September 4 - Governor Matt Blunt today signed House Bill 1, sponsored by Representative Ron Richard and Senator John Griesheimer, as MEDC Legislative Consultant Ray McCarty (center) watches. The bill was one of the products of a special session called by Governor Blunt to address job creation and the repair of Missouri's bridges.
The bill contains many economic development provisions, including an increase in the Missouri Quality Jobs annual tax credit limit (from $12 million to $40 million) and a New Markets Tax Credit, both of which are effective today.
The remainder of the bill, including an increase in the Enhanced Enterprise Zone tax credit cap from $7 million to $14 million, will be effective December 3, 2007. A new Land Assemblage Tax Credit is also authorized in the bill, as well as a tax credit for cattle farm operations, ticket scalping provisions, and several other items. The bill also extends the New Jobs Training Tax Credit program expiration by 10 years.
The MEDC worked hard with the staff of the Missouri Department of Economic Development, the Governor's office, Representative Richard and Senator Griesheimer to pass this bill and appreciates Governor Blunt's continuing commitment to the creation of good paying jobs with benefits and for enhancing our economic developers' ability to attract and retain companies that provide such jobs. Since its birth in 2005, the Quality Jobs program has produced more than 12,500 jobs with average annual salaries of $46,856, according to a report by the Taxpayers Research Institute of Missouri (visit www.motaxpayers.com and click on "REPORTS" for a copy of the report). Total annual wages of jobs created with the program are anticipated to exceed $630 million by 2012, according to the report.
