135.350. Definitions.

MISSOURI STATUTES AND CODES

Definitions.

135.350. As used in this section, unless the contextclearly requires otherwise, the following words and phrases shallmean:

(1) "Commission", the Missouri housing developmentcommission, or its successor agency;

(2) "Director", director of the department of revenue;

(3) "Eligibility statement", a statement authorized andissued by the commission certifying that a given projectqualifies for the Missouri low-income housing tax credit. Thecommission shall promulgate rules establishing criteria uponwhich the eligibility statements will be issued. The eligibilitystatement shall specify the amount of the Missouri low-incomehousing tax credit allowed. The commission shall only authorizethe tax credits to qualified projects which begin after June 18,1991;

(4) "Federal low-income housing tax credit", the federaltax credit as provided in section 42 of the 1986 Internal RevenueCode, as amended;

(5) "Low-income project", a housing project which hasrestricted rents that do not exceed thirty percent of medianincome for at least forty percent of its units occupied bypersons of families having incomes of sixty percent or less ofthe median income, or at least twenty percent of the unitsoccupied by persons or families having incomes of fifty percentor less of the median income;

(6) "Median income", those incomes which are determined bythe federal Department of Housing and Urban Developmentguidelines and adjusted for family size;

(7) "Qualified Missouri project", a qualified low-incomebuilding as that term is defined in section 42 of the 1986Internal Revenue Code, as amended, which is located in Missouri;

(8) "Taxpayer", person, firm or corporation subject to thestate income tax imposed by the provisions of chapter 143, RSMo,(except withholding imposed by sections 143.191 to 143.265, RSMo)or a corporation subject to the annual corporation franchise taximposed by the provisions of chapter 147, RSMo, or an insurancecompany paying an annual tax on its gross premium receipts inthis state, or other financial institution paying taxes to thestate of Missouri or any political subdivision of this stateunder the provisions of chapter 148, RSMo, or an express companywhich pays an annual tax on its gross receipts in this state.