135.313. Credit for charcoal producers.
Credit for charcoal producers.
135.313. 1. Any person, firm or corporation who engages in thebusiness of producing charcoal or charcoal products in the state ofMissouri shall be eligible for a tax credit on income taxes otherwise duepursuant to chapter 143, RSMo, except sections 143.191 to 143.261, RSMo, asan incentive to implement safe and efficient environmental controls. Thetax credit shall be equal to fifty percent of the purchase price of thebest available control technology equipment connected with the productionof charcoal in the state of Missouri or, if the taxpayer manufactures suchequipment, fifty percent of the manufacturing cost of the equipment, to andincluding the year the equipment is put into service. The credit may beclaimed for a period of eight years beginning with the 1998 calendar yearand is to be a tax credit against the tax otherwise due.
2. Any amount of credit which exceeds the tax due shall not berefunded but may be carried over to any subsequent taxable year, not toexceed seven years.
3. The charcoal producer may elect to assign to a third party theapproved tax credit. Certification of assignment and other appropriateforms must be filed with the Missouri department of revenue and thedepartment of economic development.
4. When applying for a tax credit, the charcoal producer specified insubsection 1 of this section shall make application for the credit to thedivision of environmental quality of the department of natural resources.The application shall identify the specific best available controltechnology equipment and the purchase price, or manufacturing cost of suchequipment. The director of the department of natural resources isauthorized to require permits to construct prior to the installation ofbest available control technology equipment and other information which heor she deems appropriate.
5. The director of the department of natural resources in conjunctionwith the department of economic development shall certify to the departmentof revenue that the best available control technology equipment meets therequirements to obtain a tax credit as specified in this section.
(L. 1998 H.B. 1656)Effective 1-1-99
CROSS REFERENCE:
Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830