MO HB1457

Repeals section 620.495 (old Small Business Incubators Act) and re-enacts the program as section 135.450 under the Department of Economic Development.

Establishes a loan, loan guarantee, and grant program where local sponsors can apply for funding to create small business incubators that provide business development services, office space, and support to startup businesses.

Requires at least 30 percent of program funds be reserved for small business incubators located in rural communities with populations of 15,000 or fewer inhabitants.

Allows taxpayers to claim a tax credit equal to 50 percent of contributions made to the Missouri Small Business Incubators Fund or to approved local sponsors.

Creates the "Missouri Small Business Incubators Fund" in the state treasury and requires the Department of Economic Development to submit annual reports to the Governor and legislature detailing applications, approvals, jobs created, and occupancy rates.