Bill > SB1668

This bill, known as the Missouri Innovation, Public Safety, and Accountability Act, establishes a framework for cities to create "innovation districts" within their historic downtowns or central business districts to encourage economic development and reinvestment. Participating cities, which voluntarily elect to establish such districts, will partner with the state and must submit an "innovation district master plan" detailing boundaries, reinvestment priorities, and public safety and infrastructure needs. The state's Department of Economic Development (the "Department") will oversee the approval of these plans and administer various state-authorized economic incentives within designated districts, such as income tax exemptions, opportunity zone benefits, and tax credits. Cities can also offer locally administered incentives like property tax abatements. A standardized "master scorecard" will be used to evaluate projects seeking incentives, focusing on factors like housing, affordability, community improvements, and economic impact, with a goal of providing predictability and transparency. The bill also creates a "Rural Missouri Development Fund" funded by a portion of new property tax revenues from certain contributing communities to support development in smaller towns, and an "Innovation District Public Safety Fund" to reinvest a portion of new state tax revenues generated within innovation districts into public safety and infrastructure. Additionally, it introduces several new tax incentives, including a construction-phase withholding advance for large projects, an income tax abatement for new residents in innovation districts, an employer retention and reinvestment withholding incentive, an employer relocation tax credit, and an office-to-residential conversion tax credit. Finally, it establishes a "Missouri Opportunity Zone" program within innovation districts to encourage long-term private investment by allowing for the deferral and potential exclusion of Missouri income tax liabilities when reinvested into qualifying property or businesses within these zones.

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=4514475