Missouri Revised Statutes § 253.557 - Credits exceeding tax liability — distribution — assignment

253.557. Credits exceeding tax liability — distribution — assignment. — 1. If the amount of such credit exceeds the total tax liability for the year in which the rehabilitated property is placed in service, the amount that exceeds the state tax liability may be carried back to any of the three preceding years and carried forward for credit against the taxes imposed pursuant to chapter 143 and chapter 148, except for sections 143.191 to 143.265 for the succeeding ten years, or until the full credit is used, whichever occurs first. Not-for-profit entities including, but not limited to, corporations organized as not-for-profit corporations pursuant to chapter 355 shall be eligible for the tax credits authorized under sections 253.544 to 253.559. Taxpayers eligible for tax credits may transfer, sell, or assign the credits. Credits granted to a partnership, a limited liability company taxed as a partnership, or multiple owners of property shall be passed through to the partners, members, or owners respectively pro rata or pursuant to an executed agreement among the partners, members, or owners documenting an alternate distribution method. 2. The assignee of the tax credits, hereinafter the assignee for purposes of this subsection, may use acquired credits to offset up to one hundred percent of the tax liabilities otherwise imposed pursuant to chapter 143 and chapter 148, except for sections 143.191 to 143.265. The assignor shall perfect such transfer by notifying the department in writing within thirty calendar days following the effective date of the transfer and shall provide any information as may be required by the department to administer and carry out the provisions of this section. (L. 1997 2d Ex. Sess. S.B. 1, A.L. 1998 S.B. 827, A.L. 2024 H.B. 2062)