Read the full stored bill text
SECOND REGULAR SESSION
SENATE BILL NO. 1443
103RD GENERAL ASSEMBLY
INTRODUCED BY SENATOR BURGER.
5936S.01I KRISTINA MARTIN, Secretary
AN ACT
To amend chapter 620, RSMo, by adding thereto one new section relating to a tax credit for certain
capital investments.
Be it enacted by the General Assembly of the State of Missouri, as follows:
Section A. Chapter 620, RSMo, is amended by adding thereto 1
one new section, to be known as section 620.2012, to read as 2
follows:3
620.2012. 1. In exchange for the consideration 1
provided by the new tax revenues and other economic stimuli 2
that will be generated by the creation or retention of jobs 3
and the making of new capital investment in this state, a 4
qualified company may be eligible to receive the tax credits 5
described in this section if: 6
(1) The department makes, and the qualified company 7
accepts, a proposal for benefits that includes tax credits 8
authorized by this section; and 9
(2) The qualified company will expend at least fifty 10
million dollars in new capital investment for the project no 11
later than two years after the date of the notice of intent. 12
2. Notwithstanding the provisions of subdivision (29) 13
of subsection 1 of section 620.2005 to the contrary, a data 14
storage center as defined in subdivision (4) of subsection 1 15
of section 144.810 shall not be eligible to be a qualified 16
SB 1443 2
company for the purposes of the tax credits authorized under 17
this section. 18
3. A qualified company that intends to seek the 19
benefits authorized under this section shall submit to the 20
department a notice of intent. Notwithstanding the 21
provisions of subsection 1 of section 620.2020 to the 22
contrary, a notice of intent from a qualified company that 23
did not receive and accept a proposal of benefits for tax 24
credits under this section shall be ineligible for the tax 25
credits under this section. The department shall respond 26
within thirty days to a notice of intent with an approval or 27
a rejection, provided that the department may withhold 28
approval or provide a contingent approval until it is 29
satisfied that proper documentation of eligibility has been 30
provided. A failure of the department to respond within 31
thirty days shall not result in the notice of intent being 32
deemed approved. 33
4. The tax credits authorized by this section shall 34
not exceed two and one-half percent of the new capital 35
investment made at the project facility during the three- 36
year period beginning upon the date of the notice of 37
intent. No new capital investment incurred prior to the 38
date of the notice of intent shall be eligible for tax 39
credits under this section. 40
5. Tax credits authorized by this section shall be 41
included in and subject to the limitations on the maximum 42
amount of tax credits that may be authorized in a fiscal 43
year as provided in subdivision (1) of subsection 7 of 44
section 620.2020. The provisions of subsection 9 of section 45
620.2020 shall also apply to tax credits authorized pursuant 46
to this section, except that any authorization of tax 47
credits under this section shall expire if, within two years 48
SB 1443 3
from the date of the notice of intent for the project, the 49
qualified company has failed to meet the minimum required 50
new capital investment as required in subdivision (2) of 51
subsection 1 of this section. 52
6. The amount of tax credits proposed and awarded to a 53
qualified company under this section shall not exceed the 54
least amount necessary to obtain the qualified company's 55
commitment to initiate the project. In determining the 56
amount of tax credits to include in a proposal for benefits 57
to a qualified company under this section, the department 58
shall consider the following factors: 59
(1) The significance of the qualified company's need 60
for program benefits; 61
(2) The overall size and quality of the proposed 62
project, including the number of jobs created or retained, 63
new capital investment, proposed wages for such jobs, growth 64
potential of the qualified company, and similar factors; 65
(3) The financial stability and creditworthiness of 66
the qualified company; 67
(4) The level of economic distress in the area; 68
(5) An evaluation of the competitiveness of 69
alternative locations for the project facility, as 70
applicable; and 71
(6) The percent of local incentives committed. 72
7. Notwithstanding the provisions of subsection 3 of 73
section 620.2020 to the contrary, a qualified company 74
receiving benefits under this section shall provide an 75
annual report of the number of jobs created or retained, and 76
wage information for such jobs, new capital investment, and 77
such other information as may be required by the department 78
to document the basis for program benefits no later than 79
ninety days prior to the end of the qualified company's tax 80
SB 1443 4
year immediately following the tax year for which the 81
benefits provided under this section are attributed. 82
Failure to timely file the annual report required under this 83
section may result in the forfeiture of tax credits 84
attributable to the year for which the reporting was 85
required. 86
8. Upon approval of a notice of intent to receive tax 87
credits under subsection 3 of this section, the department 88
and the qualified company shall enter into a written 89
agreement covering the applicable project period. The 90
agreement shall specify, at a minimum: 91
(1) The committed number of jobs created or retained, 92
wages for such jobs, and new capital investment for each 93
year during the project period; 94
(2) The terms and conditions upon the issuance of tax 95
credits, which, notwithstanding subsection 4 of section 96
620.2020 to the contrary, shall be issued no sooner than 97
when the qualified company files its first annual report 98
required under subsection 3 of section 620.2020 after making 99
the minimum required new capital investment as set forth in 100
subdivision (2) of subsection 1 of this section; 101
(3) Clawback provisions, as may be required by the 102
department; and 103
(4) Any other provisions the department may require. 104
9. Notwithstanding any other provision of law to the 105
contrary, any qualified company that is awarded tax credits 106
under this section shall not simultaneously receive benefits 107
under sections 135.100 to 135.155, 620.2010, or 620.2015 for 108
the same jobs, wages, or new capital investment that 109
qualified for tax credits under this section. 110
✓