FIRST REGULAR SESSION
HOUSE BILL NO. 365
94TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES ERVIN (Sponsor), WILSON (119), FLOOK, BAKER (123), HARRIS (110), SCHAAF, NANCE, WALLACE, WILSON (130), SATER, MOORE, HUNTER, SANDER, KOMO, STORCH, YATES, WELLS, SCHAD, RICHARD, FAITH, BIVINS, MEINERS AND MUNZLINGER (Co-sponsors).
Read 1st time January 11, 2007 and copies ordered printed.
D. ADAM CRUMBLISS, Chief Clerk
To amend chapter 620, RSMo, by adding thereto one new section relating to small businesses.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 620, RSMo, is amended by adding thereto one new section, to be known as section 620.1892, to read as follows:
620.1892. 1. This section shall be known and may be cited as the "Small Business and Entrepreneurial Growth Act".
2. Unless otherwise modified in this section, the definitions provided in section 620.1878 shall apply to this section. For purposes of this section, the following terms shall mean:
(1) "Department", the department of economic development;
(2) "Eligible small business project", a project approved by the department of economic development through which a small business employer meets all of the following qualifications:
(a) The small business employer's total payroll increases by at least twenty percent due to the addition of new jobs or a business with less than five employees adds employees so that the total number of employees is five or greater;
(b) The number of jobs added through the project by the small business employer does not exceed the minimum number of jobs required to be eligible for benefits under any program of the Missouri quality job act;
(c) Wages for the new jobs created through the project by the small business employer are at least eighty-five percent of the average county wage as determined by the department of economic development; and
(d) The project is not eligible for any benefits under the Missouri quality jobs act;
(3) "Small business employer", a firm, partnership, joint venture, association, or a private or public corporation, whether organized for profit or not, provided that the term shall not include:
(a) Gambling establishments (NAICS industry group 7132);
(b) Any company that is delinquent in the payment of any nonprotested taxes or any other amounts due to the state or federal government or any other political subdivision of this state; or
(c) Any company that has filed for or has publicly announced its intention to file for bankruptcy protection.
3. For all taxable years beginning on or after January 1, 2008, a small business employer shall be allowed to receive benefits for an eligible small business project as follows:
(1) Retention of all tax withheld under sections 143.191 to 143.265, RSMo, from the newly created jobs for a period of one year; or
(2) If the employer also provides health insurance and pays more than fifty percent of the premiums for all employees, the tax withheld under sections 143.191 to 143.265, RSMo, from newly created jobs may be retained for a period of two years.
4. The department may promulgate rules to implement the provisions of this section. Any rule or portion of a rule, as that term is defined in section 536.010, RSMo, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536, RSMo, and, if applicable, section 536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and if any of the powers vested with the general assembly under chapter 536, RSMo, to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2007, shall be invalid and void.