☰ Revisor of Missouri

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 447

Effective - 28 Aug 1998 bottom

  447.701.  Eligible projects, director's duties — owner to repay, when. — 1.  The director of the department of economic development may consider the direct and indirect economic benefits projected to be provided by the eligible project.  An applicant for funding or tax credit and exemption assistance pursuant to sections 447.702 to 447.708 may prepare and submit an estimate of the direct and indirect economic benefits in accordance with this section.  The department of economic development may accept the applicant's projection of the economic benefit of the eligible project.  The total amount of state funding, tax credits or tax exemptions for each eligible project shall be limited to the projected state economic benefit, as determined by the department of economic development.

  2.  In the event the owner sells the abandoned or underutilized property within a five-year period after the receipt of remediation tax credits, grants, loans or loan guarantee, subject to sections 447.700 to 447.718, the owner shall repay a portion of the tax credits and grant funds provided based on the percentage of the owner's investment for the project to the department of economic development's total financial assistance, upon achieving an annual internal rate of return of twenty-five percent.  The internal rate of return calculation shall be documented by the owner's capital gains tax calculation.  Owner investment is equity and debt for the eligible project.

­­--------

(L. 1998 S.B. 827)


---- end of effective   28 Aug 1998 ----

use this link to bookmark section  447.701


In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions

Site changes Pictures Contact

Other Links
Oversight MOLIS Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House

@16:49:52.4 32 :)