SB 1 Authorizes incentives for aerospace industry job creation under existing programs except with a separate incentives cap
Sponsor: Schmitt Co-Sponsor(s)
LR Number: 0002S.02T Fiscal Note available
Committee: Jobs, Economic Development and Local Government
Last Action: 12/10/2013 - Signed by Governor Journal Page:
Title: SCS SB 1 Calendar Position:
Effective Date: Emergency clause
House Handler: Zerr

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Current Bill Summary

SCS/SB 1 - This act authorizes incentives for aerospace industry projects receiving a proposal of benefits on or before June 10, 2014, and which create at least 2,000 jobs within ten years. The incentives will be offered under the Missouri Works Program, the BUILD program, the Missouri Works Training Program, and the TIF act.

Any amount of incentives offered to the aerospace industry under this act will not count towards the incentives cap of the program under which the incentive is offered. The act establishes a separate cap of $150 million per year for the aggregate amount of incentives offered to the aerospace industry under all programs listed in the act.

Aerospace projects receiving benefits under the act are required to report to the General Assembly on the state benefits received by the project, the number of minorities that have been trained under the Missouri Works Training Program, and on employment outreach efforts to women an minorities.

The act prohibits revenues from an aerospace project TIF project from being used to satisfy bond obligations not directly benefitting the aerospace project.

In the tenth year after the approval of a notice of intent for an aerospace project, the Department of Economic Development is required to determine the net fiscal benefit to the state and take necessary action to ensure a net fiscal benefit to the state by the last year that the aerospace project receives state benefits under the act.

This act contains an emergency clause.