|SB 0801||Revises several tax credit and economic development programs|
|LR Number:||3428L.07C||Fiscal Note:||3428-07|
|Committee:||Local Government and Economic Development|
|Last Action:||04/13/00 - HCS Reported Do Pass H Miscellaneous Bills &||Journal page:||H953|
|Title:||HCS SCS SB 801|
|Effective Date:||Emergency Clause|
HCS/SCS/SB 801 - This act makes technical changes in the definition of recyclable cellulose and requires the Department of Natural Resources to certify that the cellulose used to package meats is recycled.
Section 260.285 of the act has an emergency clause.
The House Committee Substitute also makes numerous changes to business tax credits. The credit currently allowed for contributions to the Missouri Development Finance Board's development and reserve fund and export finance fund is abolished, and the definition of "community development corporation" is liberalized to include more organizations.
Eligibility for certain tax credits is expanded by removing requirements that investments for community development be in certain "targeted areas", and the amount of credit available is reduced from six million to five hundred thousand dollars. The law authorizing the Department of Social Services to define "targeted areas" is repealed.
Two and a half million dollars in small business tax credits are reserved for investment in pharmaceutical research and development. The tax credit currently allowed to small businesses for amounts paid to the U.S. Small Business Administration as guarantee fees for loans is repealed.
"Community-based organization", for purposes of the Family Development Account Program, is redefined to include any not-for- profit approved by the director of economic development. A new demolition tax credit is also authorized, and the definition of "industry", for purposes of state job training programs, is expanded. Procedures for obtaining tax credits under the job training programs statutes are modified, and the amount of tax credits available for research expenses is reduced from ten to nine million, seven hundred thousand dollars.
Numerous technical and corrective changes are also made to business tax credit statutes.
This act is similar to SCS/HS/HCS/HB 1566.