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Legislators considering economic development new initiatives

Legislators considering economic development new initiatives

Several bills that could have an impact on Columbia’s economic development were still alive with two weeks left in the legislative session:

• House Bill 741 passed the House and was awaiting debate in the Senate. It allows for regional economic development districts and voluntary financing arrangements for initial development of property.

• House Bill 327, the omnibus economic development bill, was being debated in conference committee. As drafted at present, the bill would increase the annual cap on the Quality Jobs program from $12 million to $30 million and the annual tax credit limit on the Enhanced Enterprise Zone program from $7 million to $25 million. The bill includes text that is also included in Senate Bill 30 and House Bill 131.

• Senate Bill 30 and House Bill 131 contain provisions that would help Missouri communities better compete for manufacturing jobs by exempting from sales tax all utilities and other inputs used in manufacturing. Other states, notably Kansas, offer such an exemption.

• Senate Bill 582, approved by its House committee and sent to the House floor, codifies Chapter 100 arrangements by allowing a sales tax exemption for local governments participating in such bond arrangements to entice business.

• House Bill 741, which contains the Missouri Economic Development Code and the authorization of Regional Economic Development Districts, was under consideration by the Senate.

• House Bill 995, which promotes individual and business investments to regional economic development organizations through tax credits for donations, has passed committee and was ready for debate on the House floor.

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