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MO SB813
Bill
Status
1/21/2010
Primary Sponsor
John Griesheimer
Click for details
AI Summary
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Adds "Missouri business" definition across multiple tax incentive programs, defined as any business with physical presence in Missouri with employees routinely performing job duties within the state.
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Allows the director of economic development to increase tax credits and withholding retention amounts by up to 2% per continuous five-year period (maximum 10% total) for Missouri businesses under distressed community credits, enhanced enterprise zone credits, job training programs, and quality jobs programs.
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Modifies redevelopment project tax increment financing to allow up to 50% of new state revenues for eligible blighted areas, with increased percentages (up to 10%) available for Missouri business relocations or expansions based on continuous operation length.
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Reduces annual tax credits under distressed community program from $10 million to $8 million, transferring $2 million to the quality jobs program, with no limit on withholding tax retention.
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Creates incentive structure allowing Missouri businesses that have operated continuously for 5, 10, 15, 20, or 25+ years to access incrementally higher tax benefits while maintaining compliance with employment and wage requirements.
Legislative Description
Provides the director of the department of economic development discretion to increase tax incentives under certain programs for the benefit of Missouri businesses
Last Action
Bill Combined w/SCS SBs 895, 813, 911, 924, 922 & 802
2/22/2010