NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.
Bill Sent To Committee
Aug. 24, 2007
Aug. 23, 2007(Key vote)
Title: Economic Development
-Increases the funds available for the Quality Jobs Program from $12 million to $40 million annually.
-Requires employers to offer health insurance to full-time employees and pay half of insurance premiums to qualify for tax benefits under the Quality Jobs Program.
-Establishes the Missouri Workforce Investment Board to increase the employment, retention, and earnings of participants and improve the quality of the workforce, reduce welfare dependency, and enhance the productivity and competitiveness of Missouri.
-Defines greenfield area (area that is clean and undeveloped) as it relates to tax increment financing (TIF). New TIF projects are prohibited from being authorized in any greenfield area located within St. Louis City or the counties of Franklin, Jefferson, St. Charles, and St. Louis.
-Establishes the Distressed Areas Land Assemblage Tax Credit Act which authorizes a tax credit equal to 50 percent of the acquisition and maintenance costs and 100 percent of the interest incurred for the acquisition of an parcel of land in an impoverished area.
-Establishes the Qualified Beef Tax Credit Act which allows tax credits for sales of cows raised in the state and sold in the state.
-Provides tax breaks for qualifying film projects.
-Decriminalizes ticket scalping.