- Introduced -

SB 552 - This act increases the aggregate authorized Missouri Certified Capital Companies (CAPCO) tax credits from $10 million to $25 million annually and allots $10 million in credits to investment in "Qualified Missouri Seed Businesses".

The "Qualified Missouri Seed Business", is defined in this act as manufacturing, assembly, research and development, or an interstate commerce business enterprise experiencing no positive cash flow in the last fiscal year. Such business must agree to remain headquartered in Missouri for at least three years after any CAPCO qualified investment.

Under current law the Director of the Department of Economic Development may reduce the 100% amount of the CAPCO credit beginning August 28, 1997. This act removes that discretion.

This act also repeals the statute granting qualified research expense tax credits, thereby de-obligating $10 million in tax credits which can be used to offset the increase in the CAPCO program.

This act is similar to SB 427, 1999.

ELIZABETH BAX