320.093. Income tax credit for purchase of a dry fire hydrant or provision of water storage for dry hydrants, requirements, limitations and expiration date.
Income tax credit for purchase of a dry fire hydrant or provision ofwater storage for dry hydrants, requirements, limitations andexpiration date.
320.093. 1. Any person, firm or corporation who purchases a dry firehydrant, as defined in section 320.273, or provides an acceptable means ofwater storage for such dry fire hydrant including a pond, tank or otherstorage facility with the primary purpose of fire protection within thestate of Missouri, shall be eligible for a credit on income taxes otherwisedue pursuant to chapter 143, RSMo, except sections 143.191 to 143.261,RSMo, as an incentive to implement safe and efficient fire protectioncontrols. The tax credit, not to exceed five thousand dollars, shall beequal to fifty percent of the cost in actual expenditure for any new waterstorage construction, equipment, development and installation of the dryhydrant, including pipes, valves, hydrants and labor for each suchinstallation of a dry hydrant or new water storage facility. The amount ofthe tax credit claimed for in-kind contributions shall not exceedtwenty-five percent of the total amount of the contribution for which thetax credit is claimed.
2. Any amount of credit which exceeds the tax due shall not berefunded but may be carried over to any subsequent taxable year, not toexceed seven years. The person, firm or corporation may elect to assign toa third party the approved tax credit. The certificate of assignment andother appropriate forms shall be filed with the Missouri department ofrevenue and the department of economic development.
3. The person, firm or corporation shall make application for thecredit to the department of economic development after receiving approvalof the state fire marshal. The fire marshal shall establish by rulepromulgated pursuant to chapter 536, RSMo, the requirements to be met basedon the National Resources Conservation Service's Dry Hydrant Standard. Thestate fire marshal or designated local representative shall review andauthorize the construction and installation of any dry fire hydrant site.Only approved dry fire hydrant sites shall be eligible for tax credits asindicated in this section. Under no circumstance shall such authority denyany entity the ability to provide a dry fire hydrant site when tax creditsare not requested.
4. The department of public safety shall certify to the department ofrevenue that the dry hydrant system meets the requirements to obtain a taxcredit as specified in subsection 5 of this section.
5. In order to qualify for a tax credit under this section, a dryhydrant or new water storage facility shall meet the following minimumrequirements:
(1) Each body of water or water storage structure shall be able toprovide two hundred fifty gallons per minute for a continuous two-hourperiod during a fifty-year drought or freeze at a vertical lift of eighteenfeet;
(2) Each dry hydrant shall be located within twenty-five feet of anall-weather roadway and shall be accessible to fire protection equipment;
(3) Dry hydrants shall be located a reasonable distance from otherdry or pressurized hydrants; and
(4) The site shall provide a measurable economic improvementpotential for rural development.
6. New credits shall not be awarded under this section after August28, 2010. The total amount of all tax credits allowed pursuant to thissection is five hundred thousand dollars in any one fiscal year as approvedby the director of the department of economic development.
7. Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is created under the authority delegated in thissection shall become effective only if it complies with and is subject toall of the provisions of chapter 536, RSMo, and, if applicable, section536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and ifany of the powers vested with the general assembly pursuant to chapter 536,RSMo, to review, to delay the effective date or to disapprove and annul arule are subsequently held unconstitutional, then the grant of rulemakingauthority and any rule proposed or adopted after August 28, 2007, shall beinvalid and void.
(L. 1999 H.B. 701, A.L. 2007 S.B. 30)CROSS REFERENCE:
Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830