New generation cooperative incentive taxcredit--definitions--requirements--limitations.
348.432. 1. The tax credit created in this section shall be known asthe "New Generation Cooperative Incentive Tax Credit".
2. As used in this section, the following terms mean:
(1) "Authority", the agriculture and small business developmentauthority as provided in this chapter;
(2) "Development facility", a facility producing either a goodderived from an agricultural commodity or using a process to produce a goodderived from an agricultural product;
(3) "Eligible new generation cooperative", a nonprofit cooperativeassociation formed pursuant to chapter 274, RSMo, or incorporated pursuantto chapter 357, RSMo, for the purpose of operating within this state adevelopment facility or a renewable fuel production facility and approvedby the authority;
(4) "Eligible new generation processing entity", a partnership,corporation, cooperative, or limited liability company organized orincorporated pursuant to the laws of this state consisting of not less thantwelve members, approved by the authority, for the purpose of owning oroperating within this state a development facility or a renewable fuelproduction facility in which producer members:
(a) Hold a majority of the governance or voting rights of the entityand any governing committee;
(b) Control the hiring and firing of management; and
(c) Deliver agricultural commodities or products to the entity forprocessing, unless processing is required by multiple entities;
(5) "Employee-qualified capital project", an eligible new generationcooperative with capital costs greater than fifteen million dollars whichwill employ at least sixty employees;
(6) "Large capital project", an eligible new generation cooperativewith capital costs greater than one million dollars;
(7) "Producer member", a person, partnership, corporation, trust orlimited liability company whose main purpose is agricultural productionthat invests cash funds to an eligible new generation cooperative oreligible new generation processing entity;
(8) "Renewable fuel production facility", a facility producing anenergy source which is derived from a renewable, domestically grown,organic compound capable of powering machinery, including an engine orpower plant, and any by-product derived from such energy source;
(9) "Small capital project", an eligible new generation cooperativewith capital costs of no more than one million dollars.
3. Beginning tax year 1999, and ending December 31, 2002, anyproducer member who invests cash funds in an eligible new generationcooperative or eligible new generation processing entity may receive acredit against the tax or estimated quarterly tax otherwise due pursuant tochapter 143, RSMo, other than taxes withheld pursuant to sections 143.191to 143.265, RSMo, or chapter 148, RSMo, chapter 147, RSMo, in an amountequal to the lesser of fifty percent of such producer member's investmentor fifteen thousand dollars.
4. For all tax years beginning on or after January 1, 2003, anyproducer member who invests cash funds in an eligible new generationcooperative or eligible new generation processing entity may receive acredit against the tax or estimated quarterly tax otherwise due pursuant tochapter 143, RSMo, other than taxes withheld pursuant to sections 143.191to 143.265, RSMo, chapter 147, RSMo, or chapter 148, RSMo, in an amountequal to the lesser of fifty percent of such producer member's investmentor fifteen thousand dollars. Tax credits claimed in a taxable year may bedone so on a quarterly basis and applied to the estimated quarterly taxpursuant to subsection 3 of this section. If a quarterly tax credit claimor series of claims contributes to causing an overpayment of taxes for ataxable year, such overpayment shall not be refunded but shall be appliedto the next taxable year.
5. A producer member shall submit to the authority an application forthe tax credit authorized by this section on a form provided by theauthority. If the producer member meets all criteria prescribed by thissection and is approved by the authority, the authority shall issue a taxcredit certificate in the appropriate amount. Tax credits issued pursuantto this section may be carried back to any of the producer member's threeprior taxable years and carried forward to any of the producer member'sfive subsequent taxable years regardless of the type of tax liability towhich such credits are applied as authorized pursuant to subsection 3 ofthis section. Tax credits issued pursuant to this section may be assigned,transferred, sold or otherwise conveyed and the new owner of the tax creditshall have the same rights in the credit as the producer member. Whenevera certificate of tax credit is assigned, transferred, sold or otherwiseconveyed, a notarized endorsement shall be filed with the authorityspecifying the name and address of the new owner of the tax credit or thevalue of the credit.
6. Ten percent of the tax credits authorized pursuant to this sectioninitially shall be offered in any fiscal year to small capital projects.If any portion of the ten percent of tax credits offered to small capitalcosts projects is unused in any calendar year, then the unused portion oftax credits may be offered to employee-qualified capital projects and largecapital projects. If the authority receives more applications for taxcredits for small capital projects than tax credits are authorizedtherefor, then the authority, by rule, shall determine the method ofdistribution of tax credits authorized for small capital projects.
7. Ninety percent of the tax credits authorized pursuant to thissection initially shall be offered in any fiscal year to employee-qualifiedcapital projects and large capital projects. If any portion of the ninetypercent of tax credits offered to employee-qualified capital projects andlarge capital costs projects is unused in any fiscal year, then the unusedportion of tax credits may be offered to small capital projects. Themaximum tax credit allowed per employee-qualified capital project is threemillion dollars and the maximum tax credit allowed per large capitalproject is one million five hundred thousand dollars. If the authorityapproves the maximum tax credit allowed for any employee-qualified capitalproject or any large capital project, then the authority, by rule, shalldetermine the method of distribution of such maximum tax credit. Inaddition, if the authority receives more tax credit applications foremployee-qualified capital projects and large capital projects than theamount of tax credits authorized therefor, then the authority, by rule,shall determine the method of distribution of tax credits authorized foremployee-qualified capital projects and large capital projects.
New generation cooperative incentive taxcredit--definitions--requirements--limitations.
348.432. 1. The tax credit created in this section shall be known asthe "New Generation Cooperative Incentive Tax Credit".
2. As used in this section, the following terms mean:
(1) "Authority", the agriculture and small business developmentauthority as provided in this chapter;
(2) "Development facility", a facility producing either a goodderived from an agricultural commodity or using a process to produce a goodderived from an agricultural product;
(3) "Eligible new generation cooperative", a nonprofit cooperativeassociation formed pursuant to chapter 274, RSMo, or incorporated pursuantto chapter 357, RSMo, for the purpose of operating within this state adevelopment facility or a renewable fuel production facility and approvedby the authority;
(4) "Eligible new generation processing entity", a partnership,corporation, cooperative, or limited liability company organized orincorporated pursuant to the laws of this state consisting of not less thantwelve members, approved by the authority, for the purpose of owning oroperating within this state a development facility or a renewable fuelproduction facility in which producer members:
(a) Hold a majority of the governance or voting rights of the entityand any governing committee;
(b) Control the hiring and firing of management; and
(c) Deliver agricultural commodities or products to the entity forprocessing, unless processing is required by multiple entities;
(5) "Employee-qualified capital project", an eligible new generationcooperative with capital costs greater than fifteen million dollars whichwill employ at least sixty employees;
(6) "Large capital project", an eligible new generation cooperativewith capital costs greater than one million dollars;
(7) "Producer member", a person, partnership, corporation, trust orlimited liability company whose main purpose is agricultural productionthat invests cash funds to an eligible new generation cooperative oreligible new generation processing entity;
(8) "Renewable fuel production facility", a facility producing anenergy source which is derived from a renewable, domestically grown,organic compound capable of powering machinery, including an engine orpower plant, and any by-product derived from such energy source;
(9) "Small capital project", an eligible new generation cooperativewith capital costs of no more than one million dollars.
3. Beginning tax year 1999, and ending December 31, 2002, anyproducer member who invests cash funds in an eligible new generationcooperative or eligible new generation processing entity may receive acredit against the tax or estimated quarterly tax otherwise due pursuant tochapter 143, RSMo, other than taxes withheld pursuant to sections 143.191to 143.265, RSMo, or chapter 148, RSMo, chapter 147, RSMo, in an amountequal to the lesser of fifty percent of such producer member's investmentor fifteen thousand dollars.
4. For all tax years beginning on or after January 1, 2003, anyproducer member who invests cash funds in an eligible new generationcooperative or eligible new generation processing entity may receive acredit against the tax or estimated quarterly tax otherwise due pursuant tochapter 143, RSMo, other than taxes withheld pursuant to sections 143.191to 143.265, RSMo, chapter 147, RSMo, or chapter 148, RSMo, in an amountequal to the lesser of fifty percent of such producer member's investmentor fifteen thousand dollars. Tax credits claimed in a taxable year may bedone so on a quarterly basis and applied to the estimated quarterly taxpursuant to subsection 3 of this section. If a quarterly tax credit claimor series of claims contributes to causing an overpayment of taxes for ataxable year, such overpayment shall not be refunded but shall be appliedto the next taxable year.
5. A producer member shall submit to the authority an application forthe tax credit authorized by this section on a form provided by theauthority. If the producer member meets all criteria prescribed by thissection and is approved by the authority, the authority shall issue a taxcredit certificate in the appropriate amount. Tax credits issued pursuantto this section may be carried back to any of the producer member's threeprior taxable years and carried forward to any of the producer member'sfive subsequent taxable years regardless of the type of tax liability towhich such credits are applied as authorized pursuant to subsection 3 ofthis section. Tax credits issued pursuant to this section may be assigned,transferred, sold or otherwise conveyed and the new owner of the tax creditshall have the same rights in the credit as the producer member. Whenevera certificate of tax credit is assigned, transferred, sold or otherwiseconveyed, a notarized endorsement shall be filed with the authorityspecifying the name and address of the new owner of the tax credit or thevalue of the credit.
6. Ten percent of the tax credits authorized pursuant to this sectioninitially shall be offered in any fiscal year to small capital projects.If any portion of the ten percent of tax credits offered to small capitalcosts projects is unused in any calendar year, then the unused portion oftax credits may be offered to employee-qualified capital projects and largecapital projects. If the authority receives more applications for taxcredits for small capital projects than tax credits are authorizedtherefor, then the authority, by rule, shall determine the method ofdistribution of tax credits authorized for small capital projects.
7. Ninety percent of the tax credits authorized pursuant to thissection initially shall be offered in any fiscal year to employee-qualifiedcapital projects and large capital projects. If any portion of the ninetypercent of tax credits offered to employee-qualified capital projects andlarge capital costs projects is unused in any fiscal year, then the unusedportion of tax credits may be offered to small capital projects. Themaximum tax credit allowed per employee-qualified capital project is threemillion dollars and the maximum tax credit allowed per large capitalproject is one million five hundred thousand dollars. If the authorityapproves the maximum tax credit allowed for any employee-qualified capitalproject or any large capital project, then the authority, by rule, shalldetermine the method of distribution of such maximum tax credit. Inaddition, if the authority receives more tax credit applications foremployee-qualified capital projects and large capital projects than theamount of tax credits authorized therefor, then the authority, by rule,shall determine the method of distribution of tax credits authorized foremployee-qualified capital projects and large capital projects.
New generation cooperative incentive taxcredit--definitions--requirements--limitations.
348.432. 1. The tax credit created in this section shall be known asthe "New Generation Cooperative Incentive Tax Credit".
2. As used in this section, the following terms mean:
(1) "Authority", the agriculture and small business developmentauthority as provided in this chapter;
(2) "Development facility", a facility producing either a goodderived from an agricultural commodity or using a process to produce a goodderived from an agricultural product;
(3) "Eligible new generation cooperative", a nonprofit cooperativeassociation formed pursuant to chapter 274, RSMo, or incorporated pursuantto chapter 357, RSMo, for the purpose of operating within this state adevelopment facility or a renewable fuel production facility and approvedby the authority;
(4) "Eligible new generation processing entity", a partnership,corporation, cooperative, or limited liability company organized orincorporated pursuant to the laws of this state consisting of not less thantwelve members, approved by the authority, for the purpose of owning oroperating within this state a development facility or a renewable fuelproduction facility in which producer members:
(a) Hold a majority of the governance or voting rights of the entityand any governing committee;
(b) Control the hiring and firing of management; and
(c) Deliver agricultural commodities or products to the entity forprocessing, unless processing is required by multiple entities;
(5) "Employee-qualified capital project", an eligible new generationcooperative with capital costs greater than fifteen million dollars whichwill employ at least sixty employees;
(6) "Large capital project", an eligible new generation cooperativewith capital costs greater than one million dollars;
(7) "Producer member", a person, partnership, corporation, trust orlimited liability company whose main purpose is agricultural productionthat invests cash funds to an eligible new generation cooperative oreligible new generation processing entity;
(8) "Renewable fuel production facility", a facility producing anenergy source which is derived from a renewable, domestically grown,organic compound capable of powering machinery, including an engine orpower plant, and any by-product derived from such energy source;
(9) "Small capital project", an eligible new generation cooperativewith capital costs of no more than one million dollars.
3. Beginning tax year 1999, and ending December 31, 2002, anyproducer member who invests cash funds in an eligible new generationcooperative or eligible new generation processing entity may receive acredit against the tax or estimated quarterly tax otherwise due pursuant tochapter 143, RSMo, other than taxes withheld pursuant to sections 143.191to 143.265, RSMo, or chapter 148, RSMo, chapter 147, RSMo, in an amountequal to the lesser of fifty percent of such producer member's investmentor fifteen thousand dollars.
4. For all tax years beginning on or after January 1, 2003, anyproducer member who invests cash funds in an eligible new generationcooperative or eligible new generation processing entity may receive acredit against the tax or estimated quarterly tax otherwise due pursuant tochapter 143, RSMo, other than taxes withheld pursuant to sections 143.191to 143.265, RSMo, chapter 147, RSMo, or chapter 148, RSMo, in an amountequal to the lesser of fifty percent of such producer member's investmentor fifteen thousand dollars. Tax credits claimed in a taxable year may bedone so on a quarterly basis and applied to the estimated quarterly taxpursuant to subsection 3 of this section. If a quarterly tax credit claimor series of claims contributes to causing an overpayment of taxes for ataxable year, such overpayment shall not be refunded but shall be appliedto the next taxable year.
5. A producer member shall submit to the authority an application forthe tax credit authorized by this section on a form provided by theauthority. If the producer member meets all criteria prescribed by thissection and is approved by the authority, the authority shall issue a taxcredit certificate in the appropriate amount. Tax credits issued pursuantto this section may be carried back to any of the producer member's threeprior taxable years and carried forward to any of the producer member'sfive subsequent taxable years regardless of the type of tax liability towhich such credits are applied as authorized pursuant to subsection 3 ofthis section. Tax credits issued pursuant to this section may be assigned,transferred, sold or otherwise conveyed and the new owner of the tax creditshall have the same rights in the credit as the producer member. Whenevera certificate of tax credit is assigned, transferred, sold or otherwiseconveyed, a notarized endorsement shall be filed with the authorityspecifying the name and address of the new owner of the tax credit or thevalue of the credit.
6. Ten percent of the tax credits authorized pursuant to this sectioninitially shall be offered in any fiscal year to small capital projects.If any portion of the ten percent of tax credits offered to small capitalcosts projects is unused in any calendar year, then the unused portion oftax credits may be offered to employee-qualified capital projects and largecapital projects. If the authority receives more applications for taxcredits for small capital projects than tax credits are authorizedtherefor, then the authority, by rule, shall determine the method ofdistribution of tax credits authorized for small capital projects.
7. Ninety percent of the tax credits authorized pursuant to thissection initially shall be offered in any fiscal year to employee-qualifiedcapital projects and large capital projects. If any portion of the ninetypercent of tax credits offered to employee-qualified capital projects andlarge capital costs projects is unused in any fiscal year, then the unusedportion of tax credits may be offered to small capital projects. Themaximum tax credit allowed per employee-qualified capital project is threemillion dollars and the maximum tax credit allowed per large capitalproject is one million five hundred thousand dollars. If the authorityapproves the maximum tax credit allowed for any employee-qualified capitalproject or any large capital project, then the authority, by rule, shalldetermine the method of distribution of such maximum tax credit. Inaddition, if the authority receives more tax credit applications foremployee-qualified capital projects and large capital projects than theamount of tax credits authorized therefor, then the authority, by rule,shall determine the method of distribution of tax credits authorized foremployee-qualified capital projects and large capital projects.
