HB 264 - This act modifies provisions of the Manufacturing Jobs Act which provides incentives for qualified manufacturing companies and qualified suppliers that create or retain Missouri jobs. Currently, under the act, benefits for qualified manufacturing companies are only available to businesses with a National American Industry Classification System (NAICS) code of 33611 (automobile or light duty motor vehicle manufacturing). If such a business meets all applicable job retention and capital investment requirements, the Department of Economic Development may allow the business to retain 100% of the withholding taxes from full-time jobs at the manufacturing facility for 10 years if it manufactures a new product. The act expands eligibility for benefits provided to qualifying manufacturing companies under the Manufacturing Jobs Act to include any business that manufactures a new product at a facility in the state and commits to make a capital investment of at least seventy-five thousand dollars per retained job within no more than two years. Beginning January 1, 2012, a qualified manufacturing company that does not fall under the NAICS code for automobile or light duty motor vehicle manufacturing, but meets all applicable job retention and capital investment requirements may, subject to approval by the Department of Economic Development, retain 50% of the withholding taxes from full-time jobs at a facility for 10 years if it manufactures a new product.JASON ZAMKUS
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