SB 1223 Creates the "Missouri Targeted Development Program"
Sponsor: Scott
LR Number: 5455S.01I Fiscal Note:
Committee: Ways & Means
Last Action: 3/7/2006 - Second Read and Referred S Ways & Means Committee Journal Page: S404
Title: Calendar Position:
Effective Date: August 28, 2006

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Current Bill Summary

SB 1223 - This act provides an income or premium tax credit equal to forty percent of a qualified investment in a Missouri technology company or fifty percent of an investment in a Missouri technology company if such company is also a qualified rural Missouri technology company. The tax credit has an aggregate cap of ten million dollars per fiscal year and not more than two million dollars of tax credits may be issued for any one qualified rural Missouri technology company per fiscal year.

This act creates the Missouri investment tax credit reserve fund which is a special continuing, non-lapsing fund. Moneys in the fund will be transferred to the general revenue fund in an amount equal to the tax credits issued. The act contains recapture provisions allowing the recapture of tax credits issued if an interest in a qualifying investment is sold within two years of the issuance of the tax credit. The Department of Economic Development is required to make an annual report to the Governor and the Missouri General Assembly regarding the number of tax credits applied for, issued and redeemed.