Missouri Revised Statutes
Chapter 135
Tax Relief
←135.363
Section 135.400.1
135.401→
August 28, 2015
Definitions.
135.400. As used in sections 135.400 to 135.430, the following terms mean:
(1) "Certificate", a tax credit certificate issued by the department of
economic development in accordance with sections 135.400 to 135.430;
(2) "Community bank", either a bank community development corporation
or development bank, which are financial organizations which receive
investments from commercial financial institutions regulated by the federal
reserve, the office of the comptroller of the currency, the office of thrift
supervision, or the Missouri division of finance. Community banks, in
addition to their other privileges, shall be allowed to make loans to
businesses or equity investments in businesses or in real estate provided that
such transactions have associated public benefits;
(3) "Community development corporation", a not-for-profit corporation
whose board of directors is composed of businesses, civic and community
leaders, and whose primary purpose is to encourage and promote the
industrial, economic, entrepreneurial, commercial, and civic development or
redevelopment of a community or area, including the provision of housing and
community development projects that benefit low-income individuals and
communities;
(4) "Department", the Missouri department of economic development;
(5) "Director", the director of the department of economic development,
or a person acting under the supervision of the director;
(6) "Investment", a transaction in which a Missouri small business or a
community bank receives a monetary benefit from an investor pursuant to the
provisions of sections 135.403 to 135.414;
(7) "Investor", an individual, partnership, financial institution,
trust or corporation meeting the eligibility requirements of sections 135.403
to 135.414. In the case of partnerships and nontaxable trusts, the individual
partners or beneficiaries shall be treated as the investors;
(8) "Missouri small business", an independently owned and operated
business as defined in Title 15 U.S.C. Section 632(a) and as described by
Title 13 CFR Part 121, which is headquartered in Missouri and which employs
at least eighty percent of its employees in Missouri, except that no such
small business shall employ more than one hundred employees. Such businesses
must be involved in interstate or intrastate commerce for the purpose of
manufacturing, processing or assembling products, conducting research and
development, or providing services in interstate commerce, but excluding
retail, real estate, insurance or professional services. For the purpose of
qualifying for the tax credit pursuant to sections 135.400 to 135.430,
"Missouri small business" shall include cooperative marketing associations
organized pursuant to chapter 274 which are engaged in the business of
producing and marketing fuels derived from agriculture commodities, without
regard for whether a cooperative marketing association has more than one
hundred employees. Cooperative marketing associations organized pursuant to
chapter 274 shall not be required to comply with the requirements of section
135.414;
(9) "Primary employment", work which pays at least the minimum wage and
which is not seasonal or part-time;
(10) "Principal owners", one or more persons who own an aggregate of
fifty percent or more of the Missouri small business and who are involved in
the operation of the business as a full-time professional activity;
(11) "Project", any commercial or industrial business or other economic
development activity undertaken in a target area, designed to reduce
conditions of blight, unemployment or widespread reliance on public
assistance which creates permanent primary employment opportunities;
(12) "State tax liability", any liability incurred by a taxpayer pursuant
to the provisions of chapter 143, chapter 147, chapter 148, section 375.916,
and chapter 153, exclusive of the provisions relating to the withholding of
tax as provided for in sections 143.191 to 143.265 and related provisions;
(13) "Target area", a group of blocks or a self-defined neighborhood
where the rate of poverty in the area is greater than twice the national
poverty rate and as defined by the department of social services in
conjunction with the department of economic development. Areas of the state
satisfying the criteria of this subdivision may be designated as a "target
area" following appropriate findings made and certified by the departments of
economic development and social services. In making such findings, the
departments of economic development and social services may use any commonly
recognized records and statistical indices published or made available by any
agency or instrumentality of the federal or state government. No area of the
state shall be a target area until so certified by the department of social
services and the revitalization plan submitted pursuant to section 208.335
has received approval.
(L. 1992 S.B. 661 & 620 § 8, A.L. 1994 H.B. 1547 & 961, A.L. 1995 H.B.
414, S.B. 445, A.L. 1996 H.B. 1237, A.L. 1997 2d Ex. Sess. S.B.
1, A.L. 1998 S.B. 827, A.L. 2003 H.B. 289)
CROSS REFERENCE:
Annual report for tax credits, 320.092
1998
1998
135.400. As used in sections 348.330 to 348.351, the
following words and terms mean:
(1) "At risk", the repayment of an investment is
entirely dependent upon the success of the business
operations;
(2) "Certificate", a tax credit certificate issued by
the department of economic development in accordance with
sections 348.330 to 348.351;
(3) "Department", the Missouri department of economic
development;
(4) "Director", the director of the department of
economic development, or a person acting under the
supervision of the director;
(5) "Investment", a transaction in which a Missouri
small business receives a monetary benefit from an investor
under the provisions of sections 348.332 to 348.341;
(6) "Investor", an individual, partnership, trust or
corporation meeting the eligibility requirements of sections
348.332 to 348.341. In the case of partnerships and
nontaxable trusts, the individual partners or beneficiaries
shall be treated as the investors;
(7) "Missouri small business", an independently owned
and operated business as defined in Title 15 USC section
632(a) and as described by Title 13 C.F.R. Part 121, which
is headquartered in Missouri and which employs at least
eighty percent of its employees in Missouri, except that no
such small business shall employ more than one hundred
employees. Such businesses must be involved in interstate
or intrastate commerce for the purpose of manufacturing,
processing or assembling products, conducting research and
development, or providing services in interstate commerce,
but excluding retail, real estate, insurance or professional
services;
(8) "Principal owners", one or more persons who own an
aggregate of fifty percent or more of the Missouri small
business and who are involved in the operation of the
business as a full-time professional activity;
(9) "State tax liability", any liability incurred by a
taxpayer under the provisions of chapters 143, 147 and 153,
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.
Top
Missouri General Assembly
Copyright © Missouri Legislature, all rights reserved.
