135.545. Tax credit for investing in the transportation development of a distressed community--approval of investment by economic development, credit carried forward, transfer of certificate of credit
Tax credit for investing in the transportation development of adistressed community--approval of investment by economicdevelopment, credit carried forward, transfer of certificate ofcredit, maximum amount allowed.
135.545. A taxpayer shall be allowed a credit for taxes paid pursuantto chapter 143, 147 or 148, RSMo, in an amount equal to fifty percent of aqualified investment in transportation development for aviation, masstransportation, including parking facilities for users of masstransportation, railroads, ports, including parking facilities and limitedaccess roads within ports, waterborne transportation, bicycle andpedestrian paths, or rolling stock located in a distressed community asdefined in section 135.530, and which are part of a development planapproved by the appropriate local agency. If the department of economicdevelopment determines the investment has been so approved, the departmentshall grant the tax credit in order of date received. A taxpayer may carryforward any unused tax credit for up to ten years and may carry it back forthe previous three years until such credit has been fully claimed.Certificates of tax credit issued in accordance with this section may betransferred, sold or assigned by notarized endorsement which names thetransferee. The tax credits allowed pursuant to this section shall be foran amount of no more than ten million dollars for each year. This creditshall apply to returns filed for all taxable years beginning on or afterJanuary 1, 1999. Any unused portion of the tax credit authorized pursuantto this section shall be available for use in the future by those entitiesuntil fully claimed. For purposes of this section, a "taxpayer" shallinclude any charitable organization that is exempt from federal income taxand whose Missouri unrelated business taxable income, if any, would besubject to the state income tax imposed under chapter 143, RSMo.
(L. 1998 H.B. 1656, 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