135.550. Definitions--tax credit, amount--limitations--director of social services determinations, classification of shelters--effective date.
Definitions--tax credit, amount--limitations--director of socialservices determinations, classification of shelters--effectivedate.
135.550. 1. As used in this section, the following terms shall mean:
(1) "Contribution", a donation of cash, stock, bonds or othermarketable securities, or real property;
(2) "Shelter for victims of domestic violence", a facility located inthis state which meets the definition of a shelter for victims of domesticviolence pursuant to section 455.200, RSMo, and which meets therequirements of section 455.220, RSMo;
(3) "State tax liability", in the case of a business taxpayer, anyliability incurred by such taxpayer pursuant to the provisions of chapter143, RSMo, chapter 147, RSMo, chapter 148, RSMo, and chapter 153, RSMo,exclusive of the provisions relating to the withholding of tax as providedfor in sections 143.191 to 143.265, RSMo, and related provisions, and inthe case of an individual taxpayer, any liability incurred by such taxpayerpursuant to the provisions of chapter 143, RSMo;
(4) "Taxpayer", a person, firm, a partner in a firm, corporation or ashareholder in an S corporation doing business in the state of Missouri andsubject to the state income tax imposed by the provisions of chapter 143,RSMo, or a corporation subject to the annual corporation franchise taximposed by the provisions of chapter 147, RSMo, including 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, or an insurance company payingan annual tax on its gross premium receipts in this state, or otherfinancial institution paying taxes to the state of Missouri or anypolitical subdivision of this state pursuant to the provisions of chapter148, RSMo, or an express company which pays an annual tax on its grossreceipts in this state pursuant to chapter 153, RSMo, or an individualsubject to the state income tax imposed by the provisions of chapter 143,RSMo.
2. A taxpayer shall be allowed to claim a tax credit against thetaxpayer's state tax liability, in an amount equal to fifty percent of theamount such taxpayer contributed to a shelter for victims of domesticviolence.
3. The amount of the tax credit claimed shall not exceed the amountof the taxpayer's state tax liability for the taxable year that the creditis claimed, and such taxpayer shall not be allowed to claim a tax credit inexcess of fifty thousand dollars per taxable year. However, any tax creditthat cannot be claimed in the taxable year the contribution was made may becarried over to the next four succeeding taxable years until the fullcredit has been claimed.
4. Except for any excess credit which is carried over pursuant tosubsection 3 of this section, a taxpayer shall not be allowed to claim atax credit unless the total amount of such taxpayer's contribution orcontributions to a shelter or shelters for victims of domestic violence insuch taxpayer's taxable year has a value of at least one hundred dollars.
5. The director of the department of social services shall determine,at least annually, which facilities in this state may be classified asshelters for victims of domestic violence. The director of the departmentof social services may require of a facility seeking to be classified as ashelter for victims of domestic violence whatever information is reasonablynecessary to make such a determination. The director of the department ofsocial services shall classify a facility as a shelter for victims ofdomestic violence if such facility meets the definition set forth insubsection 1 of this section.
6. The director of the department of social services shall establisha procedure by which a taxpayer can determine if a facility has beenclassified as a shelter for victims of domestic violence, and by which suchtaxpayer can then contribute to such shelter for victims of domesticviolence and claim a tax credit. Shelters for victims of domestic violenceshall be permitted to decline a contribution from a taxpayer. Thecumulative amount of tax credits which may be claimed by all the taxpayerscontributing to shelters for victims of domestic violence in any one fiscalyear shall not exceed two million dollars.
7. The director of the department of social services shall establisha procedure by which, from the beginning of the fiscal year until somepoint in time later in the fiscal year to be determined by the director ofthe department of social services, the cumulative amount of tax credits areequally apportioned among all facilities classified as shelters for victimsof domestic violence. If a shelter for victims of domestic violence failsto use all, or some percentage to be determined by the director of thedepartment of social services, of its apportioned tax credits during thispredetermined period of time, the director of the department of socialservices may reapportion these unused tax credits to those shelters forvictims of domestic violence that have used all, or some percentage to bedetermined by the director of the department of social services, of theirapportioned tax credits during this predetermined period of time. Thedirector of the department of social services may establish more than oneperiod of time and reapportion more than once during each fiscal year. Tothe maximum extent possible, the director of the department of socialservices shall establish the procedure described in this subsection in sucha manner as to ensure that taxpayers can claim all the tax credits possibleup to the cumulative amount of tax credits available for the fiscal year.
8. This section shall become effective January 1, 2000, and shallapply to all tax years after December 31, 1999.
(L. 1997 H.B. 491, A.L. 1999 H.B. 548 merged with S.B. 159, A.L. 2006 S.B. 614, 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