Missouri Code of State Regulations › Title 4 - Department of Economic Development › Division 85 - Division of Business and Community › Chapter 8 - Amateur Sporting Contribution Tax Credit Program › Section 4 CSR 85-8.011 - Definitions

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule explains the meaning of terms used in
				  connection to the Amateur Sporting Contribution Tax Credit Program.
(1) As used in 4 CSR 85-8.011 through 4 CSR
				85-8.021, the following words shall mean:
(A)
				Administrative hold: Applications that would otherwise gain approval but for
				insufficient cap space are not approved but are held until such time as cap
				space becomes available or the program sunsets;
(B) Applicant: Certified sponsor or local
				organizing committee;
(C)
				Application: All of the following, submitted together to the department:
1. A DED Form SCTCP App., included
				herein;
2. Proof of payment showing
				that the applicant received an eligible donation from the contributor;
				and
3. Payment for the issuance fee
				to the department, the issuance fee payment must be in the form of a check
				payable to the state of Missouri;
(D) Approved: An application that the
				department has determined has met all requirements necessary for the issuance
				of tax credits;
(E) Certified
				sponsor: A nonprofit organization which is an active member of the National
				Association of Sports Commissions;
(F) Contributor: Any one of the following:
1. A taxpayer, as that phrase is used in
				section 67.3000.1(16) RSMo;
2. A
				person, firm, partner in a firm, corporation, or a shareholder in an S
				corporation doing business in the state of Missouri and subject to the state
				income tax imposed under Chapter 143, RSMo;
3. A corporation subject to the annual
				corporation franchise tax imposed under Chapter 147, RSMo;
4. An insurance company paying an annual tax
				on its gross premium receipts in this state;
5. Any other financial institution paying
				taxes to the state of Missouri or any political subdivision of this state under
				Chapter 148, RSMo; or
6. An
				individual subject to the state income tax imposed under Chapter 143, RSMo; any
				charitable organization which is exempt from federal income tax and whose
				Missouri unrelated business taxable income, if any, would be subject to the
				state income tax imposed under Chapter 143, RSMo;
(G) Cap space: An amount equal to ten (10)
				million dollars less all tax credits issued under the program in a given fiscal
				year;
(H) Department: The Missouri
				Department of Economic Development;
(I) Denial: An application is denied when it
				is deemed by the department to be ineligible for tax credits;
(J) Eligible donation: Donations received by
				a certified sponsor or local organizing committee, from a contributor that may
				include cash, publicly traded stocks and bonds, and real estate that is valued
				with an independent third party appraisal submitted to the department along
				with the application. Eligible donations must be used solely to provide funding
				to attract sporting events to the state and cannot be conditional. There can be
				no right on the part of the contributor to request return of an eligible
				donation under any circumstances;
(K) Fiscal year: The state fiscal year,
				running from July through June;
(L)
				Issuance fee: An amount payable to the state of Missouri that is equal to
				one-half (1/2) of the value of the eligible donation;
(M) Local organizing committee: A nonprofit
				corporation or its successor in interest that-
1. Has been authorized by one (1) or more
				certified sponsors, endorsing municipalities, or endorsing counties, acting
				individually or collectively, to pursue an application and bid on its or the
				applicant's behalf to a site selection organization for selection as the host
				of one (1) or more sporting events; or
2. With the authorization of one (1) or more
				certified sponsors, endorsing municipalities, or endorsing counties, acting
				individually or collectively, executes an agreement with a site selection
				organization regarding a bid to host one (1) or more sporting events;
(N) Program: The Sporting
				Contribution Tax Credit Program found in section
				67.3005,
				RSMo;
(O) Program sunset: The date
				on which the program is to end pursuant to the Missouri Sunset Act found in
				section
				23.253,
				RSMo.
(P) Proof of payment: A bank
				statement, canceled check, or other documentation of the eligible donation
				showing the transfer of property from the contributor to the
				applicant;
(Q) Reactivation: Taking
				an application off of administrative hold status;
(R) Request for reactivation: Formally asking
				that an application be taken off of the administrative hold status;
(S) State: The state of Missouri;
(T) Tax credits: A credit or credits issued
				by the department against the tax otherwise due under Chapters 143 or 148,
				RSMo, excluding withholding tax imposed under sections
				143.191
				to
				143.265,
				RSMo, tax credits issued under this program may be assigned, transferred, sold,
				or otherwise conveyed, and the new owner of the tax credit shall have the same
				rights in the credit as the taxpayer; and
(U) Taxpayer: Any one of the following:
1. A person, firm, partner in a firm,
				corporation, or a shareholder in an S corporation doing business in the state
				of Missouri and subject to the state income tax imposed under Chapter 143,
				RSMo;
2. A corporation subject to
				the annual corporation franchise tax imposed under Chapter 147, RSMo;
3. An insurance company paying an annual tax
				on its gross premium receipts in this state;
4. Any other financial institution paying
				taxes to the state of Missouri or any political subdivision of this state under
				Chapter 148, RSMo; or
5. An
				individual subject to the state income tax imposed under Chapter 143, RSMo; any
				charitable organization which is exempt from federal income tax and whose
				Missouri unrelated business taxable income, if any, would be subject to the
				state income tax imposed under Chapter 143, RSMo.
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