SB 193 Creates a tax credit for equity investments in qualified Missouri businesses
Sponsor: Shoemyer
LR Number: 0827S.01I Fiscal Note: 0827-01
Committee: Jobs, Economic Development and Local Government
Last Action: 2/11/2009 - Hearing Conducted S Jobs, Economic Development and Local Government Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2009

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Current Bill Summary

SB 193 - This act authorizes the Department of Economic Development to issue up to two million dollars in tax credits annually to encourage equity investments in qualified Missouri manufacturing businesses. Qualified Missouri businesses must be a manufacturing business, in need of venture capital, which will base its operations from an existing facility located in a distressed community. Such business must create at least fifty new jobs, offer health insurance to all of its full-time employees, and pay at least fifty percent of such health insurance premiums. Investors who contribute the first three million dollars in equity investment to a qualified Missouri business may be issued a tax credit equal to fifty percent of the investment. Tax credits authorized under this act can be carried forward for up to five years or sold. Qualified Missouri businesses, for which investment tax credits are issued, which fail to comply with the provisions of this act within seven years of tax credit issuance will be forced to repay the amount of tax credits issued to investors.