Missouri Senate

Senate Committee Substitute

ISSUANCE OF BONDS BY POLITICAL SUBDIVISIONS

(Section 67.095)

This provision requires political subdivisions to hold a public hearing on pledging future appropriations to back the political subdivision's bonds, before the political subdivision issues the bond. Notice of the hearing must be published twice in the newspaper. This notice must inform the public that there may be positive and negative results from issuing the bond. Political subdivisions will not be required to hold this hearing or publish this notice if they have enacted a policy pursuant to their charter or other ballot measure approved by the voters on the use of debt and that policy has particular components.

NEIGHBORHOOD IMPROVEMENT DISTRICT SPECIAL ASSESSMENTS

(Section 67.463)

Currently, the Boone County county collector is authorized to collect a fee when collecting special assessments for Neighborhood Improvement Districts. This act allows county collectors in any county to collect this fee.

This provision is identical to a provision of HCS/HB 1865 (2012) and HB 1592 (2012).

(Section 67.469)

This act also expands the existing law that allows liens against property to be foreclosed for failure to pay Neighborhood Improvement district special assessments, so that first class counties and the city of St. Louis may also foreclose on these liens by a land tax sale under the provisions of law that govern land tax sales in those counties.

This provision is identical to a provision of HCS/HB 1865 (2012) and HB 1592 (2012).

ECONOMIC DEVELOPMENT TAX BOARDS

(Section 67.1305)

This act allows a city that adopts or has already adopted a local option economic development sales tax to increase the number of members on the economic development tax board. The city will designate by order or ordinance whether the board has five or nine members. If the city designates a nine member board, the area school districts and the county will each appoint one new member to the board, and the city will appoint two new members to the board. The act also specifies how the board members terms are staggered.

This provision is identical to a provision of HB 1455 (2012) and similar to a provision of SCS/HCS/HB 1623 (2012) and SB 845 (2012).

START-UP COMPANIES

(Section 620.007)

Under this provision the Department of Economic Development is required to define what constitutes a "start up company." These companies will be required to provide verification of financial information when the company applies for economic development incentives, if the incentive is provided up-front.

ADVERSE INFORMATION ABOUT COMPANIES SEEKING ECONOMIC DEVELOPMENT INCENTIVES

(Section 620.009)

This provision requires the Department of Economic Development to share electronic copies of all adverse information it has about any company seeking state and local economic development incentives with all local governments, economic development organizations and officials that are competing for the company's business. Local governments, economic development organizations and officials are also required to share adverse information about a company with the department. All adverse information the department receives shall be a closed record.

THE DEPARTMENT OF ECONOMIC DEVELOPMENT'S OPINION ON ECONOMIC DEVELOPMENT INCENTIVES

(Section 620.019)

This provision requires the Department of Economic Development to develop a ratings system to share with local governments the department's opinion on proposals for discretionary economic development incentives that combine local and state resources.

THE ELIGIBILITY OF CERTAIN TAXPAYERS FOR PROGRAMS ADMINISTERED BY THE DEPARTMENT OF ECONOMIC DEVELOPMENT

(Section 620.1895)

This act makes a taxpayer that occupies a facility previously occupied by a company that used the facility for a federal contract ineligible for tax incentives or grants under the Business Facility Tax Credit program, the Business Use Incentives for Large Scale Development program, the Development Tax Credit program, the Rebuilding Communities Tax Credit program, the Enhanced Enterprise Zone Tax Credit program, and the Missouri Quality Jobs program, when the taxpayer will use the facility for a similar business. However, if the Department of Economic Development determines that the projected net fiscal benefit of the taxpayer occupying the facility is greater than the fiscal benefit to the state provided by the previous company occupying the facility, the taxpayer will not be ineligible for benefits under these programs.

This provision is similar to SCS/SB 906 (2012).

CONSULTING CONTRACTS FOR TRADE OFFICES

(Section 1)

This provision requires the Department of Economic Development to include a conflict of interest policy in all new consulting contracts for trade offices in foreign countries. EMILY KALMER