Statewide average rate of property taxes levied, ascertained by thecommission--report submitted--taxes collected, howdetermined--tax credit authorized--sunset provision.
137.1018. 1. The commission shall ascertain the statewide averagerate of property taxes levied the preceding year, based upon the totalassessed valuation of the railroad and street railway companies and thetotal property taxes levied upon the railroad and street railway companies.It shall determine total property taxes levied from reports prescribed bythe commission from the railroad and street railway companies. Total taxeslevied shall not include revenues from the surtax on subclass three realproperty.
2. The commission shall report its determination of average propertytax rate for the preceding year, together with the taxable distributableassessed valuation of each freight line company for the current year to thedirector no later than October first of each year.
3. Taxes on property of such freight line companies shall becollected at the state level by the director on behalf of the counties andother local public taxing entities and shall be distributed in accordancewith sections 137.1021 and 137.1024. The director shall tax such propertybased upon the distributable assessed valuation attributable to Missouri ofeach freight line company, using the average tax rate for the precedingyear of the railroad and street railway companies certified by thecommission. Such tax shall be due and payable on or before Decemberthirty-first of the year levied and, if it becomes delinquent, shall besubject to a penalty equal to that specified in section 140.100, RSMo.
4. (1) As used in this subsection, the following terms mean:
(a) "Eligible expenses", expenses incurred in this state tomanufacture, maintain, or improve a freight line company's qualifiedrolling stock;
(b) "Qualified rolling stock", any freight, stock, refrigerator, orother railcars subject to the tax levied under this section.
(2) For all taxable years beginning on or after January 1, 2009, afreight line company shall, subject to appropriation, be allowed a creditagainst the tax levied under this section for the applicable tax year. Thetax credit amount shall be equal to the amount of eligible expensesincurred during the calendar year immediately preceding the tax year forwhich the credit under this section is claimed. The amount of the taxcredit issued shall not exceed the freight line company's liability for thetax levied under this section for the tax year for which the credit isclaimed.
(3) A freight line company may apply for the credit by submitting tothe commission an application in the form prescribed by the state taxcommission.
(4) Subject to appropriation, the state shall reimburse, on an annualbasis, any political subdivision of this state for any decrease in revenuedue to the provisions of this subsection.
5. Pursuant to 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 August 28, 2008, 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.
Statewide average rate of property taxes levied, ascertained by thecommission--report submitted--taxes collected, howdetermined--tax credit authorized--sunset provision.
137.1018. 1. The commission shall ascertain the statewide averagerate of property taxes levied the preceding year, based upon the totalassessed valuation of the railroad and street railway companies and thetotal property taxes levied upon the railroad and street railway companies.It shall determine total property taxes levied from reports prescribed bythe commission from the railroad and street railway companies. Total taxeslevied shall not include revenues from the surtax on subclass three realproperty.
2. The commission shall report its determination of average propertytax rate for the preceding year, together with the taxable distributableassessed valuation of each freight line company for the current year to thedirector no later than October first of each year.
3. Taxes on property of such freight line companies shall becollected at the state level by the director on behalf of the counties andother local public taxing entities and shall be distributed in accordancewith sections 137.1021 and 137.1024. The director shall tax such propertybased upon the distributable assessed valuation attributable to Missouri ofeach freight line company, using the average tax rate for the precedingyear of the railroad and street railway companies certified by thecommission. Such tax shall be due and payable on or before Decemberthirty-first of the year levied and, if it becomes delinquent, shall besubject to a penalty equal to that specified in section 140.100, RSMo.
4. (1) As used in this subsection, the following terms mean:
(a) "Eligible expenses", expenses incurred in this state tomanufacture, maintain, or improve a freight line company's qualifiedrolling stock;
(b) "Qualified rolling stock", any freight, stock, refrigerator, orother railcars subject to the tax levied under this section.
(2) For all taxable years beginning on or after January 1, 2009, afreight line company shall, subject to appropriation, be allowed a creditagainst the tax levied under this section for the applicable tax year. Thetax credit amount shall be equal to the amount of eligible expensesincurred during the calendar year immediately preceding the tax year forwhich the credit under this section is claimed. The amount of the taxcredit issued shall not exceed the freight line company's liability for thetax levied under this section for the tax year for which the credit isclaimed.
(3) A freight line company may apply for the credit by submitting tothe commission an application in the form prescribed by the state taxcommission.
(4) Subject to appropriation, the state shall reimburse, on an annualbasis, any political subdivision of this state for any decrease in revenuedue to the provisions of this subsection.
5. Pursuant to 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 August 28, 2008, 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.
Statewide average rate of property taxes levied, ascertained by thecommission--report submitted--taxes collected, howdetermined--tax credit authorized--sunset provision.
137.1018. 1. The commission shall ascertain the statewide averagerate of property taxes levied the preceding year, based upon the totalassessed valuation of the railroad and street railway companies and thetotal property taxes levied upon the railroad and street railway companies.It shall determine total property taxes levied from reports prescribed bythe commission from the railroad and street railway companies. Total taxeslevied shall not include revenues from the surtax on subclass three realproperty.
2. The commission shall report its determination of average propertytax rate for the preceding year, together with the taxable distributableassessed valuation of each freight line company for the current year to thedirector no later than October first of each year.
3. Taxes on property of such freight line companies shall becollected at the state level by the director on behalf of the counties andother local public taxing entities and shall be distributed in accordancewith sections 137.1021 and 137.1024. The director shall tax such propertybased upon the distributable assessed valuation attributable to Missouri ofeach freight line company, using the average tax rate for the precedingyear of the railroad and street railway companies certified by thecommission. Such tax shall be due and payable on or before Decemberthirty-first of the year levied and, if it becomes delinquent, shall besubject to a penalty equal to that specified in section 140.100, RSMo.
4. (1) As used in this subsection, the following terms mean:
(a) "Eligible expenses", expenses incurred in this state tomanufacture, maintain, or improve a freight line company's qualifiedrolling stock;
(b) "Qualified rolling stock", any freight, stock, refrigerator, orother railcars subject to the tax levied under this section.
(2) For all taxable years beginning on or after January 1, 2009, afreight line company shall, subject to appropriation, be allowed a creditagainst the tax levied under this section for the applicable tax year. Thetax credit amount shall be equal to the amount of eligible expensesincurred during the calendar year immediately preceding the tax year forwhich the credit under this section is claimed. The amount of the taxcredit issued shall not exceed the freight line company's liability for thetax levied under this section for the tax year for which the credit isclaimed.
(3) A freight line company may apply for the credit by submitting tothe commission an application in the form prescribed by the state taxcommission.
(4) Subject to appropriation, the state shall reimburse, on an annualbasis, any political subdivision of this state for any decrease in revenuedue to the provisions of this subsection.
5. Pursuant to 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 August 28, 2008, 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.
