135.120. Deferment of tax credit--election--notice. - Missouri Statutes

Deferment of tax credit--election--notice.

135.120. A taxpayer entitled to the credit allowed bysection 135.110 may elect to defer the commencement of theten-year period during which such credit is allowed to anytaxable year not later than the third taxable year following thetaxable year in which commencement of commercial operations atthe new business facility occurs. The taxpayer shall perfectsuch election by notifying the director of economic development,by a written statement attached to the tax credit application forthe taxable year in which commencement of commercial operationsat the new business facility occurs, of the intention to makesuch election. The election shall be made during the taxableyear immediately following the taxable year in which commencementof commercial operations occurs at such new business facility.Once such election has been perfected, the credit shall beallowed for the taxable year specified in such election and foreach of the nine succeeding taxable years.

(L. 1980 S.B. 644 § 3, A.L. 1991 H.B. 294 & 405)