SB 279 Summary

• Establishes the "Compete Missouri Program" effective August 28, 2011, creating a comprehensive tax incentive framework to replace six previous business tax credit programs

• Provides qualified companies up to 100% exemption from state sales and use taxes for equipment, materials, and construction costs at project facilities, plus 5-6 year withholding tax retention on new job payroll based on job creation and wage thresholds

• Allows additional tax credits (2-3% of payroll) for companies creating 20+ jobs at 90% of county average wage, or 10+ jobs in targeted industries

• Requires qualified companies to create minimum 20 new jobs with average wages at 90% of county average wage, offer health insurance covering 50% of premiums, and make capital investments; includes "clawback" provisions requiring repayment if performance requirements fail

• Establishes job training programs through community colleges funded by new and retained jobs credits from withholding, with $111-141 million annual authorization cap for tax credits and automatic sunset in six years unless reauthorized