MO HB497

Authorizes municipalities to carry out "technology business facility projects" for economic development, including facilities engaged in wired telecommunications, data processing/hosting, and internet publishing, with exemptions from local sales tax and property taxes on leasehold interests

Creates sales and use tax exemptions for new data storage centers that invest at least $25 million over 36 months and create at least 10 new jobs paying 150% of county average wage, with exemptions lasting up to 15 years on utilities, equipment, computers, and construction materials

Provides sales and use tax exemptions for expanding data storage centers that invest at least $5 million over 12 months and create at least 5 new jobs paying 150% of county average wage, with exemptions lasting up to 10 years

Caps total exemption amounts at the projected net fiscal benefit to the state over 10 years, as calculated by the Department of Economic Development using Regional Economic Modeling data

Requires project taxpayers to enter agreements with the Department of Economic Development including repayment penalties if the data storage center fails to meet requirements, and prohibits exemption recipients from also receiving business recruitment tax credits