Rachel Bringer voted Nay (Passage) on this Legislation.
Title: Mega-Project Tax Credits
Signed by Governor Matthew Blunt
Title: Mega-Project Tax Credits
Vote to repass after having concurred with Senate amendments to a bill that provides tax credits for mega-projects.
-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):
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.
Title: Mega-Project Tax Credits
Vote to pass a bill that provides tax credits for mega-projects.
-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):
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.
Title: Mega-Project Tax Credits
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.
- 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)]:
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.
Title: Mega-Project Tax Credits