SB 531 - This act modifies the definition of "Affiliate or Certified Company" in the Missouri Certified Capital Company Law to raise the required ownership percentage from 10% to 15%. This act also requires that at least 25% of all certified capital raised by a Missouri certified capital company after August 28, 2001, be placed in investments in qualified Missouri agricultural businesses, which are businesses independently owned and operated, headquartered or located in Missouri whose projects add value to agricultural products and aid the economy of a rural community.

This act modifies the aggregate amount of certified capital for which credits may be earned, by increasing the 1998 amount by $5 million over the 1997 authorized amount, by increasing the 2001 amount by $5 million over the 1998 authorized amount, and by allowing an aggregate amount of credits in each year thereafter which will not exceed an amount equal to ten percent of the cumulative credits earned in respect of certified capital invested in previous years.

This act expands the manner in which certified capital may be held or invested when such capital is not required to be placed in qualified investments.

This act reduces the aggregate tax credits authorized for the Family Development Account Program from $4 million per year to $2 million per year. The act also reduces the aggregate tax credits allowable for Individual Training Accounts from $6 million per year to $1 million per year.
ALAN KELLY