135.680. 1. As used in this section, the following terms shall mean:
(1) "Adjusted purchase price", the product of:
(a) The amount paid to the issuer of a qualified equity investmentfor such qualified equity investment; and
(b) The following fraction:
a. The numerator shall be the dollar amount of qualified low-incomecommunity investments held by the issuer in this state as of the creditallowance date during the applicable tax year; and
b. The denominator shall be the total dollar amount of qualifiedlow-income community investments held by the issuer in all states as of thecredit allowance date during the applicable tax year;
c. For purposes of calculating the amount of qualified low-incomecommunity investments held by an issuer, an investment shall be consideredheld by an issuer even if the investment has been sold or repaid; providedthat the issuer reinvests an amount equal to the capital returned to orrecovered by the issuer from the original investment, exclusive of anyprofits realized, in another qualified low-income community investmentwithin twelve months of the receipt of such capital. An issuer shall notbe required to reinvest capital returned from qualified low-incomecommunity investments after the sixth anniversary of the issuance of thequalified equity investment, the proceeds of which were used to make thequalified low-income community investment, and the qualified low-incomecommunity investment shall be considered held by the issuer through theseventh anniversary of the qualified equity investment's issuance;
(2) "Applicable percentage", zero percent for each of the first twocredit allowance dates, seven percent for the third credit allowance date,and eight percent for the next four credit allowance dates;
(3) "Credit allowance date", with respect to any qualified equityinvestment:
(a) The date on which such investment is initially made; and
(b) Each of the six anniversary dates of such date thereafter;
(4) "Long-term debt security", any debt instrument issued by aqualified community development entity, at par value or a premium, with anoriginal maturity date of at least seven years from the date of itsissuance, with no acceleration of repayment, amortization, or prepaymentfeatures prior to its original maturity date, and with no distribution,payment, or interest features related to the profitability of the qualifiedcommunity development entity or the performance of the qualified communitydevelopment entity's investment portfolio. The foregoing shall in no waylimit the holder's ability to accelerate payments on the debt instrument insituations where the issuer has defaulted on covenants designed to ensurecompliance with this section or Section 45D of the Internal Revenue Code of1986, as amended;
(5) "Qualified active low-income community business", the meaninggiven such term in Section 45D of the Internal Revenue Code of 1986, asamended; provided that any business that derives or projects to derivefifteen percent or more of its annual revenue from the rental or sale ofreal estate shall not be considered to be a qualified active low-incomecommunity business;
(6) "Qualified community development entity", the meaning given suchterm in Section 45D of the Internal Revenue Code of 1986, as amended;provided that such entity has entered into an allocation agreement with theCommunity Development Financial Institutions Fund of the U.S. TreasuryDepartment with respect to credits authorized by Section 45D of theInternal Revenue Code of 1986, as amended, which includes the state ofMissouri within the service area set forth in such allocation agreement;
(7) "Qualified equity investment", any equity investment in, orlong-term debt security issued by, a qualified community development entitythat:
(a) Is acquired after September 4, 2007, at its original issuancesolely in exchange for cash;
(b) Has at least eighty-five percent of its cash purchase price usedby the issuer to make qualified low-income community investments; and
(c) Is designated by the issuer as a qualified equity investmentunder this subdivision and is certified by the department of economicdevelopment as not exceeding the limitation contained in subsection 2 ofthis section. This term shall include any qualified equity investment thatdoes not meet the provisions of paragraph (a) of this subdivision if suchinvestment was a qualified equity investment in the hands of a priorholder;
(8) "Qualified low-income community investment", any capital orequity investment in, or loan to, any qualified active low-income communitybusiness. With respect to any one qualified active low-income communitybusiness, the maximum amount of qualified low-income community investmentsmade in such business, on a collective basis with all of its affiliates,that may be used from the calculation of any numerator described insubparagraph a. of paragraph (b) of subdivision (1) of this subsectionshall be ten million dollars whether issued to one or several qualifiedcommunity development entities;
(9) "Tax credit", a credit against the tax otherwise due underchapter 143, RSMo, excluding withholding tax imposed in sections 143.191 to143.265, RSMo, or otherwise due under section 375.916, RSMo, or chapter147, 148, or 153, RSMo;
(10) "Taxpayer", any individual or entity subject to the tax imposedin chapter 143, RSMo, excluding withholding tax imposed in sections 143.191to 143.265, RSMo, or the tax imposed in section 375.916, RSMo, or chapter147, 148, or 153, RSMo.
2. A taxpayer that makes a qualified equity investment earns a vestedright to tax credits under this section. On each credit allowance date ofsuch qualified equity investment the taxpayer, or subsequent holder of thequalified equity investment, shall be entitled to a tax credit during thetaxable year including such credit allowance date. The tax credit amountshall be equal to the applicable percentage of the adjusted purchase pricepaid to the issuer of such qualified equity investment. The amount of thetax credit claimed shall not exceed the amount of the taxpayer's state taxliability for the tax year for which the tax credit is claimed. No taxcredit claimed under this section shall be refundable or transferable.Tax credits earned by a partnership, limited liability company,S-corporation, or other pass-through entity may be allocated to thepartners, members, or shareholders of such entity for their direct use inaccordance with the provisions of any agreement among such partners,members, or shareholders. Any amount of tax credit that the taxpayer isprohibited by this section from claiming in a taxable year may be carriedforward to any of the taxpayer's five subsequent taxable years. Thedepartment of economic development shall limit the monetary amount ofqualified equity investments permitted under this section to a levelnecessary to limit tax credit utilization at no more than twenty-fivemillion dollars of tax credits in any fiscal year. Such limitation onqualified equity investments shall be based on the anticipated utilizationof credits without regard to the potential for taxpayers to carry forwardtax credits to later tax years.
3. The issuer of the qualified equity investment shall certify to thedepartment of economic development the anticipated dollar amount of suchinvestments to be made in this state during the first twelve-month periodfollowing the initial credit allowance date. If on the second creditallowance date, the actual dollar amount of such investments is differentthan the amount estimated, the department of economic development shalladjust the credits arising on the second allowance date to account for suchdifference.
4. The department of economic development shall recapture the taxcredit allowed under this section with respect to such qualified equityinvestment under this section if:
(1) Any amount of the federal tax credit available with respect to aqualified equity investment that is eligible for a tax credit under thissection is recaptured under Section 45D of the Internal Revenue Code of1986, as amended; or
(2) The issuer redeems or makes principal repayment with respect to aqualified equity investment prior to the seventh anniversary of theissuance of such qualified equity investment. Any tax credit that issubject to recapture shall be recaptured from the taxpayer that claimed thetax credit on a return.
5. The department of economic development shall promulgate rules toimplement the provisions of this section, including recapture provisions ona scaled proportional basis, and to administer the allocation of taxcredits issued for qualified equity investments, which shall be conductedon a first-come, first-serve basis. Any rule or portion of a rule, as thatterm is defined in section 536.010, RSMo, that is created under theauthority delegated in this section shall become effective only if itcomplies with and is subject to all of the provisions of chapter 536, RSMo,and, if applicable, section 536.028, RSMo. This section and chapter 536,RSMo, are nonseverable and if any of the powers vested with the generalassembly pursuant to chapter 536, RSMo, to review, to delay the effectivedate, or to disapprove and annul a rule are subsequently heldunconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after September 4, 2007, shall be invalid and void.
6. For fiscal years following fiscal year 2010, qualified equityinvestments shall not be made under this section unless reauthorization ismade pursuant to this subsection. For all fiscal years following fiscalyear 2010, unless the general assembly adopts a concurrent resolutiongranting authority to the department of economic development to approvequalified equity investments for the Missouri new markets developmentprogram and clearly describing the amount of tax credits available for thenext fiscal year, or otherwise complies with the provisions of thissubsection, no qualified equity investments may be permitted to be madeunder this section. The amount of available tax credits contained in sucha resolution shall not exceed the limitation provided under subsection 2 ofthis section. In any year in which the provisions of this section shallsunset pursuant to subsection 7 of this section, reauthorization shall bemade by general law and not by concurrent resolution. Nothing in thissubsection shall preclude a taxpayer who makes a qualified equityinvestment prior to the expiration of authority to make qualified equityinvestments from claiming tax credits relating to such qualified equityinvestment for each applicable credit allowance date.
7. Under section 23.253, RSMo, of the Missouri sunset act:
(1) The provisions of the new program authorized under this sectionshall automatically sunset six years after September 4, 2007, unlessreauthorized by an act of the general assembly; and
(2) If such program is reauthorized, the program authorized underthis section shall automatically sunset twelve years after the effectivedate of the reauthorization of this section; and
(3) This section shall terminate on September first of the calendaryear immediately following the calendar year in which the programauthorized under this section is sunset. However, nothing in thissubsection shall preclude a taxpayer who makes a qualified equityinvestment prior to sunset of this section under the provisions of section23.253, RSMo, from claiming tax credits relating to such qualified equityinvestment for each credit allowance date.
135.680. 1. As used in this section, the following terms shall mean:
(1) "Adjusted purchase price", the product of:
(a) The amount paid to the issuer of a qualified equity investmentfor such qualified equity investment; and
(b) The following fraction:
a. The numerator shall be the dollar amount of qualified low-incomecommunity investments held by the issuer in this state as of the creditallowance date during the applicable tax year; and
b. The denominator shall be the total dollar amount of qualifiedlow-income community investments held by the issuer in all states as of thecredit allowance date during the applicable tax year;
c. For purposes of calculating the amount of qualified low-incomecommunity investments held by an issuer, an investment shall be consideredheld by an issuer even if the investment has been sold or repaid; providedthat the issuer reinvests an amount equal to the capital returned to orrecovered by the issuer from the original investment, exclusive of anyprofits realized, in another qualified low-income community investmentwithin twelve months of the receipt of such capital. An issuer shall notbe required to reinvest capital returned from qualified low-incomecommunity investments after the sixth anniversary of the issuance of thequalified equity investment, the proceeds of which were used to make thequalified low-income community investment, and the qualified low-incomecommunity investment shall be considered held by the issuer through theseventh anniversary of the qualified equity investment's issuance;
(2) "Applicable percentage", zero percent for each of the first twocredit allowance dates, seven percent for the third credit allowance date,and eight percent for the next four credit allowance dates;
(3) "Credit allowance date", with respect to any qualified equityinvestment:
(a) The date on which such investment is initially made; and
(b) Each of the six anniversary dates of such date thereafter;
(4) "Long-term debt security", any debt instrument issued by aqualified community development entity, at par value or a premium, with anoriginal maturity date of at least seven years from the date of itsissuance, with no acceleration of repayment, amortization, or prepaymentfeatures prior to its original maturity date, and with no distribution,payment, or interest features related to the profitability of the qualifiedcommunity development entity or the performance of the qualified communitydevelopment entity's investment portfolio. The foregoing shall in no waylimit the holder's ability to accelerate payments on the debt instrument insituations where the issuer has defaulted on covenants designed to ensurecompliance with this section or Section 45D of the Internal Revenue Code of1986, as amended;
(5) "Qualified active low-income community business", the meaninggiven such term in Section 45D of the Internal Revenue Code of 1986, asamended; provided that any business that derives or projects to derivefifteen percent or more of its annual revenue from the rental or sale ofreal estate shall not be considered to be a qualified active low-incomecommunity business;
(6) "Qualified community development entity", the meaning given suchterm in Section 45D of the Internal Revenue Code of 1986, as amended;provided that such entity has entered into an allocation agreement with theCommunity Development Financial Institutions Fund of the U.S. TreasuryDepartment with respect to credits authorized by Section 45D of theInternal Revenue Code of 1986, as amended, which includes the state ofMissouri within the service area set forth in such allocation agreement;
(7) "Qualified equity investment", any equity investment in, orlong-term debt security issued by, a qualified community development entitythat:
(a) Is acquired after September 4, 2007, at its original issuancesolely in exchange for cash;
(b) Has at least eighty-five percent of its cash purchase price usedby the issuer to make qualified low-income community investments; and
(c) Is designated by the issuer as a qualified equity investmentunder this subdivision and is certified by the department of economicdevelopment as not exceeding the limitation contained in subsection 2 ofthis section. This term shall include any qualified equity investment thatdoes not meet the provisions of paragraph (a) of this subdivision if suchinvestment was a qualified equity investment in the hands of a priorholder;
(8) "Qualified low-income community investment", any capital orequity investment in, or loan to, any qualified active low-income communitybusiness. With respect to any one qualified active low-income communitybusiness, the maximum amount of qualified low-income community investmentsmade in such business, on a collective basis with all of its affiliates,that may be used from the calculation of any numerator described insubparagraph a. of paragraph (b) of subdivision (1) of this subsectionshall be ten million dollars whether issued to one or several qualifiedcommunity development entities;
(9) "Tax credit", a credit against the tax otherwise due underchapter 143, RSMo, excluding withholding tax imposed in sections 143.191 to143.265, RSMo, or otherwise due under section 375.916, RSMo, or chapter147, 148, or 153, RSMo;
(10) "Taxpayer", any individual or entity subject to the tax imposedin chapter 143, RSMo, excluding withholding tax imposed in sections 143.191to 143.265, RSMo, or the tax imposed in section 375.916, RSMo, or chapter147, 148, or 153, RSMo.
2. A taxpayer that makes a qualified equity investment earns a vestedright to tax credits under this section. On each credit allowance date ofsuch qualified equity investment the taxpayer, or subsequent holder of thequalified equity investment, shall be entitled to a tax credit during thetaxable year including such credit allowance date. The tax credit amountshall be equal to the applicable percentage of the adjusted purchase pricepaid to the issuer of such qualified equity investment. The amount of thetax credit claimed shall not exceed the amount of the taxpayer's state taxliability for the tax year for which the tax credit is claimed. No taxcredit claimed under this section shall be refundable or transferable.Tax credits earned by a partnership, limited liability company,S-corporation, or other pass-through entity may be allocated to thepartners, members, or shareholders of such entity for their direct use inaccordance with the provisions of any agreement among such partners,members, or shareholders. Any amount of tax credit that the taxpayer isprohibited by this section from claiming in a taxable year may be carriedforward to any of the taxpayer's five subsequent taxable years. Thedepartment of economic development shall limit the monetary amount ofqualified equity investments permitted under this section to a levelnecessary to limit tax credit utilization at no more than twenty-fivemillion dollars of tax credits in any fiscal year. Such limitation onqualified equity investments shall be based on the anticipated utilizationof credits without regard to the potential for taxpayers to carry forwardtax credits to later tax years.
3. The issuer of the qualified equity investment shall certify to thedepartment of economic development the anticipated dollar amount of suchinvestments to be made in this state during the first twelve-month periodfollowing the initial credit allowance date. If on the second creditallowance date, the actual dollar amount of such investments is differentthan the amount estimated, the department of economic development shalladjust the credits arising on the second allowance date to account for suchdifference.
4. The department of economic development shall recapture the taxcredit allowed under this section with respect to such qualified equityinvestment under this section if:
(1) Any amount of the federal tax credit available with respect to aqualified equity investment that is eligible for a tax credit under thissection is recaptured under Section 45D of the Internal Revenue Code of1986, as amended; or
(2) The issuer redeems or makes principal repayment with respect to aqualified equity investment prior to the seventh anniversary of theissuance of such qualified equity investment. Any tax credit that issubject to recapture shall be recaptured from the taxpayer that claimed thetax credit on a return.
5. The department of economic development shall promulgate rules toimplement the provisions of this section, including recapture provisions ona scaled proportional basis, and to administer the allocation of taxcredits issued for qualified equity investments, which shall be conductedon a first-come, first-serve basis. Any rule or portion of a rule, as thatterm is defined in section 536.010, RSMo, that is created under theauthority delegated in this section shall become effective only if itcomplies with and is subject to all of the provisions of chapter 536, RSMo,and, if applicable, section 536.028, RSMo. This section and chapter 536,RSMo, are nonseverable and if any of the powers vested with the generalassembly pursuant to chapter 536, RSMo, to review, to delay the effectivedate, or to disapprove and annul a rule are subsequently heldunconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after September 4, 2007, shall be invalid and void.
6. For fiscal years following fiscal year 2010, qualified equityinvestments shall not be made under this section unless reauthorization ismade pursuant to this subsection. For all fiscal years following fiscalyear 2010, unless the general assembly adopts a concurrent resolutiongranting authority to the department of economic development to approvequalified equity investments for the Missouri new markets developmentprogram and clearly describing the amount of tax credits available for thenext fiscal year, or otherwise complies with the provisions of thissubsection, no qualified equity investments may be permitted to be madeunder this section. The amount of available tax credits contained in sucha resolution shall not exceed the limitation provided under subsection 2 ofthis section. In any year in which the provisions of this section shallsunset pursuant to subsection 7 of this section, reauthorization shall bemade by general law and not by concurrent resolution. Nothing in thissubsection shall preclude a taxpayer who makes a qualified equityinvestment prior to the expiration of authority to make qualified equityinvestments from claiming tax credits relating to such qualified equityinvestment for each applicable credit allowance date.
7. Under section 23.253, RSMo, of the Missouri sunset act:
(1) The provisions of the new program authorized under this sectionshall automatically sunset six years after September 4, 2007, unlessreauthorized by an act of the general assembly; and
(2) If such program is reauthorized, the program authorized underthis section shall automatically sunset twelve years after the effectivedate of the reauthorization of this section; and
(3) This section shall terminate on September first of the calendaryear immediately following the calendar year in which the programauthorized under this section is sunset. However, nothing in thissubsection shall preclude a taxpayer who makes a qualified equityinvestment prior to sunset of this section under the provisions of section23.253, RSMo, from claiming tax credits relating to such qualified equityinvestment for each credit allowance date.
135.680. 1. As used in this section, the following terms shall mean:
(1) "Adjusted purchase price", the product of:
(a) The amount paid to the issuer of a qualified equity investmentfor such qualified equity investment; and
(b) The following fraction:
a. The numerator shall be the dollar amount of qualified low-incomecommunity investments held by the issuer in this state as of the creditallowance date during the applicable tax year; and
b. The denominator shall be the total dollar amount of qualifiedlow-income community investments held by the issuer in all states as of thecredit allowance date during the applicable tax year;
c. For purposes of calculating the amount of qualified low-incomecommunity investments held by an issuer, an investment shall be consideredheld by an issuer even if the investment has been sold or repaid; providedthat the issuer reinvests an amount equal to the capital returned to orrecovered by the issuer from the original investment, exclusive of anyprofits realized, in another qualified low-income community investmentwithin twelve months of the receipt of such capital. An issuer shall notbe required to reinvest capital returned from qualified low-incomecommunity investments after the sixth anniversary of the issuance of thequalified equity investment, the proceeds of which were used to make thequalified low-income community investment, and the qualified low-incomecommunity investment shall be considered held by the issuer through theseventh anniversary of the qualified equity investment's issuance;
(2) "Applicable percentage", zero percent for each of the first twocredit allowance dates, seven percent for the third credit allowance date,and eight percent for the next four credit allowance dates;
(3) "Credit allowance date", with respect to any qualified equityinvestment:
(a) The date on which such investment is initially made; and
(b) Each of the six anniversary dates of such date thereafter;
(4) "Long-term debt security", any debt instrument issued by aqualified community development entity, at par value or a premium, with anoriginal maturity date of at least seven years from the date of itsissuance, with no acceleration of repayment, amortization, or prepaymentfeatures prior to its original maturity date, and with no distribution,payment, or interest features related to the profitability of the qualifiedcommunity development entity or the performance of the qualified communitydevelopment entity's investment portfolio. The foregoing shall in no waylimit the holder's ability to accelerate payments on the debt instrument insituations where the issuer has defaulted on covenants designed to ensurecompliance with this section or Section 45D of the Internal Revenue Code of1986, as amended;
(5) "Qualified active low-income community business", the meaninggiven such term in Section 45D of the Internal Revenue Code of 1986, asamended; provided that any business that derives or projects to derivefifteen percent or more of its annual revenue from the rental or sale ofreal estate shall not be considered to be a qualified active low-incomecommunity business;
(6) "Qualified community development entity", the meaning given suchterm in Section 45D of the Internal Revenue Code of 1986, as amended;provided that such entity has entered into an allocation agreement with theCommunity Development Financial Institutions Fund of the U.S. TreasuryDepartment with respect to credits authorized by Section 45D of theInternal Revenue Code of 1986, as amended, which includes the state ofMissouri within the service area set forth in such allocation agreement;
(7) "Qualified equity investment", any equity investment in, orlong-term debt security issued by, a qualified community development entitythat:
(a) Is acquired after September 4, 2007, at its original issuancesolely in exchange for cash;
(b) Has at least eighty-five percent of its cash purchase price usedby the issuer to make qualified low-income community investments; and
(c) Is designated by the issuer as a qualified equity investmentunder this subdivision and is certified by the department of economicdevelopment as not exceeding the limitation contained in subsection 2 ofthis section. This term shall include any qualified equity investment thatdoes not meet the provisions of paragraph (a) of this subdivision if suchinvestment was a qualified equity investment in the hands of a priorholder;
(8) "Qualified low-income community investment", any capital orequity investment in, or loan to, any qualified active low-income communitybusiness. With respect to any one qualified active low-income communitybusiness, the maximum amount of qualified low-income community investmentsmade in such business, on a collective basis with all of its affiliates,that may be used from the calculation of any numerator described insubparagraph a. of paragraph (b) of subdivision (1) of this subsectionshall be ten million dollars whether issued to one or several qualifiedcommunity development entities;
(9) "Tax credit", a credit against the tax otherwise due underchapter 143, RSMo, excluding withholding tax imposed in sections 143.191 to143.265, RSMo, or otherwise due under section 375.916, RSMo, or chapter147, 148, or 153, RSMo;
(10) "Taxpayer", any individual or entity subject to the tax imposedin chapter 143, RSMo, excluding withholding tax imposed in sections 143.191to 143.265, RSMo, or the tax imposed in section 375.916, RSMo, or chapter147, 148, or 153, RSMo.
2. A taxpayer that makes a qualified equity investment earns a vestedright to tax credits under this section. On each credit allowance date ofsuch qualified equity investment the taxpayer, or subsequent holder of thequalified equity investment, shall be entitled to a tax credit during thetaxable year including such credit allowance date. The tax credit amountshall be equal to the applicable percentage of the adjusted purchase pricepaid to the issuer of such qualified equity investment. The amount of thetax credit claimed shall not exceed the amount of the taxpayer's state taxliability for the tax year for which the tax credit is claimed. No taxcredit claimed under this section shall be refundable or transferable.Tax credits earned by a partnership, limited liability company,S-corporation, or other pass-through entity may be allocated to thepartners, members, or shareholders of such entity for their direct use inaccordance with the provisions of any agreement among such partners,members, or shareholders. Any amount of tax credit that the taxpayer isprohibited by this section from claiming in a taxable year may be carriedforward to any of the taxpayer's five subsequent taxable years. Thedepartment of economic development shall limit the monetary amount ofqualified equity investments permitted under this section to a levelnecessary to limit tax credit utilization at no more than twenty-fivemillion dollars of tax credits in any fiscal year. Such limitation onqualified equity investments shall be based on the anticipated utilizationof credits without regard to the potential for taxpayers to carry forwardtax credits to later tax years.
3. The issuer of the qualified equity investment shall certify to thedepartment of economic development the anticipated dollar amount of suchinvestments to be made in this state during the first twelve-month periodfollowing the initial credit allowance date. If on the second creditallowance date, the actual dollar amount of such investments is differentthan the amount estimated, the department of economic development shalladjust the credits arising on the second allowance date to account for suchdifference.
4. The department of economic development shall recapture the taxcredit allowed under this section with respect to such qualified equityinvestment under this section if:
(1) Any amount of the federal tax credit available with respect to aqualified equity investment that is eligible for a tax credit under thissection is recaptured under Section 45D of the Internal Revenue Code of1986, as amended; or
(2) The issuer redeems or makes principal repayment with respect to aqualified equity investment prior to the seventh anniversary of theissuance of such qualified equity investment. Any tax credit that issubject to recapture shall be recaptured from the taxpayer that claimed thetax credit on a return.
5. The department of economic development shall promulgate rules toimplement the provisions of this section, including recapture provisions ona scaled proportional basis, and to administer the allocation of taxcredits issued for qualified equity investments, which shall be conductedon a first-come, first-serve basis. Any rule or portion of a rule, as thatterm is defined in section 536.010, RSMo, that is created under theauthority delegated in this section shall become effective only if itcomplies with and is subject to all of the provisions of chapter 536, RSMo,and, if applicable, section 536.028, RSMo. This section and chapter 536,RSMo, are nonseverable and if any of the powers vested with the generalassembly pursuant to chapter 536, RSMo, to review, to delay the effectivedate, or to disapprove and annul a rule are subsequently heldunconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after September 4, 2007, shall be invalid and void.
6. For fiscal years following fiscal year 2010, qualified equityinvestments shall not be made under this section unless reauthorization ismade pursuant to this subsection. For all fiscal years following fiscalyear 2010, unless the general assembly adopts a concurrent resolutiongranting authority to the department of economic development to approvequalified equity investments for the Missouri new markets developmentprogram and clearly describing the amount of tax credits available for thenext fiscal year, or otherwise complies with the provisions of thissubsection, no qualified equity investments may be permitted to be madeunder this section. The amount of available tax credits contained in sucha resolution shall not exceed the limitation provided under subsection 2 ofthis section. In any year in which the provisions of this section shallsunset pursuant to subsection 7 of this section, reauthorization shall bemade by general law and not by concurrent resolution. Nothing in thissubsection shall preclude a taxpayer who makes a qualified equityinvestment prior to the expiration of authority to make qualified equityinvestments from claiming tax credits relating to such qualified equityinvestment for each applicable credit allowance date.
7. Under section 23.253, RSMo, of the Missouri sunset act:
(1) The provisions of the new program authorized under this sectionshall automatically sunset six years after September 4, 2007, unlessreauthorized by an act of the general assembly; and
(2) If such program is reauthorized, the program authorized underthis section shall automatically sunset twelve years after the effectivedate of the reauthorization of this section; and
(3) This section shall terminate on September first of the calendaryear immediately following the calendar year in which the programauthorized under this section is sunset. However, nothing in thissubsection shall preclude a taxpayer who makes a qualified equityinvestment prior to sunset of this section under the provisions of section23.253, RSMo, from claiming tax credits relating to such qualified equityinvestment for each credit allowance date.
