Law and Government Legislation regarding 'Economic Development' in Missouri

SB 1276 - Under current law, municipalities located within counties subject to the authority of the East-West Gateway Council of Governments, except those located in Franklin County, are required to create a county-wide TIF commission for the approval of tax increment finance projects. This act removes reference to the East-West Gateway Council of Governments and specifically requires municipalities located within the counties of Jefferson, St. Louis and St. Charles to create county-wide TIF commissions for approval of projects. The act provides membership requirements similar to those provided under current law, as well as a time-line for public hearings on projects and determinations of the commission. Failure of the county-wide TIF commission to make a determination on any given project within the time provided within the act will result in the commission being deemed to have made a recommendation in opposition to such project. The act repeals a doubly-enacted version of Section 99.[...]

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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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SB 1136 - This act creates three tax credit programs and two sales tax exemptions. The secondary mining use tax credit program provides a tax credit for taxpayers, including not-for-profit insurance companies, that incur expenses for the utilization of an existing mine for secondary uses equal to the lesser of hundred percent of such costs or one hundred thousand dollars. The tax credit is fully transferrable, and non-refundable, but may be carried forward five years. The tax credit has an annual aggregate state-wide cap of one million dollars. The provisions of this act will sunset six years from the effective date if not reauthorized. The Business Relocation for Secondary Mining Use Tax Credit program provides a tax credit to taxpayers, including not-for-profit insurance companies, that incur expenses in relocating to an existing mine for use of the mine other than mining equal to the lesser of fifty percent of such costs or ten thousand dollars. The tax credit is fully transferrable,[...]

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HCS#2/SS/SCS/SB 718 - This act increases the amount of tax credits which may be issued in any fiscal year, under the Neighborhood Assistance Act, for economic development projects from four million dollars to six million dollars. Currently, any community improvement district (CID)in St. Louis City which is also in a special business district cannot levy a CID sales tax unless special assessments imposed on real property or businesses within the special business district are repealed. The act allows CIDS to exist in special business districts within the City of St. Louis and excludes sales by public utilities and providers of communications, cable, or video services from CID sales tax. An existing headquarters may receive tax credits for new or expanded business facilities for expansions done before January 1, 2018. At least five hundred new employees and at least twenty million dollars in new investment must be attributed to the expansion. Buildings on multiple, non-contiguous property [...]

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