SCS/SB 831 - This act revises part of the abandoned property ("brownfields") law. Privately owned property is eligible for financial assistance under the brownfields program if the city or county approves the project. The act clarifies that grants can only be made for public capital improvements.

The Director of the Department of Economic Development may consider the direct and indirect economic benefits to be provided by the eligible project. The total amount of state funding, tax credits or tax exemptions is limited to the projected state economic benefit. Sales of any abandoned or underutilized property within 5 years of receiving remediation tax credits, grants, loans or loan guarantees will require repayment of a portion of the owner's investment.

Tax credits are allowed against corporation franchise tax and financial institutions tax.

Any property tax abatement for an eligible project must be for at least fifty percent for ten to twenty five years. As an alternative to property tax abatement, tax increment financing may be authorized.

The act allows property developers who pay remediation costs to receive directly any remediation tax credits. The Department of Economic Development is given discretion to provide tax credits of up to 100% of eligible remediation costs, but total state incentives are limited to the net state economic impact of the project or the least amount which enables the project to occur.
RUSS HEMBREE

SA 1 (MATHEWSON) - INCREASES BY $4 MILLION THE AGGREGATE AMOUNT OF TAX CREDITS WHICH MAY BE AUTHORIZED UNDER THE NEIGHBORHOOD ASSISTANCE PROGRAM. SA 2 (MATHEWSON) - REMOVES CURRENT SUNSET OF OCTOBER 1, 2001 FROM PROVISION AUTHORIZING A TAX CREDIT FOR RECYCLED FLEXIBLE CELLULOSE CASING; SA 3 (SCOTT) - EXTENDS THE TAX CREDIT FOR HISTORIC BUILDING REHABILITATION TO INCLUDE CORPORATION FRANCHISE TAX AND FINANCIAL INSTITUTIONS TAX; THE AMENDMENT ALSO ALLOWS THE SALE, ASSIGNMENT, OR OTHER TRANSFER OF THE TAX CREDIT. SA 4 (BENTLEY) - EXTENDS ENTERPRISE ZONE INCENTIVES TO PHOTO FINISHING LABORATORY ACTIVITIES AND MICROFILM RECORDING AND DEVELOPING SERVICES, AS CLASSIFIED ACCORDING TO STANDARD INDUSTRIAL CLASSIFICATION (SIC) CODES. EACH ENTERPRISE MUST EMPLOY A MINIMUM OF ONE HUNDRED PERSONS AT A SINGLE BUSINESS FACILITY; SA 5 (CHILDERS) - AUTHORIZES A STATE INCOME TAX CREDIT EQUAL TO 50% OF THE PURCHASE PRICE OR MANUFACTURING COST OF THE BEST AVAILABLE CONTROL TECHNOLOGY EQUIPMENT CONNECTED WITH THE PRODUCTION OF CHARCOAL IN MISSOURI; SA 6 (HOUSE) - EXTENDS THE CURRENT TAX CREDIT FOR HISTORIC BUILDING REHABILITATION TO INCLUDE QUALIFIED REHABILITATED OR RECONSTRUCTED BUILDINGS PLACED IN SERVICE BEFORE 1936 WHICH HAVE DEFINED PERCENTAGES OF WALLS AND STRUCTURAL FRAMEWORK IN PLACE. SA 8 (GOODE) - PROHIBITS USE OF TAX INCREMENT FINANCING FOR REDEVELOPMENT PROJECTS THAT ARE PRIMARILY RETAIL ENTERPRISES, UNLESS THE PROJECT IS IN A FEDERAL ENTERPRISE ZONE, HAS RESIDENTS MEETING CERTAIN INCOME AND EMPLOYMENT LEVELS, OR HAS PROPERTY WHICH HAS BEEN UNDERUTILIZED FOR AT LEAST THREE YEARS. THE RETAIL PROHIBITION DOES NOT APPLY TO KANSAS CITY OR THE CITY OF ST. LOUIS. SA 9 (SCHNEIDER, LYBYER) - AUTHORIZES A STATE INCOME TAX CREDIT FOR GRAPE GROWERS AND WINE PRODUCERS EQUAL TO 25% OF THE PURCHASE PRICE OF EQUIPMENT, SUPPLIES AND MATERIALS USED DIRECTLY IN GROWING GRAPES OR PRODUCING WINE IN THIS STATE.