MO SB765

Repeals the Distressed Areas Land Assemblage Tax Credit Act and creates two new tax credit programs for economic development in Missouri

Section 99.1205: Provides tax credits equal to 50% of acquisition costs and 100% of interest costs for land assemblage projects in eligible distressed areas of at least 75 acres with applicants acquiring at least 50 acres; credits total up to $95 million with annual limit of $20 million and authorization ending August 28, 2013

Section 348.545-348.548: Authorizes tax credits of 50% of equity investments for investors in qualified early-stage manufacturing businesses located in distressed communities with annual limits of $2 million total and $1.5 million per business, renewable annually

Tax credits are applicable against state income taxes under chapters 143, 147, and 148, are transferable, and can be carried forward if they exceed current year tax liability

Department of Economic Development administers both programs and must report annually on tax credit usage, businesses benefited, job creation, and capital investment results