The act specifies a thirty-day time limit on filing any court challenge to the designation or expansion of an enterprise zone. The act authorizes the department of economic development to create enterprise zones in the cities of St. Louis and Clinton. A tax credit is authorized for one-half of the purchase price of environmental control equipment used in the production of charcoal in Missouri. The act removes the current percentage restriction on Missouri low-income housing tax credits and permits the Missouri housing commission to allow an amount necessary to ensure the feasibility of any project up to the amount of the federal credit. The act also revises existing law concerning tax credits for contributions to school and youth programs under the Youth Opportunities and Violence Prevention Act.
Current law permits only individuals and certain classes of corporations to take the tax credits.
The act permits individual proprietorships, partnerships, and S Corporations to take the credits and expands the taxes against which the credits may be taken to include corporation franchise tax, financial institutions tax, and bridge, express, and public utility tax. The Missouri certified capital company law is amended to cap at ten million dollars the maximum amount of certified capital in one or more certified capital companies in any year for one investor or its affiliate. The act provides a method for determining qualifying sales, for purposes of state corporate income tax, of an investment funds service corporation. Another provision of the act allows such a corporation to make an annual election to compute the portion of income derived from sources within this state under either the single factor formula or the three-part formula of the Multistate Tax Compact. Current law specifies the order in which various tax credits may be taken against state income tax.