MEDC Supports Mega Projects Bill

April 18, 2008 - The Missouri Economic Development Council has joined other economic development organizations and business representatives in supporting SB 1234 and HB 2393. The legislation would create an incentive program to attract large scale economic development projects that create more than 1,000 new jobs and result in more than $300 million in infrastructure investment over 8 years.

The incentive is based on a percentage of new payroll actually paid to employees and is capped at a maximum of $40 million per year. In order to receive $40 million in tax credits, the employer must be adding new annual payroll of $50 million in the first three years, $66.7 million in the fourth and fifth years, $80 million in the sixth and seventh years, $133.3 million in the eighth and ninth years, and $160 million in the tenth and subsequent years. The tax credits issued under the bill must be repaid to the state based on a plan developed between the credit recipient and the Missouri Department of Economic Development.

MEDC has prepared a letter of support which may be accessed here.
CLICK HERE FOR A COPY OF THE TEXT OF THE MOST CURRENT VERSION OF THE BILL (4-22-08)