HB 2044 -- Manufacturing Incubators Act

Sponsor:  Frame

This bill establishes the Manufacturing Incubators Act to provide
a loan, loan guarantee, and grant program, to be known as the
Manufacturing Incubator Program, for the establishment,
operation, and administration of manufacturing incubators.  In
its main provisions, the bill:

(1)  Allows a local sponsor to apply to the Department of
Economic Development to obtain a loan, loan guarantee, or grant
to establish an incubator;

(2)  Specifies the requirements of the application; the criteria
the department must use when reviewing and accepting
applications; the manner in which loans, loan guarantees, and
grants must be administered; and the responsibilities and duties
of the local sponsor or organization that is receiving
assistance;

(3)  Requires a local sponsor to submit an annual report to the
department including a financial statement for the incubator,
evidence that all tenants and participants in the program are
eligible, and a list of companies in the incubator;

(4)  Requires the department to provide an annual report by
January 1 to the Governor, the Chief Clerk of the House of
Representatives, and the Secretary of the Senate on the number of
applications submitted and approved, the number of incubators
created, the number of tenants and participants, the number of
jobs provided, the occupancy rate, and the number of
manufacturing businesses still operating after leaving incubators
and the number of jobs provided;

(5)  Creates the Missouri Manufacturing Incubators Fund which
will consist of gifts, contributions, grants, or bequests and
state appropriations.  Moneys for loans, loan guarantees, and
grants for the program may be obtained from appropriations made
from the fund; and

(6)  Authorizes an income tax credit, for all tax years beginning
after December 31, 2010, equal to 50% of contributions made to
the fund or to a local sponsor with an approved application.  Tax
credits may be carried forward for up to five years, transferred,
or sold.  Up to $500,000 of these tax credits may be authorized
in any taxable year.

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:12 pm