SB 4 - This act modifies provisions of the Missouri Quality Jobs Act to provide additional benefits for job retention projects. In lieu of all other job retention benefits currently available under the Quality Jobs Act, a qualified company may be eligible to retain one hundred percent of withholding taxes for all full-time employees for up to ten years, if such company retains at least one hundred and twenty-five jobs over a ten year period with an average wage equal to or in excess of ninety percent of the county average wage and, within three years, makes capital investment at the facility equal to no less than one half of the amount of benefits received. The Department of Economic Development is prohibited from authorizing the retention of withholdings taxes in excess of six million dollars for fiscal years 2012 through 2014. In addition, a qualified company may elect to receive refundable tax credits equal to eighty percent of withholding taxes for full-time employees that such company could otherwise retain over a ten-year period. Such tax credits will be subject to appropriation. The Department of Economic Development is prohibited from awarding an amount of job retention benefits to any project which would exceed the net state benefit of the project.
The act prohibits the authorization of tax credits under the Missouri Quality Jobs Act on or after August 28, 2017.
JASON ZAMKUS