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MO SB353
Bill
Status
1/29/2015
Primary Sponsor
Ryan Silvey
Click for details
AI Summary
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Municipalities may carry out technology business facility projects for economic development, including facilities engaged in wired telecommunications, data processing/hosting, and internet publishing (NAICS codes 517110, 518210, 519130)
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New data storage centers investing at least $37 million over 36 months and creating at least 30 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 new jobs paying 150% of county average wage qualify for up to 10 years of sales/use tax exemptions on utility usage, equipment, and construction costs exceeding pre-expansion levels
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Total exemption amounts are capped 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
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Leasehold interests in technology business facility projects are exempt from property taxes, and lease/rental transactions are exempt from local sales taxes; recipients of these exemptions 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