620.650. Purpose of qualified funds--tax credit for qualified contribution to qualified fund, amount, application, restrictions--tax on qualified funds uninvested capital, amount, distributions deemed
Purpose of qualified funds--tax credit for qualified contribution toqualified fund, amount, application, restrictions--tax on qualifiedfunds uninvested capital, amount, distributions deemed made at endof tax year.
620.650. 1. The sole purpose of each qualified fund is to makeinvestments. One hundred percent of investments made from qualifiedcontributions shall be qualified investments.
2. Any person who makes a qualified contribution to a qualified fundshall receive a tax credit against the tax otherwise due pursuant tochapter 143, RSMo, chapter 147, RSMo, or chapter 148, RSMo, other thantaxes withheld pursuant to sections 143.191 to 143.265, RSMo, in an amountequal to one hundred percent of such person's qualified contribution.
3. Such person shall submit to the department an application for thetax credit on a form provided by the department. The department shallaward tax credits in the order the applications are received and based uponthe strategy approved by the board. Tax credits issued pursuant to thissection may be claimed for the tax year in which the qualified contributionis made or in any of the following ten years, and may be assigned,transferred or sold.
4. There is hereby imposed on each qualified fund a tax equal tofifteen percent of the qualified fund's uninvested capital at the close ofsuch qualified fund's tax year. For purposes of tax computation, anydistribution made by a qualified fund during a tax year is deemed made atthe end of such tax year. Each tax year, every qualified fund shall remitthe tax imposed by this section to the director of the department ofrevenue for deposit in the state treasury to the credit of the generalrevenue fund.
(L. 1999 S.B. 518 § 6)Effective 7-8-99
CROSS REFERENCE:
Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830