SB 0867 Various changes to Certified Capital Companies/tax credit programs; landlord registration in K.C. and St. Louis
LR Number:3852L.12T Fiscal Note:3852-12
Committee:Local Government and Economic Development
Last Action:09/13/00 - No motion made to override Governor's veto Journal page:
Title:HS SS SCS SBs 867 & 552
Effective Date:August 28, 2000
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Current Bill Summary

HS/SS/SCS/SBs 867 & 552 - This act makes several changes in the law relating to Certified Capital Companies (CAPCOs). A definition of "qualified Missouri agricultural business" is added to the CAPCO law and, effective after August 28, 2000, at least 25% of certified capital raise must be placed in qualified agricultural businesses, as defined; this is in addition to the 50% placement in qualified investments under current law. The definition of "affiliate of a certified company" is changed to raise the ownership stake required from ten to fifteen percent.

The aggregate tax credits available for CAPCO investors is limited to $5 million in 2000, and thereafter the aggregate amount of credits shall not exceed ten percent of the cumulative credits earned in previous years. Subject to approval of the Director of the Department of Economic Development, CAPCO capital beyond that which is required to be invested in qualified investments may be invested in other CAPCOs or their affiliates or subsidiaries.

The act also includes a provision requiring that landlords in Kansas City and St Louis register for purpose of receiving service of process for housing code violations. This provision terminates on January 1, 2006. Similar provisions appear in CCS/SCS/HS/HB 1238 (TAT), HCS/SCS/SB 894 (TAT), and SCS/HS/HCS/HB 1305.

The act also provides that no more than one million dollars of the total tax credits available for investing in Missouri small businesses engaged solely in pharmaceutical research and development, and that if that amount is not exhausted by September first of any year, the balance may be used for other small business investments.