Income tax refund limited to taxpayer establishing new facility inenterprise zone--refund if tax credits earned exceed tax liability,when, limitations.
135.245. 1. Notwithstanding any other provision of Missouri law,some portion of the tax credits earned by a newly established new businessfacility within an enterprise zone through the provisions of sections135.200 to 135.256, except one designated pursuant to subsection 5 ofsection 135.230, which exceeds its total income tax liability shall beconsidered an overpayment of the income tax and shall be refunded to thetaxpayer as provided by this section, except that such refund shall onlyapply to taxpayers subject to the tax imposed pursuant to chapter 143,RSMo. The refund allowed by this section shall be limited to taxpayers whoestablish new facilities in enterprise zones. The refund shall not beallowed to a taxpayer who establishes a new business facility because itqualifies as a separate facility pursuant to subsection 6 of section135.110 or subdivision (7) of subsection 1 of section 135.225 or because itsatisfies the requirements of paragraph (c) of subdivision (4) of section135.100 or subdivision (10) of section 135.100. The provisions of thissection shall have effect on all initial applications filed on or afterAugust 28, 1992. The provisions of this section shall only be available toa taxpayer for the first two consecutive years during which the taxpayer iseligible for the credits provided by sections 135.200 to 135.256, and theportion of tax credit which is considered an overpayment of the income taxshall be limited to fifty percent or fifty thousand dollars, whichever isless, in the first year and twenty-five percent or twenty-five thousanddollars, whichever is less, in the second year in which the taxpayer iseligible. The overpayment of the income tax for the first year shall notbe refunded to the taxpayer until the third taxable year of operation bythe new business facility and the overpayment of the income tax for thesecond year shall not be refunded to the taxpayer until the fourth taxableyear of operation by the new business facility.
2. The portion of tax credit which is considered an overpayment ofthe income tax by any taxpayer who establishes a new business facility inan enterprise zone designated pursuant to subsection 5 of section 135.230shall be limited to twenty-five percent or twenty-five thousand dollars,whichever is less, in the first year of the ensuing seven-year period.Such overpayment of tax shall not be refunded to the taxpayer until thethird taxable year of operation by the new business facility.
3. Such refunds to the taxpayer shall be made as otherwise providedby law. In the case of a small corporation described in section 143.471,RSMo, or a partnership, all refunds allowed by this section shall beapportioned in proportion to the share of ownership of the business on thelast day of the taxpayer's tax period for which such tax credits are beingclaimed, to the following:
(1) The shareholders of the corporation described in section 143.471,RSMo; or
Income tax refund limited to taxpayer establishing new facility inenterprise zone--refund if tax credits earned exceed tax liability,when, limitations.
135.245. 1. Notwithstanding any other provision of Missouri law,some portion of the tax credits earned by a newly established new businessfacility within an enterprise zone through the provisions of sections135.200 to 135.256, except one designated pursuant to subsection 5 ofsection 135.230, which exceeds its total income tax liability shall beconsidered an overpayment of the income tax and shall be refunded to thetaxpayer as provided by this section, except that such refund shall onlyapply to taxpayers subject to the tax imposed pursuant to chapter 143,RSMo. The refund allowed by this section shall be limited to taxpayers whoestablish new facilities in enterprise zones. The refund shall not beallowed to a taxpayer who establishes a new business facility because itqualifies as a separate facility pursuant to subsection 6 of section135.110 or subdivision (7) of subsection 1 of section 135.225 or because itsatisfies the requirements of paragraph (c) of subdivision (4) of section135.100 or subdivision (10) of section 135.100. The provisions of thissection shall have effect on all initial applications filed on or afterAugust 28, 1992. The provisions of this section shall only be available toa taxpayer for the first two consecutive years during which the taxpayer iseligible for the credits provided by sections 135.200 to 135.256, and theportion of tax credit which is considered an overpayment of the income taxshall be limited to fifty percent or fifty thousand dollars, whichever isless, in the first year and twenty-five percent or twenty-five thousanddollars, whichever is less, in the second year in which the taxpayer iseligible. The overpayment of the income tax for the first year shall notbe refunded to the taxpayer until the third taxable year of operation bythe new business facility and the overpayment of the income tax for thesecond year shall not be refunded to the taxpayer until the fourth taxableyear of operation by the new business facility.
2. The portion of tax credit which is considered an overpayment ofthe income tax by any taxpayer who establishes a new business facility inan enterprise zone designated pursuant to subsection 5 of section 135.230shall be limited to twenty-five percent or twenty-five thousand dollars,whichever is less, in the first year of the ensuing seven-year period.Such overpayment of tax shall not be refunded to the taxpayer until thethird taxable year of operation by the new business facility.
3. Such refunds to the taxpayer shall be made as otherwise providedby law. In the case of a small corporation described in section 143.471,RSMo, or a partnership, all refunds allowed by this section shall beapportioned in proportion to the share of ownership of the business on thelast day of the taxpayer's tax period for which such tax credits are beingclaimed, to the following:
(1) The shareholders of the corporation described in section 143.471,RSMo; or
Income tax refund limited to taxpayer establishing new facility inenterprise zone--refund if tax credits earned exceed tax liability,when, limitations.
135.245. 1. Notwithstanding any other provision of Missouri law,some portion of the tax credits earned by a newly established new businessfacility within an enterprise zone through the provisions of sections135.200 to 135.256, except one designated pursuant to subsection 5 ofsection 135.230, which exceeds its total income tax liability shall beconsidered an overpayment of the income tax and shall be refunded to thetaxpayer as provided by this section, except that such refund shall onlyapply to taxpayers subject to the tax imposed pursuant to chapter 143,RSMo. The refund allowed by this section shall be limited to taxpayers whoestablish new facilities in enterprise zones. The refund shall not beallowed to a taxpayer who establishes a new business facility because itqualifies as a separate facility pursuant to subsection 6 of section135.110 or subdivision (7) of subsection 1 of section 135.225 or because itsatisfies the requirements of paragraph (c) of subdivision (4) of section135.100 or subdivision (10) of section 135.100. The provisions of thissection shall have effect on all initial applications filed on or afterAugust 28, 1992. The provisions of this section shall only be available toa taxpayer for the first two consecutive years during which the taxpayer iseligible for the credits provided by sections 135.200 to 135.256, and theportion of tax credit which is considered an overpayment of the income taxshall be limited to fifty percent or fifty thousand dollars, whichever isless, in the first year and twenty-five percent or twenty-five thousanddollars, whichever is less, in the second year in which the taxpayer iseligible. The overpayment of the income tax for the first year shall notbe refunded to the taxpayer until the third taxable year of operation bythe new business facility and the overpayment of the income tax for thesecond year shall not be refunded to the taxpayer until the fourth taxableyear of operation by the new business facility.
2. The portion of tax credit which is considered an overpayment ofthe income tax by any taxpayer who establishes a new business facility inan enterprise zone designated pursuant to subsection 5 of section 135.230shall be limited to twenty-five percent or twenty-five thousand dollars,whichever is less, in the first year of the ensuing seven-year period.Such overpayment of tax shall not be refunded to the taxpayer until thethird taxable year of operation by the new business facility.
3. Such refunds to the taxpayer shall be made as otherwise providedby law. In the case of a small corporation described in section 143.471,RSMo, or a partnership, all refunds allowed by this section shall beapportioned in proportion to the share of ownership of the business on thelast day of the taxpayer's tax period for which such tax credits are beingclaimed, to the following:
(1) The shareholders of the corporation described in section 143.471,RSMo; or
