SS/SCS/SB 10 - This act modifies several provisions relating to financial incentives for job creation.
This act modifies the definition of "new capital investment" by allowing costs incurred by a qualified company at the project facility prior to acceptance of the proposal for benefits to be considered new capital investment. (Section 620.800)
This act allows the Department of Economic Development to contract with other entities for the purpose of advertising, marketing, and promoting the Missouri Works Training program. Such marketing shall not exceed fifty thousand dollars annually. (Section 620.803)
This act allows the Department of Economic Development to provide assistance through the Missouri Works Job Development Fund to a consortium of companies if a majority of the consortium are qualified companies. (Section 620.806)
Currently, Missouri Works Training projects are funded by redirecting withholding taxes remitted by a qualified company for new or retained jobs created by the company. Subject to appropriation, this act allows the Department of Economic Development to provide up-front funding from appropriations from the general revenue fund. For projects that utilize such funding, the amount of withholding taxes redirected for the project shall be reduced by the amount of funds received through the general revenue appropriation. (Section 620.809)
These provisions are identical to provisions contained in SS/SCS/HB 93 (2017) and SCS/HB 680 (2017).
This act modifies several provisions of the Missouri Works program.
The definition of "new job" is changed to prohibit a job from being considered a new job because of a change of ownership in the company.
The definition of "project facility base employment" is changed to provided that awarded benefits shall not apply to base employment.
The definition of "project facility base payroll" is changed to provide that the amount of base payroll shall be equal to or greater than the previous year's base payroll while keeping the number of employees in the base constant. The company may choose the method of reporting the number of employees in the base, but the method shall remain in effect throughout the benefit period. (Section 620.2005)
This provision is identical to a provision contained in SCS/HB 680 (2017) and is similar to a provision contained in SB 349 (2017).