348.430. Agricultural product utilization contributor tax credit--definitions--requirements--limitations.
Agricultural product utilization contributor taxcredit--definitions--requirements--limitations.
348.430. 1. The tax credit created in this section shall be known asthe "Agricultural Product Utilization Contributor Tax Credit".
2. As used in this section, the following terms mean:
(1) "Authority", the agriculture and small business developmentauthority as provided in this chapter;
(2) "Contributor", an individual, partnership, corporation, trust,limited liability company, entity or person that contributes cash funds tothe authority;
(3) "Development facility", a facility producing either a goodderived from an agricultural commodity or using a process to produce a goodderived from an agricultural product;
(4) "Eligible new generation cooperative", a nonprofit cooperativeassociation formed pursuant to chapter 274, RSMo, or incorporated pursuantto chapter 357, RSMo, for the purpose of operating within this state adevelopment facility or a renewable fuel production facility;
(5) "Eligible new generation processing entity", a partnership,corporation, cooperative, or limited liability company organized orincorporated pursuant to the laws of this state consisting of not less thantwelve members, approved by the authority, for the purpose of owning oroperating within this state a development facility or a renewable fuelproduction facility in which producer members:
(a) Hold a majority of the governance or voting rights of the entityand any governing committee;
(b) Control the hiring and firing of management; and
(c) Deliver agricultural commodities or products to the entity forprocessing, unless processing is required by multiple entities;
(6) "Renewable fuel production facility", a facility producing anenergy source which is derived from a renewable, domestically grown,organic compound capable of powering machinery, including an engine orpower plant, and any by-product derived from such energy source.
3. For all tax years beginning on or after January 1, 1999, acontributor who contributes funds to the authority may receive a creditagainst the tax or estimated quarterly tax otherwise due pursuant tochapter 143, RSMo, other than taxes withheld pursuant to sections 143.191to 143.265, RSMo, chapter 148, RSMo, chapter 147, RSMo, in an amount of upto one hundred percent of such contribution. Tax credits claimed in ataxable year may be done so on a quarterly basis and applied to theestimated quarterly tax pursuant to this subsection. If a quarterly taxcredit claim or series of claims contributes to causing an overpayment oftaxes for a taxable year, such overpayment shall not be refunded but shallbe applied to the next taxable year. The awarding of such credit shall beat the approval of the authority, based on the least amount of creditsnecessary to provide incentive for the contributions. A contributor thatreceives tax credits for a contribution to the authority shall receive noother consideration or compensation for such contribution, other than afederal tax deduction, if applicable, and goodwill.
4. A contributor shall submit to the authority an application for thetax credit authorized by this section on a form provided by the authority.If the contributor meets all criteria prescribed by this section and theauthority, the authority shall issue a tax credit certificate in theappropriate amount. Tax credits issued pursuant to this section may beclaimed in the taxable year in which the contributor contributes funds tothe authority. For all fiscal years beginning on or after July 1, 2004,tax credits allowed pursuant to this section may be carried back to any ofthe contributor's three prior tax years and may be carried forward to anyof the contributor's five subsequent taxable years. Tax credits issuedpursuant to this section may be assigned, transferred or sold and the newowner of the tax credit shall have the same rights in the credit as thecontributor. Whenever a certificate of tax credit is assigned,transferred, sold or otherwise conveyed, a notarized endorsement shall befiled with the authority specifying the name and address of the new ownerof the tax credit or the value of the credit.
5. The funds derived from contributions in this section shall be usedfor financial assistance or technical assistance for the purposes providedin section 348.407 to rural agricultural business concepts as approved bythe authority. The authority may provide or facilitate loans, equityinvestments, or guaranteed loans for rural agricultural business concepts,but limited to two million dollars per project or the net state economicimpact, whichever is less. Loans, equity investments or guaranteed loansmay only be provided to feasible projects, and for an amount that is theleast amount necessary to cause the project to occur, as determined by theauthority. The authority may structure the loans, equity investments orguaranteed loans in a way that facilitates the project, but also providesfor a compensatory return on investment or loan payment to the authority,based on the risk of the project.
6. In any given year, at least ten percent of the funds granted torural agricultural business concepts shall be awarded to grant requests oftwenty-five thousand dollars or less. No single rural agriculturalbusiness concept shall receive more than two hundred thousand dollars ingrant awards from the authority. Agricultural businesses owned by minoritymembers or women shall be given consideration in the allocation of funds.
(L. 1999 H.B. 888 § 1, A.L. 2002 H.B. 1348, A.L. 2004 H.B. 1182 merged with S.B. 740, et al., A.L. 2005 S.B. 355, A.L. 2008 S.B. 931)Expires 12-31-16
CROSS REFERENCE:
Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830