Missouri Code of State Regulations › Title 15 - ELECTED OFFICIALS › Division 50 - Treasurer › Chapter 5 - Missouri Empowerment Scholarship Accounts Program › Section 15 CSR 50-5.030 - Tax Credit Program

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes procedures for
				  administration of the Missouri Empowerment Scholarship Accounts Program (the
				  program) tax credits to enable taxpayers to make private, voluntary
				  contributions to educational assistance organizations in order to promote
				  improvement of the quality of education in this state, and specifies
				  responsibilities of the treasurer and educational assistance organizations in
				  administering and monitoring the tax credits.
(1) Definitions.
(A) Existing Missouri Definitions. The
				following terms, as used in this rule, are defined in section
				135.712,
				RSMo: educational assistance organization, parent, program, scholarship
				account, taxpayer. The following terms, as used in this rule, are defined in
				section
				166.700, RSMo:
				curriculum, district, private school, qualified school, qualified student. The
				following term, as used in this rule, is defined in section
				135.715,
				RSMo: qualifying contribution.
(B)
				Additional Definitions. The following definitions shall also apply to the
				following terms as they are used in this rule:
1. "501(c)(3) organization" means an
				organization described in section 501(c)(3) of the Internal Revenue Code and
				exempt from taxation under section 501(a) of the Internal Revenue
				Code;
2. "Annual inflation adjusted
				cap" means the cumulative amount of tax credits that may be allocated to all
				taxpayers in any one (1) calendar year after the annual tax credit amount is
				annually adjusted by the treasurer on December 1, to be effective January 1 of
				the next calendar year, for inflation based on the consumer price index for all
				urban consumers for the Midwest region, as defined and officially recorded by
				the United States Department of Labor or its successor, such annual increase
				shall cease when the amount of tax credits reach fifty million
				dollars;
3. "Annual tax credit
				amount" means, for any state fiscal year, the sum of the amount of tax credits
				approved under section 33.282.3, RSMo, which are approved for a taxpayer whose
				taxable year begins on or after January 1 of the calendar year preceding the
				start of the applicable state fiscal year;
4. "Annual total grant amount" means, for any
				school year the sum of the amount of scholarship account payments distributed
				to the account of a qualified student, not to exceed a total amount equal to
				the state adequacy target;
5.
				"Household income" has the same meaning as the term "income" as defined in the
				income eligibility guidelines for free and reduced price meals under the
				National School Lunch Program in 7 CFR part 210 as published in the Federal
				Register by the United States Department of Agriculture;
6. "Owner or operator" includes:
A. A president, officer, or director of an
				educational assistance organization or a person with equivalent decision-making
				authority over an educational assistance organization; and
B. An owner, operator, superintendent, or
				principal of an eligible qualified school or a person with equivalent
				decision-making authority over an eligible qualified school;
7. "State adequacy target" has the
				same meaning as defined in section
				163.011,
				RSMo, and calculated by the Department of Elementary and Secondary Education;
				and
8. "Taxpayer" means any
				taxpayer as defined in section 135.712.2(7), RSMo, who applies to make a
				qualifying contribution to a certified educational assistance organization and
				reserve a tax credit for such contribution.