FIRST REGULAR SESSION
HOUSE BILL NO. 617
91ST GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES GAMBARO, FOLEY, HILGEMANN, KENNEDY (Co-sponsors),
LAWSON AND BOYKINS.
Read 1st time February 1, 2001, and 1000 copies ordered printed.
TED WEDEL, Chief Clerk
AN ACT
To repeal section 135.484, RSMo 2000, relating to tax credits for community improvement, and to enact in lieu thereof one new section relating to the same subject.
Section A. Section 135.484, RSMo 2000, is repealed and one new section enacted in lieu thereof, to be known as section 135.484, to read as follows:
135.484. 1. Beginning January 1, 2000, tax credits shall be allowed pursuant to section 135.481 in an amount not to exceed sixteen million dollars per year. Of this total amount of tax credits in any given year, eight million dollars shall initially be set aside for projects in areas described in subdivision (6) of section 135.478 and eight million dollars for projects in areas described in subdivision (10) of section 135.478. If, by October first of any calendar year, the director has issued all eight million dollars of tax credits allowed for projects in areas described in subdivision (6) of section 135.478, but not for projects in areas described in subdivision (10) of section 135.478, or vice versa, the director shall reallocate seventy percent of any unused credits for issuance to taxpayers which:
(1) Are engaged in projects in the area in which tax credits totaling eight million dollars have already been issued for the same year; and
(2) Have already applied for, but have not yet been issued, tax credits pursuant to section 135.487 for the same year.
Reallocated credits shall be issued pursuant to section 135.487; except that, the maximum reallocated tax credit for any project shall not exceed five hundred sixty thousand dollars. The maximum tax credit for a project consisting of multiple-unit qualifying residences in a distressed community shall not exceed three million dollars.
2. 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. 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, with the exception of the historic structures rehabilitation tax credit authorized pursuant to sections 253.545 to
253.559, RSMo, which insofar as sections 135.475 to 135.487 are concerned may be claimed only in conjunction with the
tax credit allowed pursuant to subsection 4 of section 135.481. In order for a taxpayer eligible for the historic structures
rehabilitation tax credit to claim the tax credit allowed pursuant to subsection 4 of section 135.481, the taxpayer must
comply with the requirements of sections 253.545 to 253.559, RSMo, and in such cases, the amount of the tax credit
pursuant to subsection 4 of section 135.481 shall be limited to the lesser of twenty percent of the taxpayer's eligible costs or
forty thousand dollars.
Missouri House of Representatives