Tax credit, amount (Hazelwood Ford Plant)--calculation andlimitations on credit.
135.279. 1. Any taxpayer that operates an approved retained businessfacility in an enterprise zone may be allowed a credit, each year for tenyears, in an amount determined pursuant to subsection 2 or 3 of thissection, whichever is applicable, against the tax imposed by chapter 143,RSMo, excluding withholding tax imposed by sections 143.191 to 143.265,RSMo, as follows:
(1) The credit allowed for each retained business facility employeeshall be four hundred dollars, except that for each retained businessfacility employee that exceeds the level of employment set forth inparagraph (b) of subdivision (7) of section 135.276, the credit shall befive hundred dollars. Transfers from another facility operated by thetaxpayer in the state will not count as retained business facilityemployees;
(2) An additional credit of four hundred dollars shall be granted foreach twelve-month period that a retained business facility employee is aresident of an enterprise zone;
(3) An additional credit of four hundred dollars shall be granted foreach twelve-month period that the person employed as a retained businessfacility employee is a person who, at the time of such employment by thenew business facility, met the criteria as set forth in section 135.240;
(4) To the extent that expenses incurred by a retained businessfacility in an enterprise zone for the training of persons employed in theoperation of the retained business facility is not covered by an existingfederal, state, or local program, such retained business facility shall beeligible for a full tax credit equal to eighty percent of that portion ofsuch training expenses which are in excess of four hundred dollars for eachtrainee who is a resident of an enterprise zone or who was at the time ofsuch employment at the retained business facility unemployable or difficultto employ as defined in section 135.240, provided such credit shall notexceed four hundred dollars for each employee trained;
(5) The credit allowed for retained business facility investmentshall be equal to the sum of ten percent of the first ten thousand dollarsof such qualifying investment, plus five percent of the next ninetythousand dollars of such qualifying investment, plus two percent of allremaining qualifying investments within an enterprise zone. The taxpayer'sretained business facility investment shall be reduced by the amount ofinvestment made by the taxpayer or related taxpayer which was subsequentlytransferred to the retained business facility from another Missourifacility and for which credits authorized in this section are not beingearned.
2. The credits allowed by subsection 1 of this section shall offsetthe greater of:
(1) Some portion of the income tax otherwise imposed by chapter 143,RSMo, excluding withholding tax imposed by sections 143.191 to 143.265,RSMo, with respect to such taxpayer's retained business facility income forthe taxable year for which such credit is allowed; or
(2) If the taxpayer operates no other facility in Missouri, thecredits allowed in subsection 1 of this section shall offset up to fiftypercent or, in the case of an economic development project located within adistressed community as defined in section 135.530, seventy-five percent ofthe business income tax otherwise imposed by chapter 143, RSMo, excludingwithholding tax imposed by sections 143.191 to 143.265, RSMo, if thebusiness operates no other facilities in Missouri;
(3) If the taxpayer operates more than one facility in Missouri, thecredits allowed in subsection 1 of this section shall offset up to thegreater of the portion prescribed in subdivision (1) of this subsection ortwenty-five percent or, in the case of an economic development projectlocated within a distressed community as defined in section 135.530,thirty-five percent of the business' tax, except that no taxpayer operatingmore than one facility in Missouri shall be allowed to offset more thantwenty-five percent or, in the case of an economic development projectlocated within a distressed community as defined in section 135.530,thirty-five percent of the taxpayer's business income tax in any tax periodunder the method prescribed in this subdivision.
3. In the case where a person employed by the retained businessfacility is a resident of the enterprise zone for less than a twelve-monthperiod, or in the case where a person employed as a retained businessfacility employee is a person who, at the time of such employment by theretained business facility, met the criteria as set forth in section135.240, is employed for less than a twelve-month period, the creditsallowed by subdivisions (2) and (3) of subsection 1 of this section shallbe determined by multiplying the dollar amount of the credit by a fraction,the numerator of which is the number of calendar days during the taxpayer'stax year for which such credits are claimed, in which the person met therequirements prescribed in subdivision (2) or (3) of this subsection, andthe denominator of which is three hundred sixty-five.
4. Notwithstanding any provision of law to the contrary, any taxpayerwho claims the exemption and credits allowed in sections 135.276 to 135.283shall not be eligible to receive the exemption allowed in section 135.220,the credits allowed in sections 135.225 and 135.235, and the refundauthorized by section 135.245 or the tax credits allowed in section135.110. The taxpayer must elect among the options. To perfect theelection, the taxpayer shall attach written notification of such electionto the taxpayer's initial application for claiming tax credits. Theelection shall be irreversible once perfected.
5. A taxpayer shall not receive the income exemption described insection 135.276 and the tax credits described in subsection 1 of thissection for any year in which the terms and conditions of sections 135.276to 135.283 are not met. Such incentives shall not exceed the fifteen-yearlimitation pursuant to subsection 1 of section 135.230 or the seven-yearlimitation pursuant to subsection 5 of section 135.230.
6. The initial application for claiming tax credits must be made inthe taxpayer's tax period immediately following the tax period in whichcommencement of commercial operations began at the new business facility.
7. Credits may not be carried forward but shall be claimed for thetaxable year during which continuation of commercial operations occurs atsuch retained business facility, and for each of the nine succeedingtaxable years.
Tax credit, amount (Hazelwood Ford Plant)--calculation andlimitations on credit.
135.279. 1. Any taxpayer that operates an approved retained businessfacility in an enterprise zone may be allowed a credit, each year for tenyears, in an amount determined pursuant to subsection 2 or 3 of thissection, whichever is applicable, against the tax imposed by chapter 143,RSMo, excluding withholding tax imposed by sections 143.191 to 143.265,RSMo, as follows:
(1) The credit allowed for each retained business facility employeeshall be four hundred dollars, except that for each retained businessfacility employee that exceeds the level of employment set forth inparagraph (b) of subdivision (7) of section 135.276, the credit shall befive hundred dollars. Transfers from another facility operated by thetaxpayer in the state will not count as retained business facilityemployees;
(2) An additional credit of four hundred dollars shall be granted foreach twelve-month period that a retained business facility employee is aresident of an enterprise zone;
(3) An additional credit of four hundred dollars shall be granted foreach twelve-month period that the person employed as a retained businessfacility employee is a person who, at the time of such employment by thenew business facility, met the criteria as set forth in section 135.240;
(4) To the extent that expenses incurred by a retained businessfacility in an enterprise zone for the training of persons employed in theoperation of the retained business facility is not covered by an existingfederal, state, or local program, such retained business facility shall beeligible for a full tax credit equal to eighty percent of that portion ofsuch training expenses which are in excess of four hundred dollars for eachtrainee who is a resident of an enterprise zone or who was at the time ofsuch employment at the retained business facility unemployable or difficultto employ as defined in section 135.240, provided such credit shall notexceed four hundred dollars for each employee trained;
(5) The credit allowed for retained business facility investmentshall be equal to the sum of ten percent of the first ten thousand dollarsof such qualifying investment, plus five percent of the next ninetythousand dollars of such qualifying investment, plus two percent of allremaining qualifying investments within an enterprise zone. The taxpayer'sretained business facility investment shall be reduced by the amount ofinvestment made by the taxpayer or related taxpayer which was subsequentlytransferred to the retained business facility from another Missourifacility and for which credits authorized in this section are not beingearned.
2. The credits allowed by subsection 1 of this section shall offsetthe greater of:
(1) Some portion of the income tax otherwise imposed by chapter 143,RSMo, excluding withholding tax imposed by sections 143.191 to 143.265,RSMo, with respect to such taxpayer's retained business facility income forthe taxable year for which such credit is allowed; or
(2) If the taxpayer operates no other facility in Missouri, thecredits allowed in subsection 1 of this section shall offset up to fiftypercent or, in the case of an economic development project located within adistressed community as defined in section 135.530, seventy-five percent ofthe business income tax otherwise imposed by chapter 143, RSMo, excludingwithholding tax imposed by sections 143.191 to 143.265, RSMo, if thebusiness operates no other facilities in Missouri;
(3) If the taxpayer operates more than one facility in Missouri, thecredits allowed in subsection 1 of this section shall offset up to thegreater of the portion prescribed in subdivision (1) of this subsection ortwenty-five percent or, in the case of an economic development projectlocated within a distressed community as defined in section 135.530,thirty-five percent of the business' tax, except that no taxpayer operatingmore than one facility in Missouri shall be allowed to offset more thantwenty-five percent or, in the case of an economic development projectlocated within a distressed community as defined in section 135.530,thirty-five percent of the taxpayer's business income tax in any tax periodunder the method prescribed in this subdivision.
3. In the case where a person employed by the retained businessfacility is a resident of the enterprise zone for less than a twelve-monthperiod, or in the case where a person employed as a retained businessfacility employee is a person who, at the time of such employment by theretained business facility, met the criteria as set forth in section135.240, is employed for less than a twelve-month period, the creditsallowed by subdivisions (2) and (3) of subsection 1 of this section shallbe determined by multiplying the dollar amount of the credit by a fraction,the numerator of which is the number of calendar days during the taxpayer'stax year for which such credits are claimed, in which the person met therequirements prescribed in subdivision (2) or (3) of this subsection, andthe denominator of which is three hundred sixty-five.
4. Notwithstanding any provision of law to the contrary, any taxpayerwho claims the exemption and credits allowed in sections 135.276 to 135.283shall not be eligible to receive the exemption allowed in section 135.220,the credits allowed in sections 135.225 and 135.235, and the refundauthorized by section 135.245 or the tax credits allowed in section135.110. The taxpayer must elect among the options. To perfect theelection, the taxpayer shall attach written notification of such electionto the taxpayer's initial application for claiming tax credits. Theelection shall be irreversible once perfected.
5. A taxpayer shall not receive the income exemption described insection 135.276 and the tax credits described in subsection 1 of thissection for any year in which the terms and conditions of sections 135.276to 135.283 are not met. Such incentives shall not exceed the fifteen-yearlimitation pursuant to subsection 1 of section 135.230 or the seven-yearlimitation pursuant to subsection 5 of section 135.230.
6. The initial application for claiming tax credits must be made inthe taxpayer's tax period immediately following the tax period in whichcommencement of commercial operations began at the new business facility.
7. Credits may not be carried forward but shall be claimed for thetaxable year during which continuation of commercial operations occurs atsuch retained business facility, and for each of the nine succeedingtaxable years.
Tax credit, amount (Hazelwood Ford Plant)--calculation andlimitations on credit.
135.279. 1. Any taxpayer that operates an approved retained businessfacility in an enterprise zone may be allowed a credit, each year for tenyears, in an amount determined pursuant to subsection 2 or 3 of thissection, whichever is applicable, against the tax imposed by chapter 143,RSMo, excluding withholding tax imposed by sections 143.191 to 143.265,RSMo, as follows:
(1) The credit allowed for each retained business facility employeeshall be four hundred dollars, except that for each retained businessfacility employee that exceeds the level of employment set forth inparagraph (b) of subdivision (7) of section 135.276, the credit shall befive hundred dollars. Transfers from another facility operated by thetaxpayer in the state will not count as retained business facilityemployees;
(2) An additional credit of four hundred dollars shall be granted foreach twelve-month period that a retained business facility employee is aresident of an enterprise zone;
(3) An additional credit of four hundred dollars shall be granted foreach twelve-month period that the person employed as a retained businessfacility employee is a person who, at the time of such employment by thenew business facility, met the criteria as set forth in section 135.240;
(4) To the extent that expenses incurred by a retained businessfacility in an enterprise zone for the training of persons employed in theoperation of the retained business facility is not covered by an existingfederal, state, or local program, such retained business facility shall beeligible for a full tax credit equal to eighty percent of that portion ofsuch training expenses which are in excess of four hundred dollars for eachtrainee who is a resident of an enterprise zone or who was at the time ofsuch employment at the retained business facility unemployable or difficultto employ as defined in section 135.240, provided such credit shall notexceed four hundred dollars for each employee trained;
(5) The credit allowed for retained business facility investmentshall be equal to the sum of ten percent of the first ten thousand dollarsof such qualifying investment, plus five percent of the next ninetythousand dollars of such qualifying investment, plus two percent of allremaining qualifying investments within an enterprise zone. The taxpayer'sretained business facility investment shall be reduced by the amount ofinvestment made by the taxpayer or related taxpayer which was subsequentlytransferred to the retained business facility from another Missourifacility and for which credits authorized in this section are not beingearned.
2. The credits allowed by subsection 1 of this section shall offsetthe greater of:
(1) Some portion of the income tax otherwise imposed by chapter 143,RSMo, excluding withholding tax imposed by sections 143.191 to 143.265,RSMo, with respect to such taxpayer's retained business facility income forthe taxable year for which such credit is allowed; or
(2) If the taxpayer operates no other facility in Missouri, thecredits allowed in subsection 1 of this section shall offset up to fiftypercent or, in the case of an economic development project located within adistressed community as defined in section 135.530, seventy-five percent ofthe business income tax otherwise imposed by chapter 143, RSMo, excludingwithholding tax imposed by sections 143.191 to 143.265, RSMo, if thebusiness operates no other facilities in Missouri;
(3) If the taxpayer operates more than one facility in Missouri, thecredits allowed in subsection 1 of this section shall offset up to thegreater of the portion prescribed in subdivision (1) of this subsection ortwenty-five percent or, in the case of an economic development projectlocated within a distressed community as defined in section 135.530,thirty-five percent of the business' tax, except that no taxpayer operatingmore than one facility in Missouri shall be allowed to offset more thantwenty-five percent or, in the case of an economic development projectlocated within a distressed community as defined in section 135.530,thirty-five percent of the taxpayer's business income tax in any tax periodunder the method prescribed in this subdivision.
3. In the case where a person employed by the retained businessfacility is a resident of the enterprise zone for less than a twelve-monthperiod, or in the case where a person employed as a retained businessfacility employee is a person who, at the time of such employment by theretained business facility, met the criteria as set forth in section135.240, is employed for less than a twelve-month period, the creditsallowed by subdivisions (2) and (3) of subsection 1 of this section shallbe determined by multiplying the dollar amount of the credit by a fraction,the numerator of which is the number of calendar days during the taxpayer'stax year for which such credits are claimed, in which the person met therequirements prescribed in subdivision (2) or (3) of this subsection, andthe denominator of which is three hundred sixty-five.
4. Notwithstanding any provision of law to the contrary, any taxpayerwho claims the exemption and credits allowed in sections 135.276 to 135.283shall not be eligible to receive the exemption allowed in section 135.220,the credits allowed in sections 135.225 and 135.235, and the refundauthorized by section 135.245 or the tax credits allowed in section135.110. The taxpayer must elect among the options. To perfect theelection, the taxpayer shall attach written notification of such electionto the taxpayer's initial application for claiming tax credits. Theelection shall be irreversible once perfected.
5. A taxpayer shall not receive the income exemption described insection 135.276 and the tax credits described in subsection 1 of thissection for any year in which the terms and conditions of sections 135.276to 135.283 are not met. Such incentives shall not exceed the fifteen-yearlimitation pursuant to subsection 1 of section 135.230 or the seven-yearlimitation pursuant to subsection 5 of section 135.230.
6. The initial application for claiming tax credits must be made inthe taxpayer's tax period immediately following the tax period in whichcommencement of commercial operations began at the new business facility.
7. Credits may not be carried forward but shall be claimed for thetaxable year during which continuation of commercial operations occurs atsuch retained business facility, and for each of the nine succeedingtaxable years.
