Tax credit for family farm livestock loan program, procedure.
348.505. 1. As used in this section, "state tax liability", anystate tax liability incurred by a taxpayer under the provisions of chapters143, 147, and 148, RSMo, exclusive of the provisions relating to thewithholding of tax as provided for in sections 143.191 to 143.265, RSMo,and related provisions.
2. Any eligible lender under the family farm livestock loan programunder section 348.500 shall be entitled to receive a tax credit equal toone hundred percent of the amount of interest waived by the lender undersection 348.500 on a qualifying loan for the first year of the loan only.The tax credit shall be evidenced by a tax credit certificate issued by theagricultural and small business development authority and may be used tosatisfy the state tax liability of the owner of such certificate thatbecomes due in the tax year in which the interest on a qualified loan iswaived by the lender under section 348.500. No lender may receive a taxcredit under this section unless such person presents a tax creditcertificate to the department of revenue for payment of such state taxliability. The amount of the tax credits that may be issued to alleligible lenders claiming tax credits authorized in this section in afiscal year shall not exceed three hundred thousand dollars.
3. The agricultural and small business development authority shall beresponsible for the administration and issuance of the certificate of taxcredits authorized by this section. The authority shall issue acertificate of tax credit at the request of any lender. Each request shallinclude a true copy of the loan documents, the name of the lender who is toreceive a certificate of tax credit, the type of state tax liabilityagainst which the tax credit is to be used, and the amount of thecertificate of tax credit to be issued to the lender based on the interestwaived by the lender under section 348.500 on the loan for the first year.
4. The Missouri department of revenue shall accept a certificate oftax credit in lieu of other payment in such amount as is equal to thelesser of the amount of the tax or the remaining unused amount of thecredit as indicated on the certificate of tax credit, and shall indicate onthe certificate of tax credit the amount of tax thereby paid and the dateof such payment.
5. The following provisions shall apply to tax credits authorizedunder this section:
(1) Tax credits claimed in a taxable year may be claimed on aquarterly basis and applied to the estimated quarterly tax of the lender;
(2) Any amount of tax credit which exceeds the tax due, including anyestimated quarterly taxes paid by the lender under subdivision (1) of thissubsection which results in an overpayment of taxes for a taxable year,shall not be refunded but may be carried over to any subsequent taxableyear, not to exceed a total of three years for which a tax credit may betaken for a qualified family farm livestock loan;
(3) Notwithstanding any provision of law to the contrary, a lendermay assign, transfer or sell tax credits authorized under this section,with the new owner of the tax credit receiving the same rights in the taxcredit as the lender. For any tax credits assigned, transferred, sold, orotherwise conveyed, a notarized endorsement shall be filed by the lenderwith the authority specifying the name and address of the new owner of thetax credit and the value of such tax credit; and
(4) Notwithstanding any other provision of this section to thecontrary, any commercial bank may use tax credits created under thissection as provided in section 148.064, RSMo, and receive a net tax creditagainst taxes actually paid in the amount of the first year's interest onloans made under this section. If such first year tax credits reduce taxesdue as provided in section 148.064, RSMo, to zero, the remaining taxcredits may be carried over as otherwise provided in this section andutilized as provided in section 148.064, RSMo, in subsequent years.
Tax credit for family farm livestock loan program, procedure.
348.505. 1. As used in this section, "state tax liability", anystate tax liability incurred by a taxpayer under the provisions of chapters143, 147, and 148, RSMo, exclusive of the provisions relating to thewithholding of tax as provided for in sections 143.191 to 143.265, RSMo,and related provisions.
2. Any eligible lender under the family farm livestock loan programunder section 348.500 shall be entitled to receive a tax credit equal toone hundred percent of the amount of interest waived by the lender undersection 348.500 on a qualifying loan for the first year of the loan only.The tax credit shall be evidenced by a tax credit certificate issued by theagricultural and small business development authority and may be used tosatisfy the state tax liability of the owner of such certificate thatbecomes due in the tax year in which the interest on a qualified loan iswaived by the lender under section 348.500. No lender may receive a taxcredit under this section unless such person presents a tax creditcertificate to the department of revenue for payment of such state taxliability. The amount of the tax credits that may be issued to alleligible lenders claiming tax credits authorized in this section in afiscal year shall not exceed three hundred thousand dollars.
3. The agricultural and small business development authority shall beresponsible for the administration and issuance of the certificate of taxcredits authorized by this section. The authority shall issue acertificate of tax credit at the request of any lender. Each request shallinclude a true copy of the loan documents, the name of the lender who is toreceive a certificate of tax credit, the type of state tax liabilityagainst which the tax credit is to be used, and the amount of thecertificate of tax credit to be issued to the lender based on the interestwaived by the lender under section 348.500 on the loan for the first year.
4. The Missouri department of revenue shall accept a certificate oftax credit in lieu of other payment in such amount as is equal to thelesser of the amount of the tax or the remaining unused amount of thecredit as indicated on the certificate of tax credit, and shall indicate onthe certificate of tax credit the amount of tax thereby paid and the dateof such payment.
5. The following provisions shall apply to tax credits authorizedunder this section:
(1) Tax credits claimed in a taxable year may be claimed on aquarterly basis and applied to the estimated quarterly tax of the lender;
(2) Any amount of tax credit which exceeds the tax due, including anyestimated quarterly taxes paid by the lender under subdivision (1) of thissubsection which results in an overpayment of taxes for a taxable year,shall not be refunded but may be carried over to any subsequent taxableyear, not to exceed a total of three years for which a tax credit may betaken for a qualified family farm livestock loan;
(3) Notwithstanding any provision of law to the contrary, a lendermay assign, transfer or sell tax credits authorized under this section,with the new owner of the tax credit receiving the same rights in the taxcredit as the lender. For any tax credits assigned, transferred, sold, orotherwise conveyed, a notarized endorsement shall be filed by the lenderwith the authority specifying the name and address of the new owner of thetax credit and the value of such tax credit; and
(4) Notwithstanding any other provision of this section to thecontrary, any commercial bank may use tax credits created under thissection as provided in section 148.064, RSMo, and receive a net tax creditagainst taxes actually paid in the amount of the first year's interest onloans made under this section. If such first year tax credits reduce taxesdue as provided in section 148.064, RSMo, to zero, the remaining taxcredits may be carried over as otherwise provided in this section andutilized as provided in section 148.064, RSMo, in subsequent years.
Tax credit for family farm livestock loan program, procedure.
348.505. 1. As used in this section, "state tax liability", anystate tax liability incurred by a taxpayer under the provisions of chapters143, 147, and 148, RSMo, exclusive of the provisions relating to thewithholding of tax as provided for in sections 143.191 to 143.265, RSMo,and related provisions.
2. Any eligible lender under the family farm livestock loan programunder section 348.500 shall be entitled to receive a tax credit equal toone hundred percent of the amount of interest waived by the lender undersection 348.500 on a qualifying loan for the first year of the loan only.The tax credit shall be evidenced by a tax credit certificate issued by theagricultural and small business development authority and may be used tosatisfy the state tax liability of the owner of such certificate thatbecomes due in the tax year in which the interest on a qualified loan iswaived by the lender under section 348.500. No lender may receive a taxcredit under this section unless such person presents a tax creditcertificate to the department of revenue for payment of such state taxliability. The amount of the tax credits that may be issued to alleligible lenders claiming tax credits authorized in this section in afiscal year shall not exceed three hundred thousand dollars.
3. The agricultural and small business development authority shall beresponsible for the administration and issuance of the certificate of taxcredits authorized by this section. The authority shall issue acertificate of tax credit at the request of any lender. Each request shallinclude a true copy of the loan documents, the name of the lender who is toreceive a certificate of tax credit, the type of state tax liabilityagainst which the tax credit is to be used, and the amount of thecertificate of tax credit to be issued to the lender based on the interestwaived by the lender under section 348.500 on the loan for the first year.
4. The Missouri department of revenue shall accept a certificate oftax credit in lieu of other payment in such amount as is equal to thelesser of the amount of the tax or the remaining unused amount of thecredit as indicated on the certificate of tax credit, and shall indicate onthe certificate of tax credit the amount of tax thereby paid and the dateof such payment.
5. The following provisions shall apply to tax credits authorizedunder this section:
(1) Tax credits claimed in a taxable year may be claimed on aquarterly basis and applied to the estimated quarterly tax of the lender;
(2) Any amount of tax credit which exceeds the tax due, including anyestimated quarterly taxes paid by the lender under subdivision (1) of thissubsection which results in an overpayment of taxes for a taxable year,shall not be refunded but may be carried over to any subsequent taxableyear, not to exceed a total of three years for which a tax credit may betaken for a qualified family farm livestock loan;
(3) Notwithstanding any provision of law to the contrary, a lendermay assign, transfer or sell tax credits authorized under this section,with the new owner of the tax credit receiving the same rights in the taxcredit as the lender. For any tax credits assigned, transferred, sold, orotherwise conveyed, a notarized endorsement shall be filed by the lenderwith the authority specifying the name and address of the new owner of thetax credit and the value of such tax credit; and
(4) Notwithstanding any other provision of this section to thecontrary, any commercial bank may use tax credits created under thissection as provided in section 148.064, RSMo, and receive a net tax creditagainst taxes actually paid in the amount of the first year's interest onloans made under this section. If such first year tax credits reduce taxesdue as provided in section 148.064, RSMo, to zero, the remaining taxcredits may be carried over as otherwise provided in this section andutilized as provided in section 148.064, RSMo, in subsequent years.
