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SB 56 - The Missouri Works program offers companies tax credits and the ability to retain withholding taxes for meeting certain job creation thresholds. This act allows the Department of Economic Development to offer certain companies tax credits in an amount equal to or less than nine percent of new payroll if such company creates ten or more new jobs and the average wage of new payroll equals or exceeds ninety percent of the county average wage. The Department of Economic Development shall require financial guarantee provisions in an agreement with a qualified company for tax credits authorized under this act. (Section 620.2010) Current law provides that the Department shall issue tax credits to a qualified company after such company has met the job creation and county average wage requirements. This act allows the tax credits authorized under this act to be issued following the qualified company's acceptance of the Department's proposal and the agreement required under current law. Current law limits the aggregate annual amount of tax credits issued under the Missouri Works program to $116M. This act requires that the Department reserve up to 21.5% of such limit for tax credits authorized under this act. (Section 620.2020) JOSHUA NORBERG
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