135.130. Transfer of business facility, all or part--apportionment of tax credit--estate of taxpayer entitled to credit and distributee of estate also entitled to credit.
Transfer of business facility, all or part--apportionment of taxcredit--estate of taxpayer entitled to credit and distributee ofestate also entitled to credit.
135.130. 1. If a taxpayer, hereafter referred to in thissection as "transferor", shall have established a new businessfacility and, prior to the expiration of the ten-year periodduring which the credit allowed by section 135.110 may be claimedby the transferor, all or a portion of such new business facilityis acquired by, or leased to, any other taxpayer, hereafterreferred to in this section as "transferee", the transferor shallallow the transferee to claim such credit as provided insubsection 2 of this section.
2. If all or a portion of the new business facility isacquired by, or leased to, the transferee, the portion thereof soacquired by, or leased to, the transferee shall be considered anew business facility in the hands of the transferee. In suchevent, the transferee shall be entitled to a credit, computed inaccordance with section 135.110, with respect to the portion ofthe new business facility held by it. Such credit shall beallowed for the remaining portion of the ten-year period duringwhich the transferor could have claimed such credit if all or aportion of the new business facility had not been acquired by, orleased to, the transferee. The portion, if any, of the newbusiness facility retained by the transferor shall continue to bea new business facility in the hands of the transferor and itshall be entitled to the credit allowed by section 135.110 forthe remaining portion of such ten-year period.
3. The transferor shall notify the director of economicdevelopment of the transferor's intentions to transfer the rightsto claim such credit to the transferee by written statementattached to the tax credit application for the taxable year inwhich the new business facility is acquired by, or leased to, thetransferee, setting forth such other information as the directorof economic development may, by rules and regulations, require.
4. If an individual taxpayer entitled to the credit allowedby section 135.110 shall die prior to the expiration of theten-year period during which such taxpayer is entitled to suchcredit and the new business facility with respect to which suchcredit was claimed passes to the estate of the deceased taxpayer,such estate shall be entitled to a credit with respect to suchnew business facility, and upon distribution of the new businessfacility, or a portion thereof, to a distributee of such estatethe credit with respect to such new business facility, or portionthereof, such distributee shall be entitled to a credit withrespect to such new business facility or portion thereof.
(L. 1980 S.B. 644 § 4, A.L. 1991 H.B. 294 & 405)