SB 1221 Authorizes a $350,000,000 bond issuance for construction and renovation of facilities of higher education
LR Number:4494S.11P Fiscal Note:4494-11
Last Action:05/14/04 - 001 S Calendar S Bills for Third Reading (Fiscal) Journal page:
Title:SS SCS SBs 1221 & 1305
Effective Date:August 28, 2004
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Current Bill Summary

SS/SCS/SBs 1221 & 1305 - This act authorizes the Board of Public Buildings to issue bonds in the amount of $372,500,000. The revenue derived from such bonds shall be used for the construction and renovation of facilities for institutions of higher education.

The bond project authorization component of the act is contained in SCS/SB 1227.

The act repeals the corporate FIT deduction as of 1/1/05, and until the above mentioned bonds are paid off. The commissioner of administration shall annually estimate the revenue lost in the last year of the corporate FIT deduction and use that amount to make debt service payments on the bonds; any remaining amount will be transferred to the Missouri college guarantee fund.

The act creates a tax credit in the amount of $10,000 for every company who employs a graduate of a Missouri university or college or a two-year institution who received Missouri college guarantee scholarship money.

The act is contingent upon the change of the name of Southwest Missouri State University to Missouri State University.