Missouri Revised Statutes













Chapter 348

Authorities and Corporations for Economic and Technological Development--Small Businesses

←348.500

Section 348.505.1

348.515→

August 28, 2015

Tax credit for family farm livestock loan program, procedure.

348.505. 1. As used in this section, "state tax liability", any state

tax liability incurred by a taxpayer under the provisions of chapters 143,

147, and 148, exclusive of the provisions relating to the withholding of tax

as provided for in sections 143.191 to 143.265 and related provisions.



2. Any eligible lender under the family farm livestock loan program under

section 348.500 shall be entitled to receive a tax credit equal to one

hundred percent of the amount of interest waived by the lender under section

348.500 on a qualifying loan for the first year of the loan only. The tax

credit shall be evidenced by a tax credit certificate issued by the

agricultural and small business development authority and may be used to

satisfy the state tax liability of the owner of such certificate that becomes

due in the tax year in which the interest on a qualified loan is waived by the

lender under section 348.500. No lender may receive a tax credit under this

section unless such person presents a tax credit certificate to the

department of revenue for payment of such state tax liability. The amount of

the tax credits that may be issued to all eligible lenders claiming tax

credits authorized in this section in a fiscal year shall not exceed three

hundred thousand dollars.



3. The agricultural and small business development authority shall be

responsible for the administration and issuance of the certificate of tax

credits authorized by this section. The authority shall issue a certificate

of tax credit at the request of any lender. Each request shall include a true

copy of the loan documents, the name of the lender who is to receive a

certificate of tax credit, the type of state tax liability against which the

tax credit is to be used, and the amount of the certificate of tax credit to

be issued to the lender based on the interest waived by the lender under

section 348.500 on the loan for the first year.



4. The Missouri department of revenue shall accept a certificate of tax

credit in lieu of other payment in such amount as is equal to the lesser of

the amount of the tax or the remaining unused amount of the credit as

indicated on the certificate of tax credit, and shall indicate on the

certificate of tax credit the amount of tax thereby paid and the date of such

payment.



5. The following provisions shall apply to tax credits authorized under

this section:



(1) Tax credits claimed in a taxable year may be claimed on a quarterly

basis and applied to the estimated quarterly tax of the lender;



(2) Any amount of tax credit which exceeds the tax due, including any

estimated quarterly taxes paid by the lender under subdivision (1) of this

subsection which results in an overpayment of taxes for a taxable year, shall

not be refunded but may be carried over to any subsequent taxable year, not to

exceed a total of three years for which a tax credit may be taken for a

qualified family farm livestock loan;



(3) Notwithstanding any provision of law to the contrary, a lender may

assign, transfer or sell tax credits authorized under this section, with the

new owner of the tax credit receiving the same rights in the tax credit as the

lender. For any tax credits assigned, transferred, sold, or otherwise

conveyed, a notarized endorsement shall be filed by the lender with the

authority specifying the name and address of the new owner of the tax credit

and the value of such tax credit; and



(4) Notwithstanding any other provision of this section to the contrary,

any commercial bank may use tax credits created under this section as

provided in section 148.064 and receive a net tax credit against taxes

actually paid in the amount of the first year's interest on loans made under

this section. If such first year tax credits reduce taxes due as provided in

section 148.064 to zero, the remaining tax credits may be carried over as

otherwise provided in this section and utilized as provided in section 148.064

in subsequent years.



(L. 2006 S.B. 1017, A.L. 2008 S.B. 931)





2006



2006



348.505. 1. As used in this section, "state tax liability", any

state tax liability incurred by a taxpayer under the provisions of chapters

143, 147, and 148, RSMo, exclusive of the provisions relating to the

withholding of tax as provided for in sections 143.191 to 143.265, RSMo,

and related provisions.



2. Any eligible lender under the family farm livestock loan program

under section 348.500 shall be entitled to receive a tax credit equal to

one hundred percent of the amount of interest waived by the lender under

section 348.500 on a qualifying loan for the first year of the loan only.

The tax credit shall be evidenced by a tax credit certificate issued by the

agricultural* and small business development authority and may be used to

satisfy the state tax liability of the owner of such certificate that

becomes due in the tax year in which the interest on a qualified loan is

waived by the lender under section 348.500. No lender may receive a tax

credit under this section unless such person presents a tax credit

certificate to the department of revenue for payment of such state tax

liability. The amount of the tax credits that may be issued to all

eligible lenders claiming tax credits authorized in this section in a

fiscal year shall not exceed one hundred fifty thousand dollars.



3. The agricultural* and small business development authority shall

be responsible for the administration and issuance of the certificate of

tax credits authorized by this section. The authority shall issue a

certificate of tax credit at the request of any lender. Each request shall

include a true copy of the loan documents, the name of the lender who is to

receive a certificate of tax credit, the type of state tax liability

against which the tax credit is to be used, and the amount of the

certificate of tax credit to be issued to the lender based on the interest

waived by the lender under section 348.500 on the loan for the first year.



4. The Missouri department of revenue shall accept a certificate of

tax credit in lieu of other payment in such amount as is equal to the

lesser of the amount of the tax or the remaining unused amount of the

credit as indicated on the certificate of tax credit, and shall indicate on

the certificate of tax credit the amount of tax thereby paid and the date

of such payment.



5. The following provisions shall apply to tax credits authorized

under this section:



(1) Tax credits claimed in a taxable year may be claimed on a

quarterly basis and applied to the estimated quarterly tax of the lender;



(2) Any amount of tax credit which exceeds the tax due, including any

estimated quarterly taxes paid by the lender under subdivision (1) of this

subsection which results in an overpayment of taxes for a taxable year,

shall not be refunded but may be carried over to any subsequent taxable

year, not to exceed a total of three years for which a tax credit may be

taken for a qualified family farm livestock loan;



(3) Notwithstanding any provision of law to the contrary, a lender

may assign, transfer or sell tax credits authorized under this section,

with the new owner of the tax credit receiving the same rights in the tax

credit as the lender. For any tax credits assigned, transferred, sold, or

otherwise conveyed, a notarized endorsement shall be filed by the lender

with the authority specifying the name and address of the new owner of the

tax credit and the value of such tax credit; and



(4) Notwithstanding any other provision of this section to the

contrary, any commercial bank may use tax credits created under this

section as provided in section 148.064, RSMo, and receive a net tax credit

against taxes actually paid in the amount of the first year's interest on

loans made under this section. If such first year tax credits reduce taxes

due as provided in section 148.064, RSMo, to zero, the remaining tax

credits may be carried over as otherwise provided in this section and

utilized as provided in section 148.064, RSMo, in subsequent years.



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