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MO SB343
Bill
AI Summary
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Municipalities may carry out technology business facility projects for economic development, including loan agreements, sales, leases, or mortgages of facility components to private entities for wired telecommunications, data processing/hosting, and internet publishing businesses
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Lease/rental transactions for technology business facility projects are exempt from state and local sales taxes, and leasehold interests are exempt from property taxes
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New data storage centers investing at least $25 million over 36 months and creating at least 10 jobs paying 150% of county average wage qualify for up to 15 years of 100% state and local sales/use tax exemptions on utilities, equipment, computers, and construction materials
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Expanding data storage centers investing at least $5 million over 12 months and creating at least 5 jobs paying 150% of county average wage qualify for up to 10 years of sales/use tax exemptions on utilities (exceeding prior usage), equipment, and construction materials
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Total exemption amounts cannot exceed the projected net fiscal benefit to the state over 10 years as calculated by the Department of Economic Development, and recipients are ineligible for other business recruitment tax credits
Legislative Description
Creates state and local sales and use tax exemptions for data storage centers and allows municipalities to enter into loan agreements, or sell, lease, or mortgage municipal property for a technology business facility project
Last Action
Second Read and Referred S Ways and Means Committee
2/19/2015