MO HB2043

Creates the "Education Innovation Investment Act" allowing public two-year and four-year higher education institutions to contract with eligible businesses to operate in unused or vacant campus areas.

Eligible businesses must be newly created or expanding businesses that create new jobs and cannot engage in retail sales, real estate dealings, or professional services.

Eligible businesses receive a tax deduction of 50 percent of business income for the first five years of operation in an unused or vacant area.

Qualified taxpayers (residents employed at new jobs in unused or vacant areas) receive a $10,000 annual income tax deduction for the first five years of employment.

Program automatically sunsets six years after August 28, 2014, unless reauthorized by the General Assembly, with a maximum twelve-year duration if reauthorized.