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MO SB401

Bill

Official Source

Status

Introduced

2/4/2015

Primary Sponsor

Eric Schmitt

Click for details

Origin

Senate

2015 Regular Session

AI Summary

  • Expands eligibility for Missouri Supplemental Tax Increment Financing (TIF) to include former automobile manufacturing plants located in St. Louis County (counties with charter form of government and more than 950,000 inhabitants)

  • Defines "former automobile manufacturing plant" as a redevelopment area containing at least 100 acres that was historically used primarily for automobile manufacturing but ceased such manufacturing after calendar year 2007

  • Exempts former automobile manufacturing plants from the existing $32 million annual cap on new state revenue disbursements from the Missouri Supplemental TIF Fund

  • Limits annual state revenue disbursements for any former automobile manufacturing plant project to a maximum of $4 million

  • Adds extensive new application requirements for TIF projects seeking state revenues, including employment data, wage information, market studies, and certifications of accuracy

Legislative Description

Authorizes sites containing former automobile manufacturing plants in St. Louis County to qualify for State Supplemental Tax Increment Financing

Last Action

Referred H Select Committee on Commerce (Pursuant to H Rule 27.4)

4/28/2015

Committee Referrals

Select Committee on Commerce4/28/2015
Economic Development and Business Attraction and Retention4/23/2015
Governmental Accountability & Fiscal Oversight4/15/2015
Jobs, Economic Development And Local Government2/24/2015

Full Bill Text

No bill text available