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MO HB1
Bill
Status
12/2/2013
Primary Sponsor
Anne Zerr
Click for details
AI Summary
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Adds new section 620.2550 to Missouri law establishing incentives for qualified aerospace industry projects classified under North American Industry Classification System code 3364.
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Defines an "aerospace project" as one creating at least 2,000 new jobs within 10 years that received a departmental benefits proposal on or before June 10, 2014.
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Exempts aerospace project benefits from standard aggregate annual and cumulative caps that apply to the Missouri Works program, Missouri Business Use Incentives for Large-Scale Development Act, Missouri Works Training program, and Real Property Tax Increment Allocation Redevelopment Act.
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Establishes a separate $150 million annual cap on state benefits for aerospace projects across all eligible programs combined.
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Declares the act an emergency measure effective upon passage and approval.
Legislative Description
Authorizes a $150 million annual cap for incentives granted for certain aerospace projects and exempts the incentives from the aggregate caps of the Missouri Works, BUILD, and Missouri Works Training programs and the Real Property Tax Increment Redevelopment Act
Last Action
Rules - Reported Do Pass (H)
12/4/2013