Tax credit for qualified investment in Missouri small businesses andqualified investors in community banks or community developmentcorporations--credit evidenced by certificate, limitation ofamount of investment eligible for tax credit.
135.403. 1. Any investor who makes a qualified investment in a Missourismall business shall be entitled to receive a tax credit equal to fortypercent of the amount of the investment or, in the case of a qualifiedinvestment in a Missouri small business in a distressed community as definedby section 135.530, a credit equal to sixty percent of the amount of theinvestment, and any investor who makes a qualified investment in a communitybank or a community development corporation shall be entitled to receive a taxcredit equal to fifty percent of the amount of the investment if theinvestment is made in a community bank or community development corporationfor direct investment. The total amount of tax credits available forqualified investments in Missouri small businesses shall not exceed thirteenmillion dollars and at least four million dollars of the amount authorized bythis section and certified by the department of economic development shall befor investment in Missouri small businesses in distressed communities.Authorization for all or any part of this four-million-dollar amount shall inno way restrict the eligibility of Missouri small businesses in distressedcommunities, as defined in section 135.530, for the remaining amountsauthorized within this section. No more than twenty percent of the taxcredits available each year for investments in community banks or communitydevelopment corporations for direct investment shall be certified for any oneproject, as defined in section 135.400. The tax credit shall be evidenced bya tax credit certificate in accordance with the provisions of sections 135.400to 135.430 and may be used to satisfy the state tax liability of the owner ofthe certificate that becomes due in the tax year in which the qualifiedinvestment is made, or in any of the ten tax years thereafter. When thequalified small business is in a distressed community, as defined in section135.530, the tax credit may also be used to satisfy the state tax liability ofthe owner of the certificate that was due during each of the previous threeyears in addition to the year in which the investment is made and any of theten years thereafter. No investor may receive a tax credit pursuant tosections 135.400 to 135.430 unless that person presents a tax creditcertificate to the department of revenue for payment of such state taxliability. The department of revenue shall grant tax credits in the sameorder as established by subsection 1 of section 32.115, RSMo. Subject to theprovisions of sections 135.400 to 135.430, certificates of tax credit issuedin accordance with these sections may be transferred, sold or assigned bynotarized endorsement thereof which names the transferee.
2. Five hundred thousand dollars in tax credits shall be availableannually from the total amount of tax credits authorized by section 32.110,RSMo, and subdivision (4) of subsection 2 of section 32.115, RSMo, as a resultof investments in community banks or community development corporations.Aggregate investments eligible for tax credits in any one Missouri smallbusiness shall not be more than one million dollars. Aggregate investmentseligible for tax credits in any one Missouri small business shall not be lessthan five thousand dollars as of the date of issuance of the first tax creditcertificate for investment in that business.
3. This section and section 620.1039, RSMo, shall become effectiveJanuary 1, 2001.
(2002) Senate Bill 894 provision declared unconstitutional as a violation of the clear title requirement of Art. III, Section 23. Home Builders of Greater St. Louis v. State, 75 S.W.3d 267 (Mo.banc).
Tax credit for qualified investment in Missouri small businesses andqualified investors in community banks or community developmentcorporations--credit evidenced by certificate, limitation ofamount of investment eligible for tax credit.
135.403. 1. Any investor who makes a qualified investment in a Missourismall business shall be entitled to receive a tax credit equal to fortypercent of the amount of the investment or, in the case of a qualifiedinvestment in a Missouri small business in a distressed community as definedby section 135.530, a credit equal to sixty percent of the amount of theinvestment, and any investor who makes a qualified investment in a communitybank or a community development corporation shall be entitled to receive a taxcredit equal to fifty percent of the amount of the investment if theinvestment is made in a community bank or community development corporationfor direct investment. The total amount of tax credits available forqualified investments in Missouri small businesses shall not exceed thirteenmillion dollars and at least four million dollars of the amount authorized bythis section and certified by the department of economic development shall befor investment in Missouri small businesses in distressed communities.Authorization for all or any part of this four-million-dollar amount shall inno way restrict the eligibility of Missouri small businesses in distressedcommunities, as defined in section 135.530, for the remaining amountsauthorized within this section. No more than twenty percent of the taxcredits available each year for investments in community banks or communitydevelopment corporations for direct investment shall be certified for any oneproject, as defined in section 135.400. The tax credit shall be evidenced bya tax credit certificate in accordance with the provisions of sections 135.400to 135.430 and may be used to satisfy the state tax liability of the owner ofthe certificate that becomes due in the tax year in which the qualifiedinvestment is made, or in any of the ten tax years thereafter. When thequalified small business is in a distressed community, as defined in section135.530, the tax credit may also be used to satisfy the state tax liability ofthe owner of the certificate that was due during each of the previous threeyears in addition to the year in which the investment is made and any of theten years thereafter. No investor may receive a tax credit pursuant tosections 135.400 to 135.430 unless that person presents a tax creditcertificate to the department of revenue for payment of such state taxliability. The department of revenue shall grant tax credits in the sameorder as established by subsection 1 of section 32.115, RSMo. Subject to theprovisions of sections 135.400 to 135.430, certificates of tax credit issuedin accordance with these sections may be transferred, sold or assigned bynotarized endorsement thereof which names the transferee.
2. Five hundred thousand dollars in tax credits shall be availableannually from the total amount of tax credits authorized by section 32.110,RSMo, and subdivision (4) of subsection 2 of section 32.115, RSMo, as a resultof investments in community banks or community development corporations.Aggregate investments eligible for tax credits in any one Missouri smallbusiness shall not be more than one million dollars. Aggregate investmentseligible for tax credits in any one Missouri small business shall not be lessthan five thousand dollars as of the date of issuance of the first tax creditcertificate for investment in that business.
3. This section and section 620.1039, RSMo, shall become effectiveJanuary 1, 2001.
(2002) Senate Bill 894 provision declared unconstitutional as a violation of the clear title requirement of Art. III, Section 23. Home Builders of Greater St. Louis v. State, 75 S.W.3d 267 (Mo.banc).
Tax credit for qualified investment in Missouri small businesses andqualified investors in community banks or community developmentcorporations--credit evidenced by certificate, limitation ofamount of investment eligible for tax credit.
135.403. 1. Any investor who makes a qualified investment in a Missourismall business shall be entitled to receive a tax credit equal to fortypercent of the amount of the investment or, in the case of a qualifiedinvestment in a Missouri small business in a distressed community as definedby section 135.530, a credit equal to sixty percent of the amount of theinvestment, and any investor who makes a qualified investment in a communitybank or a community development corporation shall be entitled to receive a taxcredit equal to fifty percent of the amount of the investment if theinvestment is made in a community bank or community development corporationfor direct investment. The total amount of tax credits available forqualified investments in Missouri small businesses shall not exceed thirteenmillion dollars and at least four million dollars of the amount authorized bythis section and certified by the department of economic development shall befor investment in Missouri small businesses in distressed communities.Authorization for all or any part of this four-million-dollar amount shall inno way restrict the eligibility of Missouri small businesses in distressedcommunities, as defined in section 135.530, for the remaining amountsauthorized within this section. No more than twenty percent of the taxcredits available each year for investments in community banks or communitydevelopment corporations for direct investment shall be certified for any oneproject, as defined in section 135.400. The tax credit shall be evidenced bya tax credit certificate in accordance with the provisions of sections 135.400to 135.430 and may be used to satisfy the state tax liability of the owner ofthe certificate that becomes due in the tax year in which the qualifiedinvestment is made, or in any of the ten tax years thereafter. When thequalified small business is in a distressed community, as defined in section135.530, the tax credit may also be used to satisfy the state tax liability ofthe owner of the certificate that was due during each of the previous threeyears in addition to the year in which the investment is made and any of theten years thereafter. No investor may receive a tax credit pursuant tosections 135.400 to 135.430 unless that person presents a tax creditcertificate to the department of revenue for payment of such state taxliability. The department of revenue shall grant tax credits in the sameorder as established by subsection 1 of section 32.115, RSMo. Subject to theprovisions of sections 135.400 to 135.430, certificates of tax credit issuedin accordance with these sections may be transferred, sold or assigned bynotarized endorsement thereof which names the transferee.
2. Five hundred thousand dollars in tax credits shall be availableannually from the total amount of tax credits authorized by section 32.110,RSMo, and subdivision (4) of subsection 2 of section 32.115, RSMo, as a resultof investments in community banks or community development corporations.Aggregate investments eligible for tax credits in any one Missouri smallbusiness shall not be more than one million dollars. Aggregate investmentseligible for tax credits in any one Missouri small business shall not be lessthan five thousand dollars as of the date of issuance of the first tax creditcertificate for investment in that business.
3. This section and section 620.1039, RSMo, shall become effectiveJanuary 1, 2001.
(2002) Senate Bill 894 provision declared unconstitutional as a violation of the clear title requirement of Art. III, Section 23. Home Builders of Greater St. Louis v. State, 75 S.W.3d 267 (Mo.banc).
