100.760. Credit agreement, conditions. - Missouri Statutes

Credit agreement, conditions.

100.760. After receipt of an application, the board may, with theapproval of the department, enter into an agreement with an eligibleindustry for a credit pursuant to sections 100.700 to 100.850 if the boarddetermines that all of the following conditions exist:

(1) The applicant's project will create new jobs that were not jobspreviously performed by employees of the applicant in Missouri;

(2) The applicant's project is economically sound and will benefitthe people of Missouri by increasing opportunities for employment andstrengthening the economy of Missouri;

(3) Significant local incentives with respect to the project oreligible industry have been committed, which incentives may consist of:

(a) Cash or in-kind incentives derived from any nonstate source,including incentives provided by the affected political subdivisions,private industry and/or local chambers of commerce or similar suchorganizations; and/or

(b) Relief from local taxes, in either case as acceptable to theboard;

(4) Receiving the credit is a major factor in the applicant'sdecision to go forward with the project and not receiving the credit willresult in the applicant not creating new jobs in Missouri; and

(5) Awarding the credit will result in an overall positive fiscalimpact to the state.

(L. 1996 H.B. 1237 § 13, A.L. 1997 2d Ex. Sess. S.B. 1, A.L. 2009 H.B. 191)

Effective 6-04-09