February 7, 2008 - Rep. David Pearce (R-121, Warrensburg) has filed the first of two expected omnibus economic development bills in the Missouri House.He was joined by 87 co-sponsors of both parties in filing HB 2058, making a truly bipartisan effort. The Chairman of the House Special Committee on Job Creation and Economic Development, Rep. Ron Richard (R-129, Joplin), and every member of that committee were included among the co-sponsors of the bill.
The bill contains the following provisions:
- Increase in the Neighborhood Assistance Program tax credit from $4 million to $6 million;
- Increase in Enhanced Enterprise Zone tax credits from $14 million to $24 million;
- Codification of existing sales tax treatment of sales of certain items by defense contractors to foreign governments;
- "Grow Me State" angel investment tax credit of 30-40% of first $500,000 invested in a qualifying Missouri business, with a limit of $50,000 per investor per business and $100,000 per investor per year and an annual cap of $5 million for the entire program;
- Increase in the annual cap on tax credits authorized for Small Business Incubators program from $500,000 to $2 million;
- Increase in cap on Quality Jobs program from $40 million to $60 million;
- Extension of the retention credit in Quality Jobs to August 30, 2013.
The bill is expected to be referred to committee next week and heard very soon. We will keep you posted of the progress of this legislation.
The bill is the first of two anticipated omnibus economic development bills that are underway. Another bill by Rep. Tim Flook (R-34, Liberty) is being prepared now. We are working closely with sponsors of both of these pieces of legislation.
