SB 1301 - Under current law, the Department of Economic Development is authorized to reserve a portion of Missouri Works program benefits for award prior to the completion of job creation requirements, with such provision to expire on June 30, 2025. This act removes such expiration date. (Section 620.2010) Additionally, current law authorizes the Department of Economic Development to award a refundable tax credit to a qualified company receiving Missouri Works benefits in lieu of the retention of withholding tax if such qualified company is already retaining withholding tax pursuant to a job training program. This act allows such refundable tax credit to also be awarded to a qualified company that is retaining withholding tax because it is located in an advanced industrial manufacturing (AIM) zone or a targeted industrial manufacturing enhancement (TIME) zone.
Finally, current law limits the total annual amount of Missouri Works tax credits to $106 million, and limits the annual amount of withholding tax that may be retained to $75 million, for a total of $181 million in program benefits per fiscal year. This act provides that, beginning with the 2026 fiscal year, the Department may award any amount of tax credits and withholding tax benefits, provided that the total amount authorized does not exceed $181 million. (Section 620.2020)
JOSH NORBERG