SB 765 - 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 twenty 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 make equity investments in 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.
No more than one million five hundred thousand dollars in tax credits can be issued annually for investments made to any one qualified Missouri business. If in any year, the number of claims for tax credits exceed the amount available the department will issue the tax credits on a pro rata basis to all applicants entitled to receive tax credits in that year. Any amount of tax credits which applicants are entitled to receive on an annual basis and are not issued due to the limitations will be carried forward for the benefit of the applicants to subsequent years. 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.
This act is similar to Senate Bill 193 (2009).