Section 348.434

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 348

Effective - 02 Jul 1999, see footnote   

  348.434.  Limitations on credits issued. — 1.  The aggregate of tax credits issued per fiscal year pursuant to sections 348.430 and 348.432 shall not exceed six million dollars.

  2.  Upon July 2, 1999, and ending June 30, 2000, tax credits shall be issued pursuant to section 348.430, except that, the authority shall allocate no more than three million dollars to fund section 348.432 in fiscal year 2000.  Beginning in fiscal year 2001 and each subsequent year, tax credits shall be issued pursuant to section 348.432.

  3.  Beginning the first day of May of each fiscal year following implementation of section 348.432, the authority may determine the extent of tax credits, pursuant to section 348.432, that will be utilized in each fiscal year.  If the authority determines that:

  (1)  Less than six million dollars for a fiscal year is to be utilized in tax credits pursuant to section 348.432; and

  (2)  The assets available to the authority, pursuant to section 348.430, do not exceed twelve million dollars; then, the authority may offer the remaining authorized tax credits be issued pursuant to section 348.430.

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(L. 1999 H.B. 888 § 3)

Effective 7-02-99

Expires 12-31-28