135.355. Eligibility statement must be filed with tax return, failure to comply, effect--federal requirement to recapture, state requires to recapture, amount. - Missouri Statutes

Eligibility statement must be filed with tax return, failure tocomply, effect--federal requirement to recapture, state requires torecapture, amount.

135.355. 1. The owner of a qualified Missouri project eligible forthe Missouri low-income housing tax credit shall submit, at the time offiling the owner's return, an eligibility statement. In the case offailure to attach the eligibility statement, no credit under this sectionshall be allowed with respect to such project for that year until thesecopies are provided to the department of revenue.

2. If under Section 42 of the 1986 Internal Revenue Code, as amended,a portion of any federal low-income housing credits taken on a low-incomeproject is required to be recaptured only during the first ten years aftera project is placed in service, the taxpayer claiming state credits withrespect to such project shall also be required to recapture a portion ofany state credits authorized by this section. The state recapture amountshall be equal to the proportion of the state credit claimed by thetaxpayer that equals the proportion the federal recapture amount bears tothe original federal low-income housing credit amount subject to recapture.

(L. 1990 H.B. 960 § 3 subsec. 2 subdivs. (3), (4), A.L. 1994 H.B. 1745, A.L. 2000 H.B. 1238)

CROSS REFERENCE:

Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830