HB 1377 -- Economic Assistance for the Promotion of Business
Development

Sponsor:  Rizzo

The bill defines several new terms as they relate to economic
incentive programs administered by the Department of Economic
Development, including "benefit date," "economic incentive,"
"person," and "public purpose."

The bill states that on January 1, 2003, no person will be able
to receive an economic incentive unless they enter into an
agreement with the entity that will be administrating the
economic incentive.  This agreement must be completed on a form
provided by the department.

Any person violating the terms of any economic incentive
agreement will be required to repay the benefit to the provider
plus reasonable interest and penalties and will be ineligible to
receive any economic incentives for five years from the date of
the violation or until the repayment obligation is satisfied.

Providers of economic incentives must monitor the progress of the
recipient in achieving agreement goals.  A recipient will provide
information regarding goals and results for two years after the
benefit date or until the goals are met.

Providers of economic incentives are required to prepare an
annual report regarding all economic incentives administered in
the previous calendar year.  This report must be submitted to the
department by April 1.  The director of the department will
determine what information should be contained in each report.
The department will publish a compilation and summary of all
reports by July 1 of each year.  The bill describes what
information must be included in the department's annual report.

The bill applies to all economic incentives given or received
after December 31, 2002.  However, if a statute exists with
similar provisions, those provisions will remain in effect.

The bill does not apply to persons receiving the Historic
Structures Rehabilitation or Neighborhood Assistance Tax Credit.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:01 am