SB 1112 - This act creates the "Capitol Complex Tax Credit Act".
Between January 1, 2016, and June 30, 2016, the Department of Economic Development shall only approve applications for tax credits for the rehabilitation of historic structures up to a cap of $140 million including credits previously issued that are still active. For each fiscal year after July 1, 2016, the department of economic development shall not approve tax credits over $120 million including credits previously issued that are still active.
This act creates the "Capitol Complex Fund" that is split into two accounts - one a rehabilitation and renovation account and the other a maintenance account. The fund is authorized to accept donations to be used for projects to restore, renovate, improve and maintain buildings in the capitol complex.
Under this act, any tax credits issued by the Department of Economic Development under chapter 253 are subject to a 1% fee payable to the Missouri Development Finance Board for the benefit of the Capitol Complex Fund.
This act allows for both monetary donations to the fund in the form of cash or publicly traded stocks and bonds and donations of "eligible artifacts" to the fund, defined as property and fixtures once owned and used in the capitol complex but since removed.
90% Of the donations received along with all fees collected from tax credits issued by the Department of Economic Development shall be deposited in the rehabilitation and renovation account and 7.5% shall be placed in the maintenance account. The remaining 2.5% may be used for soliciting donations, advertising and promoting the fund, and administrative costs related to the fund.
The Commissioner of Administration is charged with choosing projects, procuring goods and services, and contracting for rehabilitation, renovation, and maintenance work using money from the fund.
Any monetary donations shall result in a credit against any state income tax (except employer withheld taxes) or state taxes imposed on financial institutions for an amount equal to 50% of the monetary donation amount. Any amount of tax credit that exceeds the qualified donor's state income tax liability may be refunded or carried forward for the following four years.
Upon receiving a donation, the Missouri Development Finance Board shall issue a statement to the donor with the value of the donation and upon receiving the statement, the Department of Economic Development shall issue a tax credit certificate to the donor.
Any donations of eligible artifacts shall result in a credit against any state income tax (except employer withheld taxes) or state taxes imposed on financial institutions for an amount equal to 30% of the value of the donation amount. Any amount of tax credit that exceeds the donor's tax liability shall not be refunded for artifacts, but the credit may be carried forward for four subsequent years.
The Department of Economic Development shall only issue tax credits for donations to the Capitol Complex Fund up to $10 million per year. Donations received in excess of the cap shall be placed in line for tax credits the following year. Alternatively a donor may donate without receiving the credit or may request that their donation is returned.
Tax credits issued for donations under this act are not subject to a fee. Tax credits issued under this act are transferable. This act shall sunset six years after enactment unless reauthorized by the General Assembly.