135.460. Citation of law--tax credit, amount, claim, limitation--allowable programs--report--apportionment of credits--rulemaking authority.
Citation of law--tax credit, amount, claim, limitation--allowableprograms--report--apportionment of credits--rulemaking authority.
135.460. 1. This section and sections 620.1100 and 620.1103, RSMo,shall be known and may be cited as the "Youth Opportunities and ViolencePrevention Act".
2. As used in this section, the term "taxpayer" shall includecorporations as defined in section 143.441 or 143.471, RSMo, any charitableorganization which is exempt from federal income tax and whose Missouriunrelated business taxable income, if any, would be subject to the stateincome tax imposed under chapter 143, RSMo, and individuals, individualproprietorships and partnerships.
3. A taxpayer shall be allowed a tax credit against the tax otherwisedue pursuant to chapter 143, RSMo, excluding withholding tax imposed bysections 143.191 to 143.265, RSMo, chapter 147, RSMo, chapter 148, RSMo, orchapter 153, RSMo, in an amount equal to thirty percent for propertycontributions and fifty percent for monetary contributions of the amountsuch taxpayer contributed to the programs described in subsection 5 of thissection, not to exceed two hundred thousand dollars per taxable year, pertaxpayer; except as otherwise provided in subdivision (5) of subsection 5of this section. The department of economic development shall prescribethe method for claiming the tax credits allowed in this section. No ruleor portion of a rule promulgated under the authority of this section shallbecome effective unless it has been promulgated pursuant to the provisionsof chapter 536, RSMo. All rulemaking authority delegated prior to June 27,1997, is of no force and effect and repealed; however, nothing in thissection shall be interpreted to repeal or affect the validity of any rulefiled or adopted prior to June 27, 1997, if such rule complied with theprovisions of chapter 536, RSMo. The provisions of this section andchapter 536, RSMo, are nonseverable and if any of the powers vested withthe general assembly pursuant to chapter 536, RSMo, including the abilityto review, to delay the effective date, or to disapprove and annul a ruleor portion of a rule, are subsequently held unconstitutional, then thepurported grant of rulemaking authority and any rule so proposed andcontained in the order of rulemaking shall be invalid and void.
4. The tax credits allowed by this section shall be claimed by thetaxpayer to offset the taxes that become due in the taxpayer's tax periodin which the contribution was made. Any tax credit not used in such taxperiod may be carried over the next five succeeding tax periods.
5. The tax credit allowed by this section may only be claimed formonetary or property contributions to public or private programs authorizedto participate pursuant to this section by the department of economicdevelopment and may be claimed for the development, establishment,implementation, operation, and expansion of the following activities andprograms:
(1) An adopt-a-school program. Components of the adopt-a-schoolprogram shall include donations for school activities, seminars, andfunctions; school-business employment programs; and the donation ofproperty and equipment of the corporation to the school;
(2) Expansion of programs to encourage school dropouts to reenter andcomplete high school or to complete a graduate equivalency degree program;
(3) Employment programs. Such programs shall initially, but notexclusively, target unemployed youth living in poverty and youth living inareas with a high incidence of crime;
(4) New or existing youth clubs or associations;
(5) Employment/internship/apprenticeship programs in business ortrades for persons less than twenty years of age, in which case the taxcredit claimed pursuant to this section shall be equal to one-half of theamount paid to the intern or apprentice in that tax year, except that suchcredit shall not exceed ten thousand dollars per person;
(6) Mentor and role model programs;
(7) Drug and alcohol abuse prevention training programs for youth;
(8) Donation of property or equipment of the taxpayer to schools,including schools which primarily educate children who have been expelledfrom other schools, or donation of the same to municipalities, ornot-for-profit corporations or other not-for-profit organizations whichoffer programs dedicated to youth violence prevention as authorized by thedepartment;
(9) Not-for-profit, private or public youth activity centers;
(10) Nonviolent conflict resolution and mediation programs;
(11) Youth outreach and counseling programs.
6. Any program authorized in subsection 5 of this section shall, atleast annually, submit a report to the department of economic developmentoutlining the purpose and objectives of such program, the number of youthserved, the specific activities provided pursuant to such program, theduration of such program and recorded youth attendance where applicable.
7. The department of economic development shall, at least annuallysubmit a report to the Missouri general assembly listing the organizationsparticipating, services offered and the number of youth served as theresult of the implementation of this section.
8. The tax credit allowed by this section shall apply to all taxableyears beginning after December 31, 1995.
9. For the purposes of the credits described in this section, in thecase of a corporation described in section 143.471, RSMo, partnership,limited liability company described in section 347.015, RSMo, cooperative,marketing enterprise, or partnership, in computing Missouri's taxliability, such credits shall be allowed to the following:
(1) The shareholders of the corporation described in section 143.471,RSMo;
(2) The partners of the partnership;
(3) The members of the limited liability company; and
(4) Individual members of the cooperative or marketing enterprise.
Such credits shall be apportioned to the entities described in subdivisions(1) and (2) of this subsection in proportion to their share of ownership onthe last day of the taxpayer's tax period.
(L. 1995 H.B. 174, et al. §§ 11, 12, A.L. 1997 2d Ex. Sess. S.B. 1, A.L. 2007 1st Ex. Sess H.B. 1)Effective 11-28-07
CROSS REFERENCE:
Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830