135.363. Sale, assignment, transfer of tax credits allowed, when--statement required, submission to director--rules. - Missouri Statutes

Sale, assignment, transfer of tax credits allowed, when--statementrequired, submission to director--rules.

135.363. 1. All or any portion of tax credits issued inaccordance with the provisions of sections 135.350 to 135.363 maybe transferred, sold or assigned to parties who are eligibleunder the provisions of subsection 1 of section 135.352.

2. Beginning January 1, 1995, for qualified projects whichbegan on or after January 1, 1994, an owner or transfereedesiring to make a transfer, sale or assignment as described insubsection 1 of this section shall submit to the director of thedepartment of revenue a statement which describes the amount ofcredit for which such transfer, sale or assignment of credit iseligible. The owner shall provide to the director of revenueappropriate information so that the low-income housing tax creditcan be properly allocated.

3. In the event that recapture of Missouri low-incomehousing tax credits is required pursuant to subsection 2 ofsection 135.355, any statement submitted to the director of thedepartment of revenue as provided in this section shall includethe proportion of the state credit required to be recaptured, theidentity of each transferee subject to recapture and the amountof credit previously transferred to such transferee.

4. The director of the department of revenue may prescriberules and regulations necessary for the administration of theprovisions of this section.

(L. 1994 H.B. 1248 & 1048)