SB 0518 Allows new economic development and tourism sales taxes and relates to economic development tax credits
LR Number:L2197.04T Fiscal Note:2197-04
Committee:Local Government and Economic Development
Last Action:07/08/99 - Signed by Governor (w/EC) Journal page:
Title:HS HCS SB 518
Effective Date:August 28, 1999
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Current Bill Summary

HS/HCS/SB 518 - This act authorizes St. Francois County to vote to adopt a sales tax for economic development. The tax on all retail sales shall not exceed one half of one percent.

This act also authorizes a new program in the Department of Economic Development, the Missouri New Enterprises Creation program, to provide seed capital for new Missouri technology related businesses.

The act creates a 13-member Missouri Seed Capital Investment Board to oversee the creation of between 1 and 4 funds which are designated pursuant to a strategy approved by the Board and the qualified innovation centers in Missouri. The Board shall approve professional managers to be employed by the qualified funds, and shall authorize qualified innovation centers to enter into contracts with these funds. All dividends shall go to the innovation centers which shall use these payments solely for reinvestment in order to provide ongoing seed capital for Missouri businesses.

Contributions to the funds qualify for tax credits of up to 100% of the contribution. The aggregate amount of tax credits issued for this program is $20 million dollars, with not more than $10 million dollars in credits issued in any one fiscal year.

The initial fund under the Missouri New Enterprises Creation Act is to be established upon passage of the this act to provide assistance for displaced, high technology workers in establishing new high technology businesses. This fund is to be incorporated into the seed capital and commercialization strategy upon approval and organization of the Missouri Seed Capital Investment Board.

This act is similar to CCS/SS/SCS/HS/HCS/HB 701.