Bill > SB1443

This bill authorizes a new tax credit program for companies making significant capital investments in Missouri, with several key provisions. Companies must invest at least $50 million in new capital within two years of receiving a notice of intent, and can receive tax credits up to 2.5% of their new capital investment over a three-year period. Data storage centers are specifically excluded from eligibility. Companies must apply to the Missouri department responsible for economic development, which will evaluate applications based on factors like project size, job creation, financial stability, local economic conditions, and competitiveness of alternative locations. The department will enter into a written agreement with approved companies specifying job creation commitments, wage levels, and investment targets. Companies must submit annual reports documenting their progress, and failure to do so could result in forfeiting tax credits. Importantly, companies cannot simultaneously receive other state tax credits for the same jobs, wages, or investments covered by this program. The tax credits are subject to annual state authorization limits and will expire if the minimum investment is not met within two years of the initial notice of intent.

Labor and Employment

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=19778