FIRST REGULAR SESSION

HOUSE BILL NO. 83

91ST GENERAL ASSEMBLY

INTRODUCED BY REPRESENTATIVE RIZZO.

Pre-filed December 4, 2000, and 1000 copies ordered printed.

ANNE C. WALKER, Chief Clerk

0533L.01I

AN ACT

To amend chapter 135, RSMo, relating to tax credits for certain activities within enterprise zones by adding thereto one new section relating to the same subject.



Be it enacted by the General Assembly of the state of Missouri, as follows:

Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.223, to read as follows:

135.223. 1. Any taxpayer who incurs costs for demolishing a commercial building located in an area which qualifies as an enterprise zone or satellite zone pursuant to sections 135.200 to 135.270, for the purpose of constructing a parking lot or housing, shall be allowed a nonrefundable credit against the tax imposed by chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.265, RSMo, in an amount equal to the lesser of fifteen percent of such taxpayer's demolition costs or fifty thousand dollars. Any amount of credit which exceeds the tax liability of a taxpayer for the tax year in which the credit is first claimed may be carried back to any of the taxpayer's three prior tax years and carried forward to any of the taxpayer's five subsequent tax years.

2. A certificate of tax credit issued to a taxpayer by the department may be assigned, transferred, sold or otherwise conveyed. Whenever a certificate of tax credit is assigned, transferred, sold or otherwise conveyed, a notarized endorsement shall be filed with the department specifying the name and address of the new owner of the tax credit and the value of the credit.

3. The tax credits allowed pursuant to sections 135.475 to 135.487 may not be claimed in addition to any other state tax credits or deductions.

4. Beginning January 1, 2002, tax credits shall be allowed pursuant to this section in an amount not to exceed five million dollars per year.

5. The director of revenue may promulgate such rules or regulations as are necessary to administer the provisions of this section. No rule or portion of a rule promulgated pursuant to the authority of this section shall become effective unless it has been promulgated pursuant to the provisions of chapter 536, RSMo.


Missouri House of Representatives