100.850. Assessments remittal, job development assessment fee--company records available to board, when--when remitted assessment ceases--tax credit amount, cap, claiming credit--refunds. - Missouri Statutes

Assessments remittal, job development assessment fee--company recordsavailable to board, when--when remitted assessment ceases--taxcredit amount, cap, claiming credit--refunds.

100.850. 1. The approved company shall remit to the board a jobdevelopment assessment fee, not to exceed five percent of the gross wagesof each eligible employee whose job was created as a result of the economicdevelopment project, or not to exceed ten percent if the economicdevelopment project is located within a distressed community as defined insection 135.530, RSMo, for the purpose of retiring bonds which fund theeconomic development project.

2. Any approved company remitting an assessment as provided insubsection 1 of this section shall make its payroll books and recordsavailable to the board at such reasonable times as the board shall requestand shall file with the board documentation respecting the assessment asthe board may require.

3. Any assessment remitted pursuant to subsection 1 of this sectionshall cease on the date the bonds are retired.

4. Any approved company which has paid an assessment for debtreduction shall be allowed a tax credit equal to the amount of theassessment. The tax credit may be claimed against taxes otherwise imposedby chapters 143 and 148, RSMo, except withholding taxes imposed under theprovisions of sections 143.191 to 143.265, RSMo, which were incurred duringthe tax period in which the assessment was made.

5. In no event shall the aggregate amount of tax credits authorizedby subsection 4 of this section exceed twenty-five million dollarsannually. Of such amount, nine hundred fifty thousand dollars shall bereserved for an approved project for a world headquarters of a businesswhose primary function is tax return preparation that is located in anyhome rule city with more than four hundred thousand inhabitants and locatedin more than one county, which amount reserved shall end in the year of thefinal maturity of the certificates issued for such approved project.

6. The director of revenue shall issue a refund to the approvedcompany to the extent that the amount of credits allowed in subsection 4 ofthis section exceeds the amount of the approved company's income tax.

(L. 1996 H.B. 1237 § 22, A.L. 1998 H.B. 1656, A.L. 2003 H.B. 289 and S.B. 620, A.L. 2004 H.B. 1182 and S.B. 1155 and S.B. 1394, A.L. 2005 S.B. 343, A.L. 2009 H.B. 191)

Effective 6-04-09