173.196. Business firm may make donation to higher education scholarship donation fund, tax credit--amount of credit, limitations, carry-over, transfer--use of fund--tax credits prohibited, when.
Business firm may make donation to higher education scholarshipdonation fund, tax credit--amount of credit, limitations,carry-over, transfer--use of fund--tax credits prohibited, when.
173.196. 1. Any business firm, as defined in section 32.105, RSMo,may make a donation to the "Missouri Higher Education Scholarship DonationFund", which is hereby created in the state treasury. A donating businessfirm shall receive a tax credit as provided in this section equal to fiftypercent of the amount of the donation, except that tax credits shall beawarded each fiscal year in the order donations are received and the amountof tax credits authorized shall total no more than two hundred and fiftythousand dollars for each fiscal year.
2. The department of revenue shall grant tax credits approved underthis section which shall be applied in the order specified in subsection 1of section 32.115, RSMo, until used. The tax credits provided under thissection shall be refundable, and any tax credit not used in the fiscal yearin which approved may be carried over the next five succeeding calendar orfiscal years until the full credit has been claimed. Notwithstanding anyother law to the contrary, any tax credits granted under this section maybe assigned, transferred, sold, or otherwise conveyed without consent orapproval. Such taxpayer, hereinafter the assignor for purposes of thissection, may sell, assign, exchange, or otherwise transfer earned taxcredits:
(1) For no less than seventy-five percent of the par value of suchcredits; and
(2) In an amount not to exceed one hundred percent of annual earnedcredits.
3. No tax credit authorized under this section may be applied againstany tax applied in a tax year beginning prior to January 1, 1995.
4. All revenues credited to the fund shall be used, subject toappropriations, to provide scholarships authorized under sections 173.197to 173.199, and for no other purpose.
5. For all tax years beginning on or after January 1, 2005, no taxcredits shall be authorized, awarded, or issued to any person or entityclaiming any tax credit under this section.
(L. 1994 H.B. 1248 & 1048 § 17, A.L. 2004 S.B. 1099, A.L. 2007 1st Ex. Sess. H.B. 1)Effective 11-28-07