Economic Development Bills Moving

February 14, 2008 - The Senate yesterday again took up SB 718, the omnibus economic development package sponsored by Sen. Harry Kennedy (D-1, St. Louis).

An amendment was pending on the bill that would have created letter ruling authority for the Department of Economic Development regarding the New Markets Tax Credit program. In action yesterday, that amendment was withdrawn and replaced with a new amendment that was adopted that accomplishes the same thing but alleviates concerns expressed by some senators regarding the confidentiality of such rulings. An amendment to that amendment that would have allowed such rulings to be revoked by the DED failed.

A push to remove the increase in the Small Business Incubator Tax Credit was withdrawn after several senators that had threatened to delay the bill withdrew their objections. An amendment was proposed to allocate at least 25% of the Incubator Tax Credit to rural areas as defined in the Quality Jobs Act. That amendment is pending as the bill was tabled for debate in the near future.

In the House, HB 2058, sponsored by Rep. David Pearce (R-121, Warrensburg), was referred to the House Special Committee on Job Creation and Economic Development and a hearing is expected next Wednesday, February 20, 2008.