MO SB794

Establishes the Missouri Works Program providing tax incentives including withholding tax retention and tax credits to qualified companies that create new jobs and make capital investments in Missouri

Qualified companies must offer health insurance covering at least 50% of premiums for full-time employees (averaging 35+ hours per week), and excludes gambling, retail trade, food service, public utilities, ethanol/biodiesel production, and certain other industries

Companies creating 20+ jobs with average wages at 90% of county average wage can retain withholding taxes for 5 years (6 years for existing Missouri businesses) plus receive up to 2% additional tax credits, with total benefits capped at 5% of new payroll annually

Department has 30 days to approve or reject notice of intent; companies must commence operations within 12 months of approval and meet annual reporting requirements documenting jobs, wages, and insurance compliance or lose benefits

Program authorizes maximum tax credits of $111 million (FY 2012-2013), $126 million (FY 2013-2014), and $141 million annually (FY 2014+); program sunsets 6 years after effective date unless reauthorized