135.115. Vesting of tax credits, when--waiver, applicable when. - Missouri Statutes

Vesting of tax credits, when--waiver, applicable when.

135.115. The right to receive the tax credits described in section135.110 shall vest in the taxpayer upon commencement of operations of therevenue-producing enterprise, but the taxpayer shall waive such vestedright for any given year in which the taxpayer fails to meet the terms andconditions of sections 135.100 to 135.150. Representations made by thedepartment of economic development and relied upon in good faith by thetaxpayer shall be binding upon the state of Missouri to the extent suchrepresentations are consistent with the provisions of this chapter. Theprovisions of this section shall apply to all revenue-producing enterpriseswhich are eligible for incentives pursuant to this section and whichcommenced operations on or after January 1, 1990, to the extent suchincentives do not exceed the ten-year limitation set forth in subsection 1of section 135.110.

(L. 1999 H.B. 701)