Effective - 23 Dec 1997
100.297. Tax credit for owner of revenue bonds or notes, purpose, when, amount, limitation. — 1. The board may authorize a tax credit, as described in this section, to the owner of any revenue bonds or notes issued by the board pursuant to the provisions of sections 100.250 to 100.297, for infrastructure facilities as defined in subdivision (9) of section 100.255, if, prior to the issuance of such bonds or notes, the board determines that:
(1) The availability of such tax credit is a material inducement to the undertaking of the project in the state of Missouri and to the sale of the bonds or notes;
(2) The loan with respect to the project is adequately secured by a first deed of trust or mortgage or comparable lien, or other security satisfactory to the board.
2. Upon making the determinations specified in subsection 1 of this section, the board may declare that each owner of an issue of revenue bonds or notes shall be entitled, in lieu of any other deduction with respect to such bonds or notes, to a tax credit against any tax otherwise due by such owner pursuant to the provisions of chapter 143, excluding withholding tax imposed by sections 143.191 to 143.261, chapter 147, or chapter 148, in the amount of one hundred percent of the unpaid principal of and unpaid interest on such bonds or notes held by such owner in the taxable year of such owner following the calendar year of the default of the loan by the borrower with respect to the project. The occurrence of a default shall be governed by documents authorizing the issuance of the bonds. The tax credit allowed pursuant to this section shall be available to the original owners of the bonds or notes or any subsequent owner or owners thereof. Once an owner is entitled to a claim, any such tax credits shall be transferable as provided in subsection 7 of section 100.286. Notwithstanding any provision of Missouri law to the contrary, any portion of the tax credit to which any owner of a revenue bond or note is entitled pursuant to this section which exceeds the total income tax liability of such owner of a revenue bond or note shall be carried forward and allowed as a credit against any future taxes imposed on such owner within the next ten years pursuant to the provisions of chapter 143, excluding withholding tax imposed by sections 143.191 to 143.261, chapter 147, or chapter 148. The eligibility of the owner of any revenue bond or note issued pursuant to the provisions of sections 100.250 to 100.297 for the tax credit provided by this section shall be expressly stated on the face of each such bond or note. The tax credit allowed pursuant to this section shall also be available to any financial institution or guarantor which executes any credit facility as security for bonds issued pursuant to this section to the same extent as if such financial institution or guarantor was an owner of the bonds or notes, provided however, in such case the tax credits provided by this section shall be available immediately following any default of the loan by the borrower with respect to the project. In addition to reimbursing the financial institution or guarantor for claims relating to unpaid principal and interest, such claim may include payment of any unpaid fees imposed by such financial institution or guarantor for use of the credit facility.
3. The aggregate principal amount of revenue bonds or notes outstanding at any time with respect to which the tax credit provided in this section shall be available shall not exceed fifty million dollars.
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(L. 1985 H.B. 416, A.L. 1994 H.B. 1248 & 1048, A.L. 1997 2d Ex. Sess. S.B. 1)
Effective 12-23-97
CROSS REFERENCE:
Tax Credit Accountability Act of 2004, additional requirements, 135.800 to 135.830
(1987) This section violates section 38(a) of Article III of the Missouri Constitution. Curchin v. Missouri Industrial Development Board, 722 S.W.2d 930 (Mo. banc).
Structure Missouri Revised Statutes
Title VII - Cities, Towns and Villages
Chapter 100 - Industrial Development
Section 100.010 - Definitions.
Section 100.020 - Municipality may carry out industrial development projects.
Section 100.030 - Acceptance of federal grants or gifts.
Section 100.040 - Plans for industrial development to be made.
Section 100.090 - General obligation bonds authorized.
Section 100.100 - Revenue bonds authorized, how paid.
Section 100.105 - Municipality to file annual report on bond issuances with department, content.
Section 100.120 - Time for election — subsequent elections.
Section 100.130 - Municipality to fix terms and form of revenue bonds.
Section 100.140 - Sinking fund for revenue bonds.
Section 100.150 - Revenue bonds payable from revenues only — statement on bond.
Section 100.155 - Revenue bonds, municipalities, refunding issue authorized — form and terms.
Section 100.160 - Municipality to carry out plan on receipt of funds.
Section 100.170 - Construction to be under contract — how let, notice.
Section 100.190 - Property acquired may be sold.
Section 100.200 - Sales of industrial development property acquired with revenue bonds.
Section 100.250 - Title of act.
Section 100.255 - Definitions.
Section 100.270 - Board's powers and duties — rules, authority to promulgate.
Section 100.277 - Employment and business opportunities required to be provided, to whom.
Section 100.282 - Limitations on approval of loans.
Section 100.291 - Guarantees issued by board, when — application, fee — information required.
Section 100.292 - Guarantee agreement provisions.
Section 100.297 - Tax credit for owner of revenue bonds or notes, purpose, when, amount, limitation.
Section 100.300 - Short title.
Section 100.310 - Definitions.
Section 100.320 - Planned industrial expansion authority created, powers exercised, when.
Section 100.330 - Commissioners, number reduced, appointment, term, vacancies.
Section 100.340 - Commission, quorum, officers, legal services, how obtained.
Section 100.350 - Commissioner, expenses — certificate of appointment.
Section 100.360 - Commissioner, removal for cause, hearing.
Section 100.390 - Authority to be a body corporate and politic, powers and duties of authority.
Section 100.400 - Preparation and approval of plans, regulations governing.
Section 100.410 - Property in a project, how disposed of.
Section 100.420 - Authority may exercise power of eminent domain.
Section 100.430 - Bonds, issuance by authority.
Section 100.440 - Bonds, how issued, authorized and sold.
Section 100.445 - Allowable rates of interest.
Section 100.470 - Payment of bonds secured, how.
Section 100.480 - Powers of obligee granted by authority.
Section 100.490 - Obligee, rights of, exception.
Section 100.500 - Bonds or other obligations legal investments for enumerated purposes, when.
Section 100.530 - Public bodies may assist a project, how.
Section 100.540 - Sales by public body to authority, how made.
Section 100.550 - Cities may levy taxes or sell bonds to finance grants to an authority.
Section 100.560 - Two or more authorities may cooperate in a project.
Section 100.570 - Ad valorem tax benefits available, when.
Section 100.590 - Authority may assume projects of constitutional charter cities, when.
Section 100.610 - Law to be liberally construed.
Section 100.620 - Powers conferred in this law to be supplemental to existing powers.
Section 100.710 - Definitions.
Section 100.740 - Financing agreement, authority to enter into.
Section 100.750 - Financing agreement, contents.
Section 100.760 - Credit agreement, conditions.
Section 100.770 - Factors considered in awarding credit.
Section 100.790 - Agreement contents.
Section 100.800 - Noncompliance by eligible industry, determination, penalty.
Section 100.810 - Evaluation of program.
Section 100.820 - Program costs, how paid, assessments.
Section 100.830 - Special fund, purposes — certification by employer.