SECOND REGULAR SESSION
94TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES LOEHNER (Sponsor), SCHLOTTACH, SCHAD AND SMITH (14) (Co-sponsors).
Read 1st time March 31, 2008 and copies ordered printed.
D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 135, RSMo, by adding thereto one new section relating to a tax credit for AgriMissouri retailers.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.705, to read as follows:
135.705. 1. As used in this section, the following terms shall mean:
(1) "AgriMissouri retailer", a retailer who markets and promotes AgriMissouri products;
(2) "Taxpayer", an individual, a firm, a partner in a firm, corporation, or a shareholder in an S corporation doing business in this state and subject to the state income tax imposed by chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.265, RSMo.
2. For all tax years beginning on or after January 1, 2008, any taxpayer who is an AgriMissouri retailer and who provides at least fifteen linear feet of shelf space in the retailer's establishment for AgriMissouri products, excluding AgriMissouri products distributed by a distributor, shall be allowed a credit against the tax otherwise due under chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.265, RSMo, in an amount equal to fifteen percent of the AgriMissouri retailer's gross sales of all AgriMissouri products in the retailer's establishment. Each AgriMissouri retailer shall apply to the department of agriculture for certification. The department shall certify to the department of revenue the amount of such tax credit to which an AgriMissouri retailer is entitled under this section.
3. The amount of the tax credit claimed shall not exceed the amount of the taxpayer's state tax liability for the tax year that the credit is claimed. Any amount of credit that the taxpayer is prohibited by this section from claiming in a tax year shall not be refundable, but may be carried forward to any of the taxpayer's two subsequent taxable years. No tax credit granted under this section shall be transferred, sold, or assigned. No taxpayer shall be eligible to receive a credit under this section if such taxpayer employs persons who are not authorized to work in the United States under federal law.
4. The cumulative amount of tax credits under this section which may be allocated to all taxpayers under this section in any one fiscal year shall not exceed one million dollars. The director of revenue shall establish a procedure by which the cumulative amount of tax credits is apportioned among all taxpayers claiming the credit by April fifteenth of the fiscal year in which the tax credit is claimed. To the maximum extent possible, the director of revenue shall establish the procedure described in this subsection in such a manner as to ensure that taxpayers can claim all the tax credits possible up to the cumulative amount of tax credits available for the fiscal year.
5. On or before February fifteenth of each year, the department of agriculture shall submit an annual report to the governor and the general assembly regarding the tax credit authorized under this section, including statistics on participation by AgriMissouri retailers, benefits to producers of AgriMissouri products, and any recommended modifications to improve consumer recognition and sale of AgriMissouri products.
6. The departments of agriculture and revenue shall promulgate rules to implement the provisions of this section. Any rule or portion of a rule, as that term is defined in section 536.010, RSMo, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536, RSMo, and, if applicable, section 536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536, RSMo, to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2008, shall be invalid and void.
7. Under section 23.253, RSMo, of the Missouri sunset act:
(1) The provisions of the new program authorized under this section shall automatically sunset six years after August 28, 2008, unless reauthorized by an act of the general assembly; and
(2) If such program is reauthorized, the program authorized under this section shall automatically sunset twelve years after the effective date of the reauthorization of this section; and
(3) This section shall terminate on September first of the calendar year immediately following the calendar year in which the program authorized under this section is sunset.
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