SB 629 Modifies provisions relating to tax increment financing
Sponsor: Wasson
LR Number: 4485S.03T Fiscal Notes
Committee: Economic Development
Last Action: 6/1/2018 - Signed by Governor Journal Page: S2505
Title: SCS SB 629 Calendar Position:
Effective Date: August 28, 2018
House Handler: Miller

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Current Bill Summary


SCS/SB 629 - Current law caps the annual amount of new state revenues that may be appropriated to the Missouri Supplemental Tax Increment Financing Fund for redevelopment projects under the Real Property Tax Increment Allocation Redevelopment Act at $32 million. This act excludes from this cap any plan or project involving a health information technology employer employing over 7,000 employees in the state which is estimated to create in excess of 15,000 new jobs with an average annual wage of more than $75,000, and that is listed by name in an appropriations bill.

This act also reduces the Supplemental Tax Increment Financing Fund appropriation cap from $32 million to $10 million for redevelopment plans or projects approved on or after August 28, 2018, and before August 28, 2028. For projects approved prior to August 28, 2018, which are expanded with buildings of new construction, the orginally approved amount shall not be increased by more than $3 million annually. For redevelopment plans or projects approved on or after August 28, 2028, the cap shall increase to $20 million.

This act also provides that, for redevelopment plans or projects approved prior to August 28, 2018, which are expanded with buildings of new construction, and for all redevelopment plans or projects approved after August 28, 2018, no single redevelopment plan or project shall receive an appropriation that exceeds three million dollars annually.

This act is similar to SB 199 (2017).

JOSHUA NORBERG