HCS/HB 346 - This act modifies the Missouri Works program by creating an additional tax credit, in lieu of any other tax credit offered under the program, for the expansion or improvement of a military base or installation that causes an increase of ten or more military or civilian support personnel with an average wage of at least 90% of the county average wage and health insurance benefits, as described in the act, and investment in real or tangible personal property at the base or installation expressly for the purpose of serving a new or expanded military activity or unit.
The tax credit shall be issued to an industrial development authority, as defined in the act, in an amount equal to the withholdings taxes associated with the civilian and military new jobs located and the facility and directly impacted by the qualified military project. The tax credits shall be issued for no more than fifteen years, and shall be the least amount necessary to ensure the completion of the project. A project shall not be eligible for tax credits unless the Department of Economic Development determines that such project will provide a net positive fiscal benefit to the state.
This act is identical to SCS/SB 180 (2019).