135.357. Capital gain exclusion, when. - Missouri Statutes

Capital gain exclusion, when.

135.357. A taxpayer shall be allowed to exclude fromtaxation under chapter 143, RSMo, a portion of the capital gain,as calculated under the Internal Revenue Code of 1986, asamended, that results from the sale of a low-income projectsubsidized by the federal Department of Housing and UrbanDevelopment to a nonprofit or governmental organization,agreeing to preserve or increase the low-income occupancy of theproject. For those owners whose low-income project has at leastforty percent of its units occupied by persons or familieshaving incomes of sixty percent or less of the median income,the exclusion shall equal twenty-five percent of the capitalgain.

(L. 1990 H.B. 960 § 3 subsec. 3)

Effective 10-1-90