The Missouri Development Finance Board administers the Tax Credit for Contribution program established by the Revised Statutes of Missouri (RSMo) Section 100.286. Contributions made to the Board are granted back to previously approved projects in order to further the project’s efforts. The contributor receives a 50% tax credit based upon their contribution. The tax credits can be used by the contributor to pay certain taxes due to the State of Missouri.
A Form 100 enables the Board to complete a tax credit certificate and register credits with the Missouri Department of Revenue. If the taxpayer is a Fiduciary, Partnership or S-Corporation, a separate sheet must be attached to the Form 100 identifying the names, social security numbers, and proportioned share of ownership of each beneficiary, partner or shareholder — aggregate proportionate shares or percent of ownership may not exceed 100%. If the taxpayer is an individual but contributing jointly, both social security numbers must be reported.
If a contribution is made on behalf of a business, the Board requires the completion and notarization of the Certification of Alien Employment form. This form certifies that the applicant does not employ illegal aliens and that the applicant has complied with federal law (8 U.S.C. § 1324a).
To transfer any part of a tax credit, you must complete a Form L. A separate Form L must be filed for each transferee named in Section 2 of the Form L. The amount transferred may not exceed the total amount of the approved tax credit.
NOTE: Effective October 1, 2011, the Board will not accept the Missouri Transfer Form (MO-TF) from the Missouri Department of Economic Development or any other State generic form.
For additional information, please refer to the Frequently Asked Questions for Project Representatives and Frequently Asked Questions for Contributors.
Should you have questions regarding tax credit contributions, please contact the Board at 573-751-8479.
