Specific employment requirements must be met. The aggregate credit allowed is limited. A franchise and income taxpayer owning an interest in a qualified Missouri project is allowed a Missouri low-income housing tax credit, whether or not the taxpayer is allowed a federal tax credit. Excess credit may be carried back three tax years or carried forward five tax years. Corporate A credit is allowed against the gross premiums tax, bank taxes, financial institutions tax, corporation franchise tax, personal income tax, and express company gross receipts tax to business engaged in providing an approved homeless assistance project in qualified urban areas for qualified low income persons in Missouri.
Total credits are limited.
See 10-581 for details of the credit allowed an individual, partnership or corporation for qualified research expenses within Missouri, the credit for large scale developments, the credit for contributions to certified youth opportunity and violence prevention programs, the wood energy producers credit, the credit for donations to the Missouri Higher Education Scholarship Fund, and the credit for rehabilitating a historic building. See 88-575 for details of the credit against the insurance premiums tax available for individuals and partnerships for investment in certified capital companies.