House Bill 998 - Manufacturing Incubators Act Summary

• Establishes the "Manufacturing Incubator Program" under the Department of Economic Development to provide loans, loan guarantees, and grants to local sponsors for creating manufacturing incubators that lease small units of space and provide access to manufacturing tools, mentoring, and training services.

• Loans, loan guarantees, and grants may not exceed 50 percent of total eligible project costs and can be used for land acquisition, building rehabilitation, construction, equipment purchases, and manufacturing development services.

• Local sponsors must secure facility title or lease, manage physical development, furnish equipment, market the program, provide financial and management consulting, and establish tenant acceptance and termination policies.

• Establishes the "Missouri Manufacturing Incubators Fund" in the state treasury to receive appropriations and other contributions, with remaining balances carrying over year to year rather than lapsing to general revenue.

• Provides a tax credit of 50 percent of contributions made to the manufacturing incubators fund or approved local sponsors, capped at $500,000 aggregate annually, with credits transferable and carryforward allowed for up to five years.