135.352. Taxpayer owning interest in qualified project shall be allowed a state tax credit, how determined, cap--carry-back and carry-forward of credit authorized--rules promulgation and procedure.
Taxpayer owning interest in qualified project shall be allowed a statetax credit, how determined, cap--carry-back and carry-forward ofcredit authorized--rules promulgation and procedure.
135.352. 1. A taxpayer owning an interest in a qualified Missouriproject shall, subject to the limitations provided under the provisions ofsubsection 3 of this section, be allowed a state tax credit, whether or notallowed a federal tax credit, to be termed the Missouri low-income housingtax credit, if the commission issues an eligibility statement for thatproject.
2. For qualified Missouri projects placed in service after January 1,1997, the Missouri low-income housing tax credit available to a projectshall be such amount as the commission shall determine is necessary toensure the feasibility of the project, up to an amount equal to the federallow-income housing tax credit for a qualified Missouri project, for afederal tax period, and such amount shall be subtracted from the amount ofstate tax otherwise due for the same tax period.
3. No more than six million dollars in tax credits shall beauthorized each fiscal year for projects financed through tax-exempt bondissuance.
4. The Missouri low-income housing tax credit shall be taken againstthe taxes and in the order specified pursuant to section 32.115, RSMo. Thecredit authorized by this section shall not be refundable. Any amount ofcredit that exceeds the tax due for a taxpayer's taxable year may becarried back to any of the taxpayer's three prior taxable years or carriedforward to any of the taxpayer's five subsequent taxable years.
5. All or any portion of Missouri tax credits issued in accordancewith the provisions of sections 135.350 to 135.362 may be allocated toparties who are eligible pursuant to the provisions of subsection 1 of thissection. Beginning January 1, 1995, for qualified projects which began onor after January 1, 1994, an owner of a qualified Missouri project shallcertify to the director the amount of credit allocated to each taxpayer.The owner of the project shall provide to the director appropriateinformation so that the low-income housing tax credit can be properlyallocated.
6. In the event that recapture of Missouri low-income housing taxcredits is required pursuant to subsection 2 of section 135.355, anystatement submitted to the director as provided in this section shallinclude the proportion of the state credit required to be recaptured, theidentity of each taxpayer subject to the recapture and the amount of creditpreviously allocated to such taxpayer.
7. The director of the department may promulgate rules andregulations necessary to administer the provisions of this section. Norule or portion of a rule promulgated pursuant to the authority of thissection shall become effective unless it has been promulgated pursuant tothe provisions of section 536.024, RSMo.
(L. 1990 H.B. 960 § 3 subsec. 2 subdivs. (1), (2), A.L. 1991 S.B. 185, A.L. 1993 H.B. 566, A.L. 1994 H.B. 1745, A.L. 1995 S.B. 3, A.L. 1997 H.B. 578, A.L. 2009 H.B. 191)*Rulemaking authority, effective when, null and void, when, see RSMo 135.361.