208.770. 1. Moneys deposited in or withdrawn pursuant to subsection1 of section 208.760 from a family development account by an account holderare exempted from taxation pursuant to chapter 143, RSMo, excludingwithholding tax imposed by sections 143.191 to 143.265, RSMo, and chapter147, 148 or 153, RSMo, provided, however, that any money withdrawn for anunapproved use should be subject to tax as required by law.
2. Interest earned by a family development account is exempted fromtaxation pursuant to chapter 143, RSMo.
3. Any funds in a family development account, including accruedinterest, shall be disregarded when determining eligibility to receive, orthe amount of, any public assistance or benefits.
4. A program contributor shall be allowed a credit against the taximposed by chapter 143, RSMo, excluding withholding tax imposed by sections143.191 to 143.265, RSMo, and chapter 147, 148 or 153, RSMo, pursuant tosections 208.750 to 208.775. Contributions up to fifty thousand dollarsper program contributor are eligible for the tax credit which shall notexceed fifty percent of the contribution amount.
5. The department of economic development shall verify all tax creditclaims by contributors. The administrator of the community-basedorganization, with the cooperation of the participating financialinstitutions, shall submit the names of contributors and the total amounteach contributor contributes to a family development account reserve fundfor the calendar year. The director shall determine the date by whichsuch information shall be submitted to the department by the localadministrator. The department shall submit verification of qualified taxcredits pursuant to sections 208.750 to 208.775 to the department ofrevenue.
6. For all fiscal years ending on or before June 30, 2010, the totaltax credits authorized pursuant to sections 208.750 to 208.775 shall notexceed four million dollars in any fiscal year. For all fiscal yearsbeginning on or after July 1, 2010, the total tax credits authorized undersections 208.750 to 208.775 shall not exceed three hundred thousand dollarsin any fiscal year.
208.770. 1. Moneys deposited in or withdrawn pursuant to subsection1 of section 208.760 from a family development account by an account holderare exempted from taxation pursuant to chapter 143, RSMo, excludingwithholding tax imposed by sections 143.191 to 143.265, RSMo, and chapter147, 148 or 153, RSMo, provided, however, that any money withdrawn for anunapproved use should be subject to tax as required by law.
2. Interest earned by a family development account is exempted fromtaxation pursuant to chapter 143, RSMo.
3. Any funds in a family development account, including accruedinterest, shall be disregarded when determining eligibility to receive, orthe amount of, any public assistance or benefits.
4. A program contributor shall be allowed a credit against the taximposed by chapter 143, RSMo, excluding withholding tax imposed by sections143.191 to 143.265, RSMo, and chapter 147, 148 or 153, RSMo, pursuant tosections 208.750 to 208.775. Contributions up to fifty thousand dollarsper program contributor are eligible for the tax credit which shall notexceed fifty percent of the contribution amount.
5. The department of economic development shall verify all tax creditclaims by contributors. The administrator of the community-basedorganization, with the cooperation of the participating financialinstitutions, shall submit the names of contributors and the total amounteach contributor contributes to a family development account reserve fundfor the calendar year. The director shall determine the date by whichsuch information shall be submitted to the department by the localadministrator. The department shall submit verification of qualified taxcredits pursuant to sections 208.750 to 208.775 to the department ofrevenue.
6. For all fiscal years ending on or before June 30, 2010, the totaltax credits authorized pursuant to sections 208.750 to 208.775 shall notexceed four million dollars in any fiscal year. For all fiscal yearsbeginning on or after July 1, 2010, the total tax credits authorized undersections 208.750 to 208.775 shall not exceed three hundred thousand dollarsin any fiscal year.
208.770. 1. Moneys deposited in or withdrawn pursuant to subsection1 of section 208.760 from a family development account by an account holderare exempted from taxation pursuant to chapter 143, RSMo, excludingwithholding tax imposed by sections 143.191 to 143.265, RSMo, and chapter147, 148 or 153, RSMo, provided, however, that any money withdrawn for anunapproved use should be subject to tax as required by law.
2. Interest earned by a family development account is exempted fromtaxation pursuant to chapter 143, RSMo.
3. Any funds in a family development account, including accruedinterest, shall be disregarded when determining eligibility to receive, orthe amount of, any public assistance or benefits.
4. A program contributor shall be allowed a credit against the taximposed by chapter 143, RSMo, excluding withholding tax imposed by sections143.191 to 143.265, RSMo, and chapter 147, 148 or 153, RSMo, pursuant tosections 208.750 to 208.775. Contributions up to fifty thousand dollarsper program contributor are eligible for the tax credit which shall notexceed fifty percent of the contribution amount.
5. The department of economic development shall verify all tax creditclaims by contributors. The administrator of the community-basedorganization, with the cooperation of the participating financialinstitutions, shall submit the names of contributors and the total amounteach contributor contributes to a family development account reserve fundfor the calendar year. The director shall determine the date by whichsuch information shall be submitted to the department by the localadministrator. The department shall submit verification of qualified taxcredits pursuant to sections 208.750 to 208.775 to the department ofrevenue.
6. For all fiscal years ending on or before June 30, 2010, the totaltax credits authorized pursuant to sections 208.750 to 208.775 shall notexceed four million dollars in any fiscal year. For all fiscal yearsbeginning on or after July 1, 2010, the total tax credits authorized undersections 208.750 to 208.775 shall not exceed three hundred thousand dollarsin any fiscal year.
