☰ Revisor of Missouri

Title X TAXATION AND REVENUE

Chapter 135

< > Effective - 28 Aug 2002, 7 histories, see footnote (history) bottom

  135.327.  Special needs child adoption tax credit — nonrecurring adoption expenses, amount — business entities tax credit, amount — assignment of tax credit, when. — 1. Any person residing in this state who legally adopts a special needs child on or after January 1, 1988, and before January 1, 2000, shall be eligible to receive a tax credit of up to ten thousand dollars for nonrecurring adoption expenses for each child adopted that may be applied to taxes due under chapter 143, RSMo. Any business entity providing funds to an employee to enable that employee to legally adopt a special needs child shall be eligible to receive a tax credit of up to ten thousand dollars for nonrecurring adoption expenses for each child adopted that may be applied to taxes due under such business entity's state tax liability, except that only one ten thousand dollar credit is available for each special needs child that is adopted.

  2. Any person residing in this state who proceeds in good faith with the adoption of a special needs child on or after January 1, 2000, shall be eligible to receive a tax credit of up to ten thousand dollars for nonrecurring adoption expenses for each child that may be applied to taxes due under chapter 143, RSMo. Any business entity providing funds to an employee to enable that employee to proceed in good faith with the adoption of a special needs child shall be eligible to receive a tax credit of up to ten thousand dollars for nonrecurring adoption expenses for each child that may be applied to taxes due under such business entity's state tax liability, except that only one ten thousand dollar credit is available for each special needs child that is adopted.

  3. Individuals and business entities may claim a tax credit for their total nonrecurring adoption expenses in each year that the expenses are incurred. A claim for fifty percent of the credit shall be allowed when the child is placed in the home. A claim for the remaining fifty percent shall be allowed when the adoption is final. The total of these tax credits shall not exceed the maximum limit of ten thousand dollars per child. The cumulative amount of tax credits which may be claimed by taxpayers for nonrecurring adoption expenses in any one fiscal year shall not exceed two million dollars.

  4. Notwithstanding any provision of law to the contrary, any individual or business entity may assign, transfer or sell tax credits allowed in this section. Any sale of tax credits claimed pursuant to this section shall be at a discount rate of seventy-five percent or greater of the amount sold.

­­--------

(L. 1987 S.B. 402 § 3, A.L. 1995 H.B. 414, A.L. 1999 H.B. 316, et al., A.L. 2002 S.B. 923, et al.)


---- end of effective  28 Aug 2002 ----

use this link to bookmark section  135.327


 - All versions
Effective End
135.327 8/28/2023
135.327 8/28/2021 8/28/2023
135.327 3/29/2013 8/28/2021
135.327 6/30/2007 3/29/2013
135.327 8/28/2006 6/30/2007
135.327 7/1/2004 8/28/2006
135.327 8/28/2002 7/1/2004

Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions End Report

Site changes Pictures Contact

Other Links
Legislative Research Oversight MOLIS
Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House