SUMMERS, NAEGER, SALLEE, MYERS, BERKSTRESSER, REINHART, MERIDETH,
BARTELSMEYER, BARNETT, CRAWFORD, DOLAN AND HILGEMANN.
Read 1st time January 27, 2000, and 1000 copies ordered printed.
ANNE C. WALKER, Chief Clerk
AN ACT
To amend chapter 135, RSMo, relating to new generation cooperatives by adding thereto one new section relating to the same subject.
Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.951, to read as follows:
135.951. 1. For all tax years beginning on or after January 1, 2000, any taxpayer which is a Missouri retailer and which incurs advertising costs to promote sales of value-added agriculture products produced in this state by a Missouri business shall, if all requirements of this section are met, receive a credit against the tax otherwise due pursuant to chapter 143, RSMo, excluding sections 143.191 to 143.265, RSMo, in an amount equal to the lesser of twenty-five percent of all such advertising costs incurred during such taxpayer's tax year or one thousand dollars.
2. A taxpayer shall submit to the department of agriculture an application for the tax credit authorized by this section on a form provided by the department of agriculture, which form shall include any information the director of the department of agricultural deems necessary. If the director the department of agriculture determines that the information provided by a taxpayer on such taxpayer's application form is insufficient, the department may request additional information. Upon determining a taxpayer is eligible for a tax credit pursuant to this section, the department of agriculture shall issue a certificate of tax credit in an appropriate amount. The department shall report information regarding all certificates of tax credit issued pursuant to this section to the director of the department of revenue.
3. The tax credit allowed by this section shall be claimed by a taxpayer at the time such taxpayer files his, her or its state income tax return for the tax year for which the department of agriculture issued the certificate of tax credit. The taxpayer need not attach a copy of the certificate of tax credit to his, her or its return, but shall retain such certificate of tax credit as part of his, her or its tax records.
4. The director of the department of agriculture is authorized to promulgate any rules necessary to implement the
tax credit allowed by this section. No rule or portion of a rule shall become effective unless it has been promulgated
pursuant to chapter 536, RSMo.
Missouri House of Representatives