Read 1st time January 26, 2000, and 1000 copies ordered printed.
ANNE C. WALKER, Chief Clerk
To amend chapter 135, RSMo, relating to tax relief by adding thereto one new section relating to lead abatement projects.
Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.915, to read as follows:
135.915. 1. As used in this section, the following terms shall mean:
(1) "Census tract", as defined by the Bureau of the Census;
(2) "Child-occupied facility", as defined in section 701.300, RSMo;
(3) "Department", department of health;
(4) "Dwelling", as defined in section 701.300, RSMo;
(5) "Owner", as defined in section 701.300, RSMo;
(6) "Poverty level", the federal poverty level established by the Department of Health and Human Services, or its successor agency;
(7) "Qualified lead abatement project", as defined in section 701.300, RSMo, and conforming to the requirements of sections 701.300 to 701.338, RSMo;
(8) "State tax liability", in the case of a business taxpayer, any liability incurred by such taxpayer pursuant to the provisions of chapter 143, RSMo, excluding sections 143.191 to 143.265, RSMo, chapter 147, RSMo, chapter 148, RSMo, and chapter 153, RSMo, and in the case of an individual taxpayer, any liability incurred by such taxpayer pursuant to the provisions of chapter 143, RSMo, excluding sections 143.191 to 143.265, RSMo.
2. For tax years beginning on or after January 1, 2002, an owner of any individual parcel of real estate which contains a child-occupied facility or dwelling involved in a qualified lead abatement project shall, upon application and availability, be allowed to claim a credit against such owner's state tax liability in an amount equal to either fifty percent of costs paid during such owner's taxable year for such qualified lead abatement project if such project is located in a census tract above poverty level or one hundred percent of costs paid during such owner's taxable year for such qualified lead abatement project if such project is located in a census tract below poverty level; except that, no owner shall be allowed to claim a credit in excess of fifty thousand dollars per tax year. The credit shall be nonrefundable, but may be carried forward to the next four succeeding taxable years until the full credit has been claimed, and any owner which receives a credit in excess of ten thousand dollars may transfer, assign or sell all or any portion of such credit by notarized endorsement which names the transferee.
3. To receive a tax credit pursuant to this section, an owner shall submit an application to the department along with any documentation deemed necessary by the department. The department shall, upon receipt of an application and appropriate documentation, issue a certificate of tax credit in an appropriate amount. The department shall issue certificates of tax credit allowed pursuant to this section in the order applications are received.
4. The tax credits allowed pursuant to this section shall not exceed one hundred million dollars per year.
5. The department of health is authorized to adopt any rules or regulations deemed necessary for the effective
administration of this section and is authorized to charge a reasonable processing fee for the issuance of certificates
of tax credits pursuant to this section. No rule or portion of a rule promulgated pursuant to the authority of this
section shall become effective unless it has been promulgated pursuant to the provisions of chapter 536,