HB 1498 Summary

• Expands and modifies multiple tax incentive programs including distressed areas land assemblage tax credits, historic preservation rehabilitation credits, and creates new programs for technology businesses and data storage centers

• Extends authorization deadlines for several tax credit programs: distressed areas land assemblage credits extended to August 28, 2020 (from 2013), and historic preservation tax credits receive revised caps and allocation limits beginning July 1, 2015

• Creates new "Missouri Export Incentive Act" providing air export tax credits of $0.40 per chargeable kilogram for freight forwarders shipping cargo on qualifying international flights, with $60 million aggregate cap and authorization ending June 30, 2022

• Establishes "Missouri Angel Investment Incentive Act" offering 50% tax credits on cash investments in qualified knowledge-based businesses, capped at $50,000 per investment and $250,000 per investor annually, with total annual limit of $6 million through December 31, 2024

• Creates sales and use tax exemptions for new and expanding data storage centers meeting specific investment and job creation requirements, with exemptions capped at projected 10-year net fiscal benefit to the state