HB 1635 Summary

• Authorizes municipalities to establish Missouri Jobs for the Future (MO-JFF) districts where development projects can be implemented according to a comprehensive plan to advance targeted industry clusters and integrate business, education, science, and technology.

• Makes half of incremental state sales tax revenues and state income tax withholdings for new employees within the MO-JFF district available for appropriation by the General Assembly to finance eligible project costs, subject to department of economic development certification.

• Requires MO-JFF plans to include commitment from a Missouri-based higher education institution or science/technology research institution to provide significant physical presence and educational resources or partnerships with targeted industry clusters.

• Limits MO-JFF eligible project costs financed with MO-JFF revenues to 50 percent of total project costs, with municipalities required to pledge funding equal to at least 10 percent of eligible project costs, and establishes a 25-year limit for project development and obligation retirement.

• Authorizes municipalities to issue bonds and other obligations secured by MO-JFF revenues without referendum approval, and requires annual reporting on job creation, payroll, and capital investment within the district.