MO HB242

Creates an "Economic Development Grant Program" funded by annual general assembly appropriations and any gifts, bequests, or donations.

Department of Economic Development administers the program and approves disbursements to companies seeking to reopen closed manufacturing factories.

Grants cannot exceed the amount necessary for a company to reopen a manufacturing factory, with the department developing application procedures.

If appropriations are insufficient to fund all approved grants in a fiscal year, all grants shall be reduced proportionally.

Program automatically sunsets six years after the effective date unless reauthorized by the general assembly, with reauthorized programs sunsetting twelve years after reauthorization.