SB 1060 - This act modifies provisions relating to tax credits.CHAMPION FOR CHILDREN TAX CREDIT
Current law authorizes a tax credit for contributions made to CASAs, child advocacy centers, and crisis care centers, as such terms are defined in the act, with such tax credit equal to fifty percent of the contribution. For all tax years beginning on or after January 1, 2024, this act increases the tax credit to seventy percent of the contribution.
Additionally, the current maximum amount of tax credits that may be authorized for contributions made to qualified agencies shall not exceed $1.5 million. For all fiscal years beginning on or after July 1, 2024, this act provides that the amount of tax credits that may be authorized by the act in a fiscal year shall not be limited.
This act changes the sunset date from December 31, 2025, to December 31, 2030, unless reauthorized by the General Assembly. (Section 135.341)
This provision is identical to SB 1174 (2024), HB 2101 (2024), SB 662 (2023), and HB 1343 (2023), and is substantially similar to HB 1973 (2024) and HB 2629 (2024), and to a provision in HCS/SS#2/SB 862 (2024) and HCS/HB 1935 (2024).
ADVANCED MANUFACTURING RECRUITMENT ACT
This act establishes the "Missouri Advanced Manufacturing Recruitment Act".
For all tax years beginning on or after January 1, 2025, this act authorizes a tax credit for qualified manufacturing capital investments made in this state by qualified manufacturing companies, as defined in the act. The tax credit shall not exceed twenty percent of such investment, and shall not exceed the least amount necessary to obtain the qualified manufacturing company's commitment to initiate the project. A qualified manufacturing capital investment is defined as an expenditure on property that is depreciable pursuant to federal law. To be eligible for the tax credit, a qualified manufacturing company shall make a qualified manufacturing capital investment of at least $1 billion and create at least 500 new jobs.
Tax credits authorized pursuant to this act shall be refundable and may be transferred, sold, or assigned. The total amount of tax credits authorized pursuant to this act in any given calendar year shall not exceed $200 million.
Qualified manufacturing companies that are awarded tax credits pursuant to the act shall receive such tax credits in four separate equal installments, with each installment awarded for each quarter of the total qualified manufacturing capital investment made.
Qualified manufacturing companies shall apply to the Department of Economic Development to receive tax credits. Upon approval of a notice of intent, the qualified manufacturing company and the Department shall enter into an agreement specifying the number of new jobs, payroll, and new qualified manufacturing capital investment for each year during the project period; clawback provisions, as described in the act; and any other provisions required by the Department.
In evaluating an application for tax credits, the Department shall consider the significance of the qualified manufacturing company's need for tax credits; the amount of projected economic impact to the state; the size and quality of the proposed project; the financial stability and creditworthiness of the qualified manufacturing company; the level of economic distress in the area; and the competitiveness of alternative locations for the project.
Upon entering into an agreement with the Department, a qualified manufacturing company shall have three years to make twenty-five percent of the qualified manufacturing capital investment. If such investment is not made, the agreement shall be void.
The Department shall verify with applicable state agencies that a qualified manufacturing company does not owe any delinquent income, sales, or use tax or interest or penalties on such taxes, or any delinquent fees or assessments levied by any other state agency. Tax credits issued to a qualified manufacturing company shall offset any such delinquencies and penalties, as described in the act.
The Department shall submit quarterly reports to the General Assembly detailing tax credits approved pursuant to the act.
This act shall sunset on December 31, 2030, unless reauthorized by the General Assembly. (Section 620.040)
JOSH NORBERG