Bill > HB2654

This bill establishes a new tax credit program for qualified companies that make significant capital investments in Missouri, aiming to stimulate job creation and economic growth. To be eligible, a company must enter into a proposal with the state's department, commit to at least $50 million in new capital investment within two years of a notice of intent, and have that notice approved by the department within 30 days. Notably, data storage centers are explicitly excluded from this program. The tax credits can be up to 2.5% of the new capital investment made over a three-year period starting from the notice of intent, with no credit for investments made before that date. These credits are subject to annual limits and will expire if the minimum capital investment isn't met within two years. The amount of credit awarded will be the minimum necessary to secure the company's commitment, considering factors like the project's size, job creation, wages, the company's financial health, local economic conditions, and local incentives. Companies receiving these credits must submit annual reports on job creation, wages, and capital investment, with failure to do so potentially leading to forfeiture of credits. An agreement between the department and the company will detail job commitments, wages, capital investment, credit issuance terms (not before the first annual report after minimum investment), and clawback provisions. Companies receiving these credits cannot also receive benefits from other specified tax incentive programs for the same investments or jobs.