135.700. Tax credit for grape and wine producers.
Tax credit for grape and wine producers.
135.700. For all tax years beginning on or after January 1, 1999, agrape grower or wine producer shall be allowed a tax credit against thestate tax liability incurred pursuant to chapter 143, RSMo, exclusive ofthe provisions relating to the withholding of tax as provided in sections143.191 to 143.265, RSMo, in an amount equal to twenty-five percent of thepurchase price of all new equipment and materials used directly in thegrowing of grapes or the production of wine in the state. Each grower orproducer shall apply to the department of economic development and specifythe total amount of such new equipment and materials purchased during thecalendar year. The department of economic development shall certify to thedepartment of revenue the amount of such tax credit to which a grape groweror wine producer is entitled pursuant to this section. The provisions ofthis section notwithstanding, a grower or producer may only apply for andreceive the credit authorized by this section for five tax periods.
(L. 1998 S.B. 827 § 3)CROSS REFERENCE:
Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830