620.1355. Director to certify corporations--factors to be considered--certificate issued when--failure to qualify, applicant's right of appeal--nonresident corporations, director may issue opinion
Director to certify corporations--factors to beconsidered--certificate issued when--failure to qualify, applicant'sright of appeal--nonresident corporations, director mayissue opinion, when.
620.1355. The director shall certify an investment funds servicecorporation or S corporation to make the annual election and shalldetermine whether applicants for certification qualify pursuant to thedefinitions found in subdivision (4) of subsection 2 of section 143.451,RSMo. In making his or her determination for certification, the directorshall further take into consideration factors including, but not limitedto: current and past industry employment growth and employment retentionin the state; salary levels of new or existing industry employment in thestate; the income tax laws applied to investment funds service corporationsin other states; industry growth nationally and within the state; theprevailing conditions in the economy and financial markets; the competitiveenvironment within the industry; the applicant's past certification and useof this section and sections 620.1350 and 620.1360; and an applicant'ssize, structure and method of operation. After determining an applicant isqualified to make the election, the director shall issue a certificate ofqualification, a copy of which the applicant shall annually file with theapplicant's income tax return. Once certified by the director, aninvestment funds service corporation shall remain certified for the annualelection pursuant to this section and sections 620.1350 and 620.1360 untilit no longer qualifies pursuant to the definitions of subdivision (4) ofsubsection 2 of section 143.451, RSMo. The director may, at any time,require reasonable information to be submitted by an investment fundsservice corporation to establish its qualification for certification. Ifthe director determines an application does not qualify for the annualelection, the director shall notify the applicant of the reason for thisdetermination in writing and the applicant shall have the same rights ofreconsideration and appeal afforded to taxpayers denied tax creditspursuant to section 135.250, RSMo. The director, upon request, may issuean opinion stating whether a nonresident investment funds servicecorporation or S corporation would meet the qualifications forcertification pursuant to this section if such corporation were to relocateits principal business headquarters to this state, and such opinion shallbe binding upon this state and its agencies if such corporation relocatesits headquarters to this state in reliance on such opinion and if at thetime such corporation relocates its principal business headquarters to thisstate, it meets the requirements of subdivision (4) of subsection 2 ofsection 143.451, RSMo, the director shall certify the corporation to makethe initial annual election as set forth in this section. Any provision oflaw to the contrary notwithstanding, information submitted to the directorpursuant to this section shall be exempt from the provisions of chapter610, RSMo.
(L. 1997 2d Ex. Sess. S.B. 1 § 620.1350 subsec. 3, A.L. 2002 S.B. 959)Effective 6-27-02