Missouri Legislation Restricts Historic Preservation Tax Credits

By Chris Pieper Recent legislation reduces the amount of Historic Preservation Tax Credits (HTC) available annually and imposes additional restrictions on developers seeking HTC to support historic rehabilitation projects. Senate Bill 590 and Senate Bill 773, enacted during the 2018 legislative session, reduce the annual aggregate cap on HTC for projects receiving $275,000 or more in […]

Can a Bank Hold Your Spouse Liable for Your Company’s Debts?

by Thom Avery and Amy Oslica A common scenario for Missouri business owners:  You approach the Bank for a loan on behalf of your business, and the Bank requires you to sign a personal guaranty on the debt.  But, the lender also requires that your spouse—who is in no way involved in the business—must sign […]

New Tax Incentives Available for Port-Related Activities in Missouri

Beginning in 2017, new tax incentives are available for manufacturers or distributors of manufactured goods shipped through Missouri ports. Senate Bill 861 (2016) enacted three new tax deductions for companies transporting cargo through water ports and airports in Missouri. See Sections 143.2100-.2115, RSMo. The Missouri Department of Economic Development (DED) and the Missouri Department of Revenue (DOR) are charged with jointly administering the new tax deductions. Taxpayers and tax professionals should be aware of these deductions and take steps to determine their eligibility for the 2017 tax year.

Beware: The Dangers of Forbearance Agreements with Lenders

In situations where commercial borrowers (developers, businesses, etc.) are in default on a promissory note, the lender may offer to enter into a “forbearance agreement” or some other form of deferment agreement with the borrower. These are often presented by the lender as a generous concession on their part in order to give the borrower additional time to try to work its way out of the problem.