135.487. Procedure for application for tax credit--department of economic development may cooperate with political subdivisions to determine eligibility--department to conduct annual program evaluatio
Procedure for application for tax credit--department of economicdevelopment may cooperate with political subdivisions to determineeligibility--department to conduct annual program evaluation.
135.487. 1. To obtain any credit allowed pursuant to sections 135.475to 135.487, a taxpayer shall submit to the department, for preliminaryapproval, an application for tax credit. The director shall, upon finalapproval of an application and presentation of acceptable proof of substantialcompletion of construction, issue the taxpayer a certificate of tax credit.The director shall issue all credits allowed pursuant to sections 135.475 to135.487 in the order the applications are received. In the case of a taxpayerother than an owner-occupant, the director shall not delay the issuance of atax credit pursuant to sections 135.475 to 135.487 until the sale of aresidence at market rate for owner-occupancy. A taxpayer, taxpayer other thanan owner-occupant who receives a certificate of tax credit pursuant tosections 135.475 to 135.487 shall, within thirty days of the date of the saleof a residence, furnish to the director satisfactory proof that such residencewas sold at market rate for owner-occupancy. If the director reasonablydetermines that a residence was not in good faith intended for long-term owneroccupancy, the director make revoke any tax credits issued and seek recoveryof any tax credits issued pursuant to section 620.017, RSMo.
2. The department may cooperate with a municipality or a county in whicha project is located to help identify the location of the project, the typeand eligibility of the project, the estimated cost of the project and thecompletion date of the project.
3. The department may promulgate such rules or regulations or issueadministrative guidelines as are necessary to administer the provisions ofsections 135.475 to 135.487. No rule or portion of a rule promulgatedpursuant to the authority of this section shall become effective unless it hasbeen promulgated pursuant to the provisions of chapter 536, RSMo.
4. The department shall conduct annually a comprehensive programevaluation illustrating where the tax credits allowed pursuant to sections135.475 to 135.487 are being utilized, explaining the economic impact of suchprogram and making recommendations on appropriate program modifications toensure the program's success.
(L. 1999 S.B. 20 § 5)Effective 1-1-00
CROSS REFERENCE:
Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830