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
Universal Citation: 4 MO Code of State Regs 85-8.011
Current through Register Vol. 49, No. 18, September 16, 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.
Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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