32.112. Tax credit for businesses making contribution to neighborhood organization--proposal required, content--rules authorized--approval or disapproval by commission to be filed--approval to contain
Tax credit for businesses making contribution to neighborhoodorganization--proposal required, content--rules authorized--approvalor disapproval by commission to be filed--approval to containmaximum tax credit allowed.
32.112. Any business firm which makes a contribution to aneighborhood organization, a significant part of whose activities consistof affordable housing assistance activities or market rate housing indistressed communities as defined in section 135.530, RSMo, in the state ofMissouri, shall receive a tax credit as provided in section 32.115 if thecommission approves a proposal submitted by one or more business firms forthe general operating assistance of such neighborhood organization. Theproposal shall set forth the activities of the neighborhood organization,including the affordable housing assistance activities or market ratehousing in distressed communities, the neighborhood area to be served, whythe activities are needed, the estimated amount to be contributed to theneighborhood organization, and a list of the business firms proposing tomake the contributions. The commission is hereby authorized to promulgaterules and regulations pursuant to section 536.024, RSMo, for establishingcriteria for evaluating such proposals by business firms for approval ordisapproval, and for the certification of eligibility for tax creditsauthorized pursuant to this section. The decision of the commission toapprove or disapprove a proposal pursuant to this section shall be inwriting and, if approved, the maximum credit allowable to the business firmshall be stated. A copy of the decision of the commission shall betransmitted to the director of revenue and to the governor. A copy of thecertification approved by the commission and a statement of the totalamount of credits approved, the amount of credits previously taken by thetaxpayer and the amount being claimed for the current tax year shall befiled in a manner and form designated by the director of revenue for anytax year in which a tax credit is being claimed.
(L. 1996 H.B. 1237, A.L. 1999 S.B. 20)Effective 1-1-00
CROSS REFERENCE:
Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830