32.110. Firms providing neighborhood assistance to receive tax credits. - Missouri Statutes

Firms providing neighborhood assistance to receive tax credits.

32.110. Any business firm which engages in the activities ofproviding physical revitalization, economic development, job training oreducation for individuals, community services, or crime prevention in thestate of Missouri shall receive a tax credit as provided in section 32.115if the director of the department of economic development annually approvesthe proposal of the business firm; except that, no proposal shall beapproved which does not have the endorsement of the agency of localgovernment within the area in which the business firm is engaging in suchactivities which has adopted an overall community or neighborhooddevelopment plan that the proposal is consistent with such plan. Theproposal shall set forth the program to be conducted, the neighborhood areato be served, why the program is needed, the estimated amount to becontributed to the program and the plans for implementing the program. If,in the opinion of the director of the department of economic development, abusiness firm's contribution can more consistently with the purposes ofsections 32.100 to 32.125 be made through contributions to a neighborhoodorganization as defined in subdivision (13) of section 32.105, tax creditsmay be allowed as provided in section 32.115. The director of thedepartment of economic development is hereby authorized to promulgate rulesand regulations for establishing criteria for evaluating such proposals bybusiness firms for approval or disapproval and for establishing prioritiesfor approval or disapproval of such proposals by business firms with theassistance and approval of the director of the department of revenue. Thetotal amount of tax credit granted for programs approved pursuant tosections 32.100 to 32.125 shall not exceed fourteen million dollars infiscal year 1999 and twenty-six million dollars in fiscal year 2000, andany subsequent fiscal year, except as otherwise provided for proposalsapproved pursuant to section 32.111, 32.112 or 32.117. All tax creditsauthorized pursuant to the provisions of sections 32.100 to 32.125 may beused as a state match to secure additional federal funding.

(L. 1977 S.B. 375 § 3, A.L. 1980 H.B. 1349 & 1577, A.L. 1989 H.B. 378, A.L. 1990 H.B. 960, A.L. 1998 S.B. 827, A.L. 1999 S.B. 20, A.L. 2000 S.B. 894, A.L. 2004 S.B. 1155)

CROSS REFERENCE:

Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830