Bill > HB1168

This bill modifies the Missouri Works program, a state economic development initiative designed to incentivize job creation and capital investment. The bill extends the program's sunset date from 2025 to 2031 and provides various tax credit and withholding tax retention options for qualified companies that create new jobs. Companies can qualify for benefits by creating between 10 and 100 new jobs with wages at or above a certain percentage of the county average wage, with different incentive levels based on the number of jobs and wage rates. The bill allows companies to retain a portion of withholding taxes or receive tax credits for new job creation, with potential benefits ranging from 6% to 9% of new payroll depending on job numbers and wage levels. For manufacturing companies making significant capital investments (at least $500 million), the bill provides additional tax credit opportunities, with a maximum of $5 million per year per company and a total annual cap of $10 million across all qualifying companies. The bill also includes provisions for agreements between the Department of Economic Development and qualifying companies, specifying job creation commitments, tax credit issuance timelines, and potential clawback provisions. Notably, companies cannot receive benefits for projects that have already begun significant site work or equipment purchases prior to applying for the program.

Business and Industry, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB1168&year=2025&code=R