Limitation on available tax credits, allocation of available credits.
135.484. 1. Beginning January 1, 2000, tax credits shall be allowedpursuant to section 135.481 in an amount not to exceed sixteen milliondollars per year. Of this total amount of tax credits in any given year,eight million dollars shall be set aside for projects in areas described insubdivision (6) of section 135.478 and eight million dollars for projectsin areas described in subdivision (10) of section 135.478. The maximum taxcredit for a project consisting of multiple-unit qualifying residences in adistressed community shall not exceed three million dollars.
2. Any amount of credit which exceeds the tax liability of a taxpayerfor the tax year in which the credit is first claimed may be carried backto any of the taxpayer's three prior tax years and carried forward to anyof the taxpayer's five subsequent tax years. A certificate of tax creditissued to a taxpayer by the department may be assigned, transferred, soldor otherwise conveyed. Whenever a certificate of tax credit is assigned,transferred, sold or otherwise conveyed, a notarized endorsement shall befiled with the department specifying the name and address of the new ownerof the tax credit and the value of the credit.
3. The tax credits allowed pursuant to sections 135.475 to 135.487may not be claimed in addition to any other state tax credits, with theexception of the historic structures rehabilitation tax credit authorizedpursuant to sections 253.545 to 253.559, RSMo, which insofar as sections135.475 to 135.487 are concerned may be claimed only in conjunction withthe tax credit allowed pursuant to subsection 4 of section 135.481. Inorder for a taxpayer eligible for the historic structures rehabilitationtax credit to claim the tax credit allowed pursuant to subsection 4 ofsection 135.481, the taxpayer must comply with the requirements of sections253.545 to 253.559, RSMo, and in such cases, the amount of the tax creditpursuant to subsection 4 of section 135.481 shall be limited to the lesserof twenty percent of the taxpayer's eligible costs or forty thousanddollars.
(L. 1999 S.B. 20 § 4, A.L. 2000 S.B. 894)
(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).
Limitation on available tax credits, allocation of available credits.
135.484. 1. Beginning January 1, 2000, tax credits shall be allowedpursuant to section 135.481 in an amount not to exceed sixteen milliondollars per year. Of this total amount of tax credits in any given year,eight million dollars shall be set aside for projects in areas described insubdivision (6) of section 135.478 and eight million dollars for projectsin areas described in subdivision (10) of section 135.478. The maximum taxcredit for a project consisting of multiple-unit qualifying residences in adistressed community shall not exceed three million dollars.
2. Any amount of credit which exceeds the tax liability of a taxpayerfor the tax year in which the credit is first claimed may be carried backto any of the taxpayer's three prior tax years and carried forward to anyof the taxpayer's five subsequent tax years. A certificate of tax creditissued to a taxpayer by the department may be assigned, transferred, soldor otherwise conveyed. Whenever a certificate of tax credit is assigned,transferred, sold or otherwise conveyed, a notarized endorsement shall befiled with the department specifying the name and address of the new ownerof the tax credit and the value of the credit.
3. The tax credits allowed pursuant to sections 135.475 to 135.487may not be claimed in addition to any other state tax credits, with theexception of the historic structures rehabilitation tax credit authorizedpursuant to sections 253.545 to 253.559, RSMo, which insofar as sections135.475 to 135.487 are concerned may be claimed only in conjunction withthe tax credit allowed pursuant to subsection 4 of section 135.481. Inorder for a taxpayer eligible for the historic structures rehabilitationtax credit to claim the tax credit allowed pursuant to subsection 4 ofsection 135.481, the taxpayer must comply with the requirements of sections253.545 to 253.559, RSMo, and in such cases, the amount of the tax creditpursuant to subsection 4 of section 135.481 shall be limited to the lesserof twenty percent of the taxpayer's eligible costs or forty thousanddollars.
(L. 1999 S.B. 20 § 4, A.L. 2000 S.B. 894)
(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).
Limitation on available tax credits, allocation of available credits.
135.484. 1. Beginning January 1, 2000, tax credits shall be allowedpursuant to section 135.481 in an amount not to exceed sixteen milliondollars per year. Of this total amount of tax credits in any given year,eight million dollars shall be set aside for projects in areas described insubdivision (6) of section 135.478 and eight million dollars for projectsin areas described in subdivision (10) of section 135.478. The maximum taxcredit for a project consisting of multiple-unit qualifying residences in adistressed community shall not exceed three million dollars.
2. Any amount of credit which exceeds the tax liability of a taxpayerfor the tax year in which the credit is first claimed may be carried backto any of the taxpayer's three prior tax years and carried forward to anyof the taxpayer's five subsequent tax years. A certificate of tax creditissued to a taxpayer by the department may be assigned, transferred, soldor otherwise conveyed. Whenever a certificate of tax credit is assigned,transferred, sold or otherwise conveyed, a notarized endorsement shall befiled with the department specifying the name and address of the new ownerof the tax credit and the value of the credit.
3. The tax credits allowed pursuant to sections 135.475 to 135.487may not be claimed in addition to any other state tax credits, with theexception of the historic structures rehabilitation tax credit authorizedpursuant to sections 253.545 to 253.559, RSMo, which insofar as sections135.475 to 135.487 are concerned may be claimed only in conjunction withthe tax credit allowed pursuant to subsection 4 of section 135.481. Inorder for a taxpayer eligible for the historic structures rehabilitationtax credit to claim the tax credit allowed pursuant to subsection 4 ofsection 135.481, the taxpayer must comply with the requirements of sections253.545 to 253.559, RSMo, and in such cases, the amount of the tax creditpursuant to subsection 4 of section 135.481 shall be limited to the lesserof twenty percent of the taxpayer's eligible costs or forty thousanddollars.
(L. 1999 S.B. 20 § 4, A.L. 2000 S.B. 894)
(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).
