135.414. Requirements for business to be eligible for tax credit investments--ineligible persons or entities. - Missouri Statutes

Requirements for business to be eligible for tax creditinvestments--ineligible persons or entities.

135.414. The business receiving the investment must have annualrevenues of two million dollars or less determined as of the end of themost recent fiscal year and the operation of the business must be thefull-time professional activity of the principal owner or owners, exceptfull-time researchers or faculty members at public or private universities.The following persons or entities shall not be eligible for a creditagainst state tax liability under the provisions of sections 135.400 to135.430:

(1) The principal owner;

(2) The spouse of the principal owner;

(3) Any person related to the person specified in subdivision (1) or(2) of this section within the third degree of consanguinity or affinity;or

(4) Any corporation, partnership, trust or other entity which iscontrolled, directly or indirectly, by any of the persons specified insubdivision (1), (2) or (3) of this section where fifty percent or more ofthe equity interest in any such entity is owned, directly or indirectly, byany of the persons specified in subdivision (1), (2) or (3) of thissection.

(L. 1992 S.B. 661 & 620 § 9 subsec. 6, A.L. 1994 H.B. 1547 & 961, A.L. 1995 H.B. 414)

Effective 1-1-96