|SB 0293||Tax credits relating to economic development|
|Last Action:||02/21/95 - Hearing Conducted S Commerce & Environment Committee|
|Effective Date:||August 28, 1995|
SB 293 - This act amends and modifies sections of Chapter 135, RSMo which relate to tax credits and economic development.
Section 135.100 modifies the existing definition of "facility", "office", and "revenue producing enterprise", and adds a definition of "SIC", or Standard Industrial Classification. The definitions in this section apply only to sections 135.100 to 135.150.
Section 135.200 modifies the existing definition of "facility", and "revenue producing enterprise", and adds a definition for "standard industrial classification". The definitions in this section apply only to sections 135.200 to 135.256.
Section 135.210 authorizes the Director of the Department of Economic Development to recommend to the Joint Legislative Committee on Economic Developmental Policy and Planning that the designation of a particular area as an enterprise zone be cancelled if the Director determines that the zone is not being effectively promoted or developed.
Subsection 1 of Section 135.225 provides credits to any taxpayer who establishes and operates a new business facility located within a designated enterprise zone except if said zone was designated pursuant to subsection 5 of section 135.230.
Subsection 2 of Section 135.225 states that the credits and exemptions allowed to any taxpayer in sections 135.220, 135.225 and 135.235 shall be removed not later than five years after an area has been designated an enterprise zone.
A new subsection 4 is added to Section 135.230. This new subsection provides procedures and guidelines for extending the designation of an enterprise zone.
Lastly, a new subsection 5 is added to Section 135.230. With certain restrictions in place, this new section provides certain tax credits for a maximum of 10 years to any taxpayer who established a new business facility or an enterprise zone. RONALD J. LEONE