An emergency clause was added to the bill for the Missouri Quality Jobs cap increase and the New Markets Tax Credit program, meaning those changes will be effective upon the Governor's signature. The remaining parts of the bill will be effective the end of November.
In the final bill, the Quality Jobs program will receive a $28 million boost in annual cap space, the Enhanced Enterprise Zone program will receive a $7 million boost in cap space, the New Jobs Training program will be extended for 10 more years, and several new tax credit programs will be enacted benefiting redevelopment in St. Louis City and beef producers.
Click here for the final version of the bill. The Senate made the following amendments to this language (these changes have been made in the text of the final version of the bill):
SA1 - Griesheimer – Adds an emergency clause for the Missouri Quality Jobs and New Markets Tax Credit programs.
SA1 to SA4 – Griesheimer and SA4 – Bray – The bill stated persons delinquent in the payment of taxes to DOR or the Dept. of Insurance were not eligible for Quality Jobs benefits. This amendment extends that same provision to other delinquent state fees due other agencies.
SA 9 – Green – Developers in the Land Assemblage Tax Credit program must pay prevailing wage.
SA 13 – Shoemyer – Land Assemblage Tax Credit will be subject to the Tax Credit Accountability Act, meaning it must be reviewed after four years and a report issued to the Joint Committee on Tax Policy. This does not affect the sunset date in 2013.
SA 14 – Shoemyer – Clarifies only “reasonable” demolition and maintenance charges will be allowed as reimbursable expenses under the Land Assemblage Tax Credit.
SA 19 – Griesheimer –
Thanks to all MEDC members for the phone calls, emails and personal contacts to ensure passage of the bill. YOU MADE THE DIFFERENCE!
Ray McCarty
MEDC Legislative Consultant
ray@raymccarty.com
