FIRST REGULAR SESSION
94TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES WELLS (Sponsor), DETHROW, KELLY, McGHEE, DAY, DENISON, NORR, SWINGER, KUESSNER, LOEHNER AND SMITH (150) (Co-sponsors).
Read 1st time March 15, 2007 and copies ordered printed.
D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 135, RSMo, by adding thereto one new section relating to a tax credit for safety upgrade costs for gas stations.
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 135.669, to read as follows:
135.669. 1. As used in this section, the following terms mean:
(1) "Authority", the Missouri agricultural and small business development authority organized under sections 348.005 to 348.180, RSMo;
(2) "Gas station", any gas station serving a rural area that would have no gas station service if the gas station were nonoperational as a result of a failure to install safety upgrades;
(3) "Safety upgrades", any upgrade to a gas station made on or after January 1, 2007, but before January 1, 2010, that is required for safety by federal safety standards administered by the state department of agriculture;
(4) "Tax credit", a credit against the tax otherwise due under chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.265, RSMo;
(5) "Taxpayer", any individual or entity that owns a gas station and that is subject to the tax imposed in chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.265, RSMo.
2. For all taxable years beginning on or after January 1, 2007, a taxpayer shall be allowed a tax credit for the costs incurred to install safety upgrades to each gas station owned by the taxpayer. The tax credit amount shall be equal to the lesser of fifty percent of the costs incurred or ten thousand dollars. If the amount of the tax credit issued exceeds the amount of the taxpayer's state tax liability for the tax year for which the credit is claimed, the difference shall not be refundable but may be carried back to any of the taxpayer's three prior taxable years and carried forward to any of the taxpayer's five subsequent taxable years. Any tax credit granted under this section may be transferred, sold, or assigned. Whenever a certificate of tax credit is transferred, sold, assigned, or otherwise conveyed, a notarized endorsement shall be filed with the authority specifying the name and address of the new owner of the tax credit or the value of the credit. The cumulative amount of tax credits which may be issued under this section in any one fiscal year shall not exceed five hundred thousand dollars.
3. A taxpayer shall submit to the authority an application for a certificate of tax credit before any costs are incurred for any safety upgrades. The authority may promulgate rules establishing the application procedure and verification of eligibility for the tax credit. The authority may impose a fee not to exceed one hundred dollars for the application process.
4. The department of revenue, the department of agriculture, and the authority may promulgate rules to implement the provisions of this section. Any rule or portion of a rule, as that term is defined in section 536.010, RSMo, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536, RSMo, and, if applicable, section 536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536, RSMo, to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2007, shall be invalid and void.
5. No tax credit shall be issued under this section for any safety upgrade made on or after January 1, 2010.
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