SB 1091
Modifies provisions relating to rural economic development incentives
LR Number:
Last Action:
3/7/2022 - Second Read and Referred S Agriculture, Food Production and Outdoor Resources Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2022

Current Bill Summary

SB 1091 - This act modifies several provisions relating to rural economic development incentives.


This act creates the "Show MO Act".

This act reauthorizes a tax credit for certain expenses related to the production of qualified motion media production projects in this state, as defined in the act. Tax credits for such expenses under previous law expired on November 28, 2013.

For all tax years beginning on or after January 1, 2022, this act authorizes a tax credit equal to 20% of qualifying expenses, as defined in the act, associated with the production of a qualified motion media production project. An additional 5% may be awarded for each of the following conditions if they are met: 1) at least 50% of the qualified film production project is filmed in Missouri; 2) at least 15% of the project takes place in a rural or blighted area; 3) at least three departments of the production hire a Missouri resident ready to advance to the next level in a specialized craft position or learn a new skillset; 4) the Department of Economic Development determines that the script for such project positively markets a city or region of the state, the entire state, or a tourist attraction located in the state, and the production provides certain advertising materials, as described in the act. The total dollar amount of tax credits awarded to a qualified film production project may be increased by ten percent if such project is located in a county of the second, third, or fourth class.

This act shall sunset on December 31, 2030, unless reauthorized by the General Assembly. (Section 135.750)

This provision is identical to SB 960 (2022), HB 2106 (2022), and HB 2473 (2022), and is substantially similar to SCS/SB 732 (2022), SB 721 (2022), HB 2558 (2022), HB 2870 (2022), SB 367 (2021), SB 366 (2020), HB 923 (2019), HB 1661 (2018), and HB 788 (2017), and to a provision contained in SCS/SBs 961 & 733 (2022), SS/SCS/SB 354 (2021), and SS/SCS/HB 948 (2021).


Current law authorizes tax credits for contributions to the Missouri Agriculture and Small Business Development Authority and investments in new generation cooperatives for the purpose of development of agricultural business, with such tax credit programs to expire December 31, 2021. This act extends such tax credits until December 31, 2028. (Section 348.436)

This provision is identical to SB 866 (2022) and HB 2172 (2022), and to a provision in SB 986 (2022), SB 644 (2022), CCS/SS/SCS/HCS/HB 1720 (2022), SS/SCS/SB 354 (2021), HCS/HB 601 (2021), HCS/HB 693 (2021), and SS/SCS/HB 948 (2021).


This act establishes the "Missouri Rural Workforce Development Act", which provides a tax credit for certain investments made in businesses located in rural areas in this state.

This act allows investors to make capital investments in a rural fund, as defined in the act. Such investors shall be allowed a tax credit for a period of six years beginning with the year the investor made a capital investment. The tax credit shall be equal to a percentage of the capital investment. The percentage shall be zero for the first two years, and fifteen percent for the subsequent four years. Tax credits issued under the act shall not be refundable, but may be carried forward to any of the five subsequent tax years, as described in the act. No more than $25 million dollars in tax credits shall be authorized in a given calendar year.

A rural fund wishing to accept investments as capital investments shall apply to the Department of Economic Development. The application shall include the amount of capital investment requested, a copy of the applicant's license as a rural business or small business investment company, evidence that the applicant has made at least $100 million in investments in nonpublic companies located in counties throughout the United States with a population less than fifty thousand, evidence that the applicant has made at least $30 million in investments in nonpublic companies located in Missouri, and a business plan that includes a revenue impact statement projecting state and local tax revenue to be generated by the applicant's proposed qualified investments, as described in the act. The rural fund shall also submit a nonrefundable application fee of $5,000.

The Department shall grant or deny an application within thirty days of receipt. The Department shall deny an application if such application is incomplete or insufficient, if the revenue impact assessment does not demonstrate that the business plan will result in a positive economic impact on the state over a ten year period, or if the Department has already approved the maximum amount of capital investment authority.

Rural funds shall use capital investments made by investors to make qualified investments, as defined in the act, in eligible businesses. An eligible business is a business that, at the time of the qualified investment, has fewer than two hundred fifty employees and has its principal business operations in the state.

The Department may recapture tax credits if the rural fund does not invest sixty percent of its capital investment authority in qualified investments within two years of the date of the capital investment, and one hundred percent of its capital investment authority within three years, if the rural fund fails to maintain qualified investments equal to ninety percent of its capital investment authority in years three through six, as described in the act, if prior to exiting the program or thirty days after the sixth year, the rural fund makes a distribution or payment that results in the fund having less than one hundred percent of its capital investment authority invested in qualified investments, or if the rural fund violates provisions of the act.

Rural funds shall submit annual reports to the Department, including the name and location of each eligible business receiving a qualified investment, the number of jobs created and jobs retained as a result of qualified investments, the average salary of such jobs, and any other information required by the Department, as described in the act.

At any time after the sixth anniversary of the capital investment, a rural fund may apply to the Department to exit the program. The Department shall respond to such application within fifteen days. A rural fund shall be subject to penalties for not meeting projected job creation metrics, as described in the act.

The Department shall not accept new applications for tax credits under the act after December 31, 2032. (Sections 620.3500 to 620.3530)

These provisions are identical to SB 675 (2022), SB 905 (2022), and HB 1885 (2022), and to provisions in SB 644 (2022), and are substantially similar to SCS/SB 465 (2021), HB 1361 (2021), SB 724 (2020), SCS/SB 477 (2019), HB 1230 (2019), and HB 1236 (2019), and to provisions in SCS/SB 750 (2022) and SS/SCS/HB 948 (2021).



No Amendments Found.