135.270. Strategic initiative investment income tax refund, automobile manufacturers or assemblers. - Missouri Statutes

Strategic initiative investment income tax refund, automobilemanufacturers or assemblers.

135.270. 1. Any automobile manufacturer or assembler, as defined bystandard industrial classification code (SIC) number 3711, that is locatedwithin a state enterprise zone established pursuant to sections 135.200 to135.256 may make an application to the department of economic developmentfor a strategic initiative investment income tax refund.

2. Such refunds shall be approved only if the total amount of taxcredits certified for the automobile manufacturer or assembler in the fourcalendar years immediately preceding 1998 exceeded the company's totalMissouri tax on taxable income in those years by an amount equal to atleast twenty million dollars. In such cases, a portion of tax creditsearned shall constitute an overpayment of taxes and may be refunded to thetaxpayer in the manner authorized by this section as a strategic initiativeincome tax fund.

3. The department shall evaluate and may approve such applicationsbased upon the importance of the manufacturer to the economy of Missouri,the company's investment of at least one hundred million dollars in newfacilities or equipment, and the number of jobs to be created or retainedas a result of new investment. Such applications may be approved annuallyfor no longer than five successive years. The maximum amount of refundthat may be awarded to the manufacturer or assembler shall not exceed twomillion dollars per year.

(L. 1998 S.B. 827 § 1)