Special Session Looks at Bill

1 decade 1 year 1 month ago Thursday, August 30 2007 Aug 30, 2007 Thursday, August 30, 2007 4:54:52 PM CDT August 30, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)

Here's a look at some of its provisions:

QUALITY JOBS
Expands an existing tax incentive for certain businesses that add jobs paying at least the local or state average wage and covering at least half the employees' health insurance premiums. Raises the state's annual cap for Quality Jobs tax credits from $12 million to $40 million. Requires any business that knowingly hires illegal workers to repay the tax incentives they received under the program. Takes effect immediately upon the governor's signature of the bill.

DEVELOPERS
Creates a new tax credit of up to $10 million annually, or a total of $95 million over time, for developers who buy large amounts of land in impoverished areas. Project areas must be at least 75 acres, 50 of which must have been acquired by the applicant. Income tax credits can cover half the purchase price, closing costs, demolition and maintenance for up to five years after the purchase. Tax credits can begin Jan. 1, 2008.

CATTLE RANCHERS
Creates a new tax credit of up to $3 million annually for farmers who fatten their beef cattle in Missouri. Tax credits of 10 cents per pound would apply only to farmers who put at least 200 pounds more weight on their cattle than the average weight at which they had sold cattle during the past three years. Tax credits would apply only to that marginal weight increase and begin Jan. 1, 2009.

INVESTORS
Creates a new tax credit of up to $15 million annually for investors of projects in low-income communities. Program begins immediately upon governor's signature of the legislation.

MOVIES
Expands an existing income tax credit for movies, TV shows and commercials filmed wholly or partly in Missouri. Raises the total annual cap from $1.5 million to $4.5 million of tax credits. Allows films with in-state budgets as low as $50,000 to qualify, instead of the current minimum expenditure of $300,000. Changes kick in Jan. 1, 2008.

ENTERPRISE ZONES
Expands an existing income tax credit for businesses that locate or add jobs in a locally designated enterprise zone from a statewide total cap of $7 million annually to $14 million.

TICKET SCALPING
Repeals a state law making it illegal to resell tickets to public sporting events for more than their face value. Bars local governments from outlawing ticket scalping.

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