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SS/SCS/SB 718 - This act increases the amount of tax credits which may be issued in a fiscal year, under the Neighborhood Assistance Act for economic development projects, from four million dollars to six million dollars. The director of the department of economic development is authorized to issue binding letter rulings regarding an applicant's eligibility for issuance of tax credits under the new markets tax credit program. Any applicant for state tax credits who purposely and directly employs unauthorized aliens must forfeit any tax credits issued to such applicant which have not been redeemed, and any tax credits redeemed by such applicant will be recaptured for the period of time in which the applicant employed unauthorized aliens. The cap on annual issuance of tax credits for the enhanced enterprise zone tax credit program is increased from fourteen million to twenty four million dollars. The aggregate cap on tax credits which may be issued annually under the Small Business Incubators Act is increased from five hundred thousand dollars to two million dollars. A local sponsor or organization receiving assistance through a local sponsor under the small business incubators act must provide annual reports, to the department of economic development, containing the identity of tenants within each incubator, a brief description of the nature of the business of each such tenant, and the date in which each such tenant established tenancy within the incubator. The department of economic development must annually provide the general assembly and the governor with a report containing the information provided by local sponsors and organizations receiving assistance from local sponsors. The Quality Jobs Act definition of the term "project facility", is modified to include separate buildings located within one mile of each other or within the same county. The Quality Jobs Act definition of the term "technology business project" is expanded to include any qualified company which owns or leases a facility which produces electricity, or fuel for the generation of electricity, derived from qualified renewable energy sources. Under current law, no new tax credits may be approved by the department of economic development for job retention projects, authorized under the Missouri Quality Jobs Act, after August 30, 2007. This act extends the sunset to August 30, 2013. The maximum amount of tax credits which may be issued annually under the Missouri quality jobs act is increased from forty million dollars to sixty million dollars. JASON ZAMKUS
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