Pre-filed December 14, 1999, and 1000 copies ordered printed.
ANNE C. WALKER, Chief Clerk
AN ACT
To amend chapter 135, RSMo, relating to tax relief by adding thereto one new section relating to contributions for a veteran memorial.
Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.610, to read as follows:
135.610. 1. As used in this section, the following terms shall mean:
(1) "Qualified contribution or contributions", a donation or donations in an amount equal to or less than five million dollars of cash to the World War II memorial trust fund created in subsection 2 of this section;
(2) "State tax liability", in the case of a business taxpayer, any liability incurred by such taxpayer pursuant to the provisions of chapter 143, RSMo, chapter 147, RSMo, chapter 148, RSMo, and chapter 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, and in the case of an individual taxpayer, any liability incurred by such taxpayer pursuant to the provisions of chapter 143, RSMo;
(3) "Taxpayer", a person, a firm, a partner in a firm, a corporation or a shareholder in an S corporation doing business in the state of Missouri and subject to the state income tax imposed by the provisions of chapter 143, RSMo, or a corporation subject to the annual corporation franchise tax imposed by the provisions of chapter 147, RSMo, or an insurance company paying an annual tax on its gross premium receipts in this state, or other financial institution paying taxes to the state of Missouri or any political subdivision of this state pursuant to the provisions of chapter 148, RSMo, or an express company which pays an annual tax on its gross receipts in this state pursuant to chapter 153, RSMo, or an individual subject to the state income tax imposed by the provisions of chapter 143, RSMo.
2. The "World War II Memorial Trust Fund", is hereby created as a receptacle for five million dollars in qualified contributions of taxpayers for distribution to any fund dedicated to constructing a memorial on the National World War II Memorial site dedicated on November 11, 1995, the World War II memorial fund. The Veterans' Commission shall administer the fund. Upon appropriation, the Veterans' Commission shall transfer moneys in the World War II memorial trust fund to any fund dedicated to constructing a memorial on the National World War II Memorial site dedicated on November 11, 1995.
3. For tax years beginning on and after January 1, 2000, until the issuance of five million dollars in tax credits
pursuant to this subsection, a resident taxpayer shall be allowed to claim a credit against the taxpayer's state tax
liability, in an amount equal to the taxpayer's qualified contribution made during the taxpayer's tax year or the
amount of credits remaining for qualified contributions made during the taxpayer's tax year pursuant to this
subsection. To claim the credit allowed pursuant to this section, a taxpayer shall apply to the Veterans'
Commission. The Veterans' Commission shall issue each taxpayer who has made a qualified contribution a
certificate of tax credit. Tax credits shall be issued by the Veterans' Commission in the order the applications
therefor are received. Tax credits issued pursuant to this subsection shall be nonrefundable and shall not be
carried back or forward to any other tax year.
Missouri House of Representatives