RSMo, by a business firm. Whenever such investment is made in theform of an equity investment or a loan, as opposed to a donation alone, taxcredits may be claimed only where the loan or equity investment isaccompanied by a donation which is eligible for federal income taxcharitable deduction, and where the total value of the tax credits hereinplus the value of the federal income tax charitable deduction is less thanor equal to the value of the donation. Any tax credit not used in theperiod for which the credit was approved may be carried over the next tensucceeding calendar or fiscal years until the full credit has been allowed.If the affordable housing units or market rate housing units in distressedcommunities for which a tax is claimed are within a larger structure, partsof which are not the subject of a tax credit claim, then expendituresapplicable to the entire structure shall be reduced on a prorated basis inproportion to the ratio of the number of square feet devoted to theaffordable housing units or market rate housing units in distressedcommunities, for purposes of determining the amount of the tax credit. Thetotal amount of tax credit granted for programs approved pursuant tosection 32.111 for the fiscal year beginning July 1, 1991, shall not exceedtwo million dollars, to be increased by no more than two million dollarseach succeeding fiscal year, until the total tax credits that may beapproved reaches ten million dollars in any fiscal year;
(2) For any year during the compliance period indicated in the landuse restriction agreement, the owner of the affordable housing rental unitsfor which a credit is being claimed shall certify to the commission thatall tenants renting claimed units are income eligible for affordablehousing units and that the rentals for each claimed unit are in compliancewith the provisions of sections 32.100 to 32.125. The commission isauthorized, in its discretion, to audit the records and accounts of theowner to verify such certification;
(3) In the case of owner-occupied affordable housing units, thequalifying owner occupant shall, before the end of the first year in whichcredits are claimed, certify to the commission that the occupant is incomeeligible during the preceding two years, and at the time of the initialpurchase contract, but not thereafter. The qualifying owner occupant shallfurther certify to the commission, before the end of the first year inwhich credits are claimed, that during the compliance period indicated inthe land use restriction agreement, the cost of the affordable housing unitto the occupant for the claimed unit can reasonably be projected to be incompliance with the provisions of sections 32.100 to 32.125. Anysucceeding owner occupant acquiring the affordable housing unit during thecompliance period indicated in the land use restriction agreement shallmake the same certification;
(4) If at any time during the compliance period the commissiondetermines a project for which a proposal has been approved is not incompliance with the applicable provisions of sections 32.100 to 32.125 orrules promulgated therefor, the commission may within one hundred fiftydays of notice to the owner either seek injunctive enforcement actionagainst the owner, or seek legal damages against the owner representing thevalue of the tax credits, or foreclose on the lien in the land userestriction agreement, selling the project at a public sale, and paying tothe owner the proceeds of the sale, less the costs of the sale and less thevalue of all tax credits allowed herein. The commission shall remit to thedirector of revenue the portion of the legal damages collected or the saleproceeds representing the value of the tax credits. However, except in theevent of intentional fraud by the taxpayer, the proposal's certificate ofeligibility for tax credits shall not be revoked.
4. For proposals approved pursuant to section 32.112, the amount ofthe tax credit shall not exceed fifty-five percent of the total amountcontributed to a neighborhood organization by business firms. Any taxcredit not used in the period for which the credit was approved may becarried over the next ten succeeding calendar or fiscal years until thefull credit has been allowed. The total amount of tax credit granted forprograms approved pursuant to section 32.112 shall not exceed one milliondollars for each fiscal year.
5. The total amount of tax credits used for market rate housing indistressed communities pursuant to sections 32.100 to 32.125 shall notexceed thirty percent of the total amount of all tax credits authorizedpursuant to sections 32.111 and 32.112.
