SB 0317 Authorizes inducements to attract large scale ec. dev. proj.
Committee:FINALR Number:L1047.07C
Last Action:05/15/95 - S Calendar S Bills with H Amendments (HCS, as amended)
Title:HCS/SS/SS/SCS/SB 317
Effective Date:August 28, 1995
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Current Bill Summary

HCS/SS/SS/SCS/SB 317 - This act requires each Regional Convention and Visitors Commission to present, before the second Monday in October, an annual report regarding moneys received and moneys distributed. The fiscal year for each Commission shall run from July 1 through June 30 and each Commission shall be audited every third fiscal year.

In addition, this act provides parameters and authorizes the Department of Economic Development (hereafter "Department") and the Missouri Development Finance Board (hereafter "Board") to use inducements to attract eligible companies that must invest at least $500,000,000 in an economic development project and create at least 2,000 new jobs.

Section 100.630 defines 12 relevant terms including approved company, economic development project, eligible company, inducements, and manufacturing.

Section 100.635 gives the Board the power and authority to effectuate this legislation, including the ability to negotiate and sign financing agreements and otherwise support economic development within the state. The Board may issue bonds to finance the economic development projects but said bonds shall not constitute an indebtedness or liability of the state and are not guaranteed by the state.

Section 100.638 provides that the Department and the Board shall establish application procedures and standards via the promulgation of rules and regulations. This section also requires that each eligible company applying to the Board for approved company status shall provide any and all information, documentation, and other materials necessary to evaluate the application.

Section 100.641 allows an approved company to require that each eligible employee pay a job development assessment fee that would be used to retire bonds which fund that particular economic development project. This fee shall not exceed 5% of the employee's gross wages and the employee would be allowed a tax credit to offset the fee.

Sections 100.643 and 100.645 detail specific and general provisions that must be included in all financing agreements the Board negotiates and executes.

The provisions of sections 100.630 to 100.645 shall expire on December 31, 1998. RONALD J. LEONE