Signed by Governor Matthew Blunt

Vote Smart's Synopsis:

Vote to repass after having concurred with Senate amendments to a bill that provides tax credits for mega-projects.

Highlights:

-Defines "mega-project" as any manufacturing or assembling facility in which the new capital investment is projected to exceed $300 million over a period of 8 years, the number of new jobs is projected to exceed one thousand over a period of 8 years, the average wage shall exceed the county average wage, the employer shall offer health insurance and pay at least 80 percent of the premiums, and an acceptable plan of repayment to the state of the tax credits is provided (Sec. A). Specifies that the tax credit provided to a qualifying mega-project shall be an income tax credit equal to the "percentage of actual new annual payroll of the taxpayer attributable to employees directly related to the manufacturing and assembly process and administration" (Sec. A). -Specifies that tax credits issued in accordance with this bill shall be issued annually for a period not to exceed 8 years from the commencement of commercial operations of the mega-project and that the maximum percentage of the annual payroll of the taxpayer for new mega-project jobs that can be issued by the Department of Economic Development for tax credits shall not be greater than the following amounts (Sec. A):

-80 percent for the first 3 years of tax credits being issued -60 percent for the next 2 years -50 percent for the next 2 years -30 percent for the last year.

-The project is financially sound and will be successfully completed -There is a "reasonable and sound" plan of repayment to the state of the amount of the tax credits provided -New jobs will be created that were not jobs previously performed by the taxpayer's employees or a related taxpayer in Missouri -Local taxing authorities are providing incentives for the project -At least one other state or foreign country was considered for the project, and receiving the tax credits is a major factor in the decision to establish the project in Missouri -The project will be located in an enhanced enterprise zone -The completion of the project will create a substantial number of new jobs -The new jobs created will assist the state in providing the services needed to protect the health, safety, and social and economic well-being of the population.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that provides tax credits for mega-projects.

Highlights:

-Defines "mega-project" as any manufacturing or assembling facility in which the new capital investment is projected to exceed $300 million over a period of 8 years, the number of new jobs is projected to exceed one thousand over a period of 8 years, the average wage shall exceed the county average wage, the employer shall offer health insurance and pay at least 80 percent of the premiums, and an acceptable plan of repayment to the state of the tax credits is provided (Sec. A). Specifies that the tax credit provided to a qualifying mega-project shall be an income tax credit equal to the "percentage of actual new annual payroll of the taxpayer attributable to employees directly related to the manufacturing and assembly process and administration" (Sec. A). -Specifies that tax credits issued in accordance with this bill shall be issued annually for a period not to exceed 8 years from the commencement of commercial operations of the mega-project and that the maximum percentage of the annual payroll of the taxpayer for new mega-project jobs that can be issued by the Department of Economic Development for tax credits shall not be greater than the following amounts (Sec. A):

-80 percent for the first 3 years of tax credits being issued -60 percent for the next 2 years -50 percent for the next 2 years -30 percent for the last year.

-The project is financially sound and will be successfully completed -There is a "reasonable and sound" plan of repayment to the state of the amount of the tax credits provided -New jobs will be created that were not jobs previously performed by the taxpayer's employees or a related taxpayer in Missouri -Local taxing authorities are providing incentives for the project -At least one other state or foreign country was considered for the project, and receiving the tax credits is a major factor in the decision to establish the project in Missouri -The project will be located in an enhanced enterprise zone -The completion of the project will create a substantial number of new jobs -The new jobs created will assist the state in providing the services needed to protect the health, safety, and social and economic well-being of the population.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that allows taxpayers who establish mega-projects in Missouri to receive tax credits equal to a specific percentage of the new annual payroll of the taxpayer over the course of 22 years.

Highlights:

- Defines a "mega-project" as a manufacturing or assembly facility located within an enhanced enterprise zone that provides over $300 million in new investment capital over an eight year period, creates 1,000 new jobs with salaries and wages above the county average, and provides medical insurance to every new employee and covers at least 80 percent of premium costs [sec. A (135.950) (15)]. - Allows the taxpayer to receive a tax credit equal to 80 percent of the annual payroll of the taxpayer for the first three years, 60 percent for the next two subsequent years, 50 percent for the next two subsequent years, 30 percent for the next two subsequent years, and 25 percent for all subsequent years thereafter [sec. A (135.968) (4)]. - Caps the annual tax credit at $40 million [sec. A (135.968) (1)]. - Requires the taxpayer applying for the mega-project tax credit to prove the following to the Department of Economic Development in order to qualify [sec. A (135.968) (2)]:

- The project is financially sound and will be successfully completed; - There is a sound and reasonable plan of repayment to the state of the amount of the tax credits provided; - New jobs will be created that were not jobs previously performed by the taxpayer's employees or a related taxpayer in Missouri; - Local taxing authorities are providing incentives for the project; - At least one other state or foreign country was considered for the project, and receiving the tax credits is a major factor in the decision to establish the project in Missouri; - The project will be located in an enhanced enterprise zone; - The completion of the project will create a substantial number of new jobs; and - The new jobs created will assist the state in providing the services needed to protect the health, safety, social, and economic well-being of the population.

Full Bill Text