SB1234 - Missouri: SB1234 - Modifies provisions of the enhanced enterprise tax benefit program

SS/SCS/SB's 1234 & 1270 - This act creates a new type of project under the enhanced enterprise zone tax benefit act known as mega-projects. A taxpayer who establishes a mega-project within an enhanced enterprise zone will be allowed an income tax credit equal to a percentage of the taxpayer's new annual payroll for employees located at the project. In order to be approved as a mega-project, the new capitol investment must be projected to exceed three hundred million dollars and the project must be projected to create at least one thousand new jobs over a period of eight years. The new jobs created must have an average wage in excess of the county average wage and the taxpayer must offer health insurance to all new jobs and pay at least half of the premiums for such insurance. The taxpayer must provide an acceptable plan for repayment of tax credits received. Prior to final approval of a mega-project, the department and the taxpayer must enter into a binding contract which: sets out the [...]

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