Loading chat...

MO SB189

Bill

Status

Introduced

1/27/2011

Primary Sponsor

Eric Schmitt

Click for details

Origin

Senate

2011 Regular Session

AI Summary

Senate Committee Substitute for SBs 189, 217, 246, 252 & 79

  • Modifies the Missouri Quality Jobs Act to extend tax credits and withholding tax retention benefits to companies creating jobs in dormant manufacturing plant zones, which are defined as areas encompassing large former manufacturing facilities that have ceased operations and are designated as blighted areas.

  • Establishes the "Missouri Science and Innovation Reinvestment Act" to replace the technology investment program, with funding based on a percentage of wages exceeding baseline levels for science and innovation companies, providing up to $1.25 million annually for proof of concept loans capped at $75,000 per company.

  • Creates new tax credit programs including a 30% equity investment tax credit for early-stage science companies, an information technology company sales tax exemption of up to 100%, and an angel investment co-investment program requiring 3:1 private leverage of state investments.

  • Authorizes the Department of Natural Resources to provide technical guidance and work with the Missouri Technology Corporation on energy-saving enterprise loans, requiring energy audits and prioritizing projects with greatest energy savings potential.

  • Expands linked deposit program eligibility to include energy-saving enterprises and facility borrowers, with state deposits up to $720 million allocated across various borrower categories for reduced-rate loans up to five years.

Legislative Description

Modifies provisions of the Missouri Quality Jobs Act to allow benefits for projects located within dormant manufacturing plant zones

Last Action

S Informal Calendar S Bills for Perfection--SBs 189, 217, 246, 252 & 79-Schmitt, with SCS

5/13/2011

Committee Referrals

Jobs, Economic Development And Local Government2/7/2011

Full Bill Text

No bill text available