135.281. Application for income tax refund (Hazelwood Ford Plant)--approval procedures.

MISSOURI STATUTES AND CODES

135.281. Application for income tax refund (Hazelwood Ford Plant)--approval procedures.

Application for income tax refund (Hazelwood Ford Plant)--approvalprocedures.

135.281. 1. Any taxpayer operating an approved retained businessfacility that is located within a state enterprise zone establishedpursuant to sections 135.200 to 135.256 may make an application to thedepartment of economic development for an income tax refund.

2. Such refunds shall be approved only if the amount of tax creditscertified for the taxpayer in the taxable year exceeded the company's totalMissouri tax on taxable income in that year by an amount equal to at leastone million dollars. In such cases, a portion of tax credits earned shallconstitute an overpayment of taxes and may be refunded to the taxpayer inthe manner authorized by this section.

3. The department shall evaluate and may approve such applicationsbased upon the importance of the approved retained business facility to theeconomy of Missouri, the company's investment of at least five hundredmillion dollars in facilities or equipment, and the number of jobs to becreated or retained. Such applications may be approved annually for nolonger than five successive years. The maximum amount of refund that maybe awarded to the manufacturer or assembler shall not exceed two milliondollars per year. Notwithstanding other provisions of law to the contrary,if the taxpayer's tax credits issued under sections 135.276 to 135.283 fora taxable year exceed the taxpayer's taxable income by more than twomillion dollars, the credits may be carried forward for five years or untilused, whichever is earlier, and may be included in refund amounts otherwiseauthorized by this section.