253.557. Credits exceeding tax liability--distribution--assignment. - Missouri Statutes

Credits exceeding tax liability--distribution--assignment.

253.557. 1. If the amount of such credit exceeds the total taxliability for the year in which the rehabilitated property is placed inservice, the amount that exceeds the state tax liability may be carried backto any of the three preceding years and carried forward for credit against thetaxes imposed pursuant to chapter 143, RSMo, and chapter 148, RSMo, except forsections 143.191 to 143.265, RSMo, for the succeeding ten years, or until thefull credit is used, whichever occurs first. Not-for-profit entities,including but not limited to corporations organized as not-for-profitcorporations pursuant to chapter 355, RSMo, shall be ineligible for the taxcredits authorized under sections 253.545 through 253.561. Taxpayers eligiblefor such tax credits may transfer, sell or assign the credits. Creditsgranted to a partnership, a limited liability company taxed as a partnershipor multiple owners of property shall be passed through to the partners,members or owners respectively pro rata or pursuant to an executed agreementamong the partners, members or owners documenting an alternate distributionmethod.

2. The assignee of the tax credits, hereinafter the assignee forpurposes of this subsection, may use acquired credits to offset up to onehundred percent of the tax liabilities otherwise imposed pursuant to chapter143, RSMo, and chapter 148, RSMo, except for sections 143.191 to 143.265,RSMo. The assignor shall perfect such transfer by notifying the department ofeconomic development in writing within thirty calendar days following theeffective date of the transfer and shall provide any information as may berequired by the department of economic development to administer and carry outthe provisions of this section.

(L. 1997 2d Ex. Sess. S.B. 1, A.L. 1998 S.B. 827)