348.302. Tax credit, evidenced by certificate--may be used when--limitations on credit, credits transferable. - Missouri Statutes

Tax credit, evidenced by certificate--may be used when--limitationson credit, credits transferable.

348.302. 1. Any person who makes a qualified contribution to aqualified fund shall be entitled to receive a tax credit equal to fiftypercent of the amount of the qualified contribution. The tax credit shallbe evidenced by a tax credit certificate in accordance with the provisionsof sections 348.300 to 348.318 and may be used to satisfy the state taxliability of the owner of such certificate that becomes due in the tax yearin which the qualified contribution is made, or in any of the ten tax yearsthereafter. No person may receive a tax credit pursuant to sections348.300 to 348.318 unless that person presents a tax credit certificate tothe department of revenue for payment of such state tax liability.

2. The amount of such qualified contributions which can be made islimited so that the aggregate of all tax credits authorized under theprovisions of sections 348.300 to 348.318 shall not exceed nine milliondollars. All tax credits authorized under the provisions of this sectionmay be transferred, sold or assigned.

(L. 1986 S.B. 591 § 2, A.L. 1992 S.B. 661 & 620, A.L. 1998 H.B. 1656)

Effective 1-1-99

CROSS REFERENCE:

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