Bill > HB990

This bill modifies tax incentives for qualified companies to promote industrial manufacturing and infrastructure projects in Missouri. The legislation allows companies to retain withholding taxes and receive tax credits for creating new jobs, with specific requirements based on job numbers, average wages, and capital investment. Companies can qualify for benefits if they create 10 or more new jobs at wages at or above 90% of the county average, or 2 or more jobs in rural areas or designated zones with specific investment commitments. The bill establishes different tiers of tax credit eligibility based on job creation and wage levels, with maximum annual benefits capped at 9% of new payroll. For manufacturing companies making significant capital investments (at least $500 million), additional tax credits are available, with a maximum of $5 million per calendar year and a total statewide cap of $10 million. The legislation includes provisions for tracking job creation, minority employment efforts, and ensuring companies meet their committed job and investment targets. The bill also sets overall annual limits on tax credits, with different caps for various fiscal years, and allows for the transfer and allocation of these credits. Importantly, the program is set to be reauthorized until August 28, 2030, providing long-term support for economic development in Missouri.

https://house.mo.gov/Bill.aspx?bill=HB990&year=2025&code=R