HB 755 — Incentivizes advanced manufacturing

Bill Text

Compared against the Missouri Revised Statutes as published AI-generated reading aid — verify against the official bill.

This bill amends 3 section(s) of the Missouri Revised Statutes: Section 135.800, RSMo; Section 620.1920, RSMo; Section 536.028, RSMo.

• Section 135.800, RSMo

  and → bold-face , and the Missouri advanced manufacturing recruitment act tax credit created pursuant to section 620.1920

  amended

• Section 620.1920, RSMo

  Advanced Manufacturing Recruitment Act". 2. As used in this section, the following terms mean: (1) "Base employment", the number of qualified full-time Missouri taxpayers employed by the qualified manufacturing company for the twelve-month period prior to the date of notice of intent; (2) "Department", the Missouri department of economic development; (3) "NAICS" or "NAICS industry classification", the classification provided by the most recent edition of the North American Industry Classification System as prepared by the Executive Office of the President, Office of Management and Budget; (4) "New jobs", the number of qualified full-time Missouri taxpayers employed by the qualified manufacturing company less the project facility's base employment; (5) "Notice of intent", a form developed by the department and available online, completed by the qualified company, and submitted to the department stating the qualified company's intent to request benefits under this program; (6) "Program", the Missouri advanced manufacturing recruitment program; ("Project facility", the building or buildings used by a qualified manufacturing company at which new or retained jobs and any new qualified manufacturing capital investment are or will be located or by a qualified manufacturing company at which a qualified manufacturing capital investment is or will be located. A project facility may include separate buildings such that their purpose and operations are interrelated. Upon approval by the department, a subsequent project facility may be designated if the qualified manufacturing company demonstrates a need to relocate to the subsequent project facility at any time during the project period; (8) "Project period", the time period within which benefits are awarded to a qualified manufacturing company or within which the qualified manufacturing company is obligated to perform under an agreement with the department, whichever is greater; (9) "Qualified full-time Missouri taxpayer", any individual employed by the qualified manufacturing company who is scheduled to work an average of at least thirty-five hours per week for a twelve-month period and whose total annual income from the company is equal to or above the county average wage and whose wages are subject to the taxes imposed by chapter 143; (10) "Qualified manufacturing capital investment", an expenditure on property in this state, depreciable under Internal Revenue Code, 26 U.S.C. Section 168, that has been verified by the department; (11) "Qualified manufacturing company", a firm, partnership, joint venture, association, or private or public corporation whether organized for profit or not for profit registered to do business in Missouri that is the owner or operator of a project facility company that is classified by the manufacturing NAICS codes 31-33; (12) "Tax credit", tax credits issued by the department to offset the state taxes imposed by chapters 143 and 148, excluding withholding tax under sections 143.191 to 143.265, or that may be sold as provided for in this program. For all tax years beginning on or after January 1, 2026, a qualified manufacturing company may, for a period of five years, be allowed a tax credit of up to twenty percent of a qualified manufacturing capital investment if the qualified manufacturing company: Makes at least one billion dollars of a qualified manufacturing capital investment; and (2) Creates five hundred or more new jobs, one hundred fifty of which shall be reserved for full-time residents of Missouri at the time of hiring. 4. The total amount of tax credits issued annually under this section shall not exceed two hundred million dollars per fiscal year. The department shall award tax credits to a qualified manufacturing company that satisfies the qualified manufacturing capital investment requirement in four separate installments of equal value, equivalent to one-fourth of the total agreed- upon value of awarded incentive: (1) At twenty-five percent

  amended

• Section 536.028, RSMo

  chapter 536 are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536 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, 2025, shall be invalid and void. 19. Under section 23.253 of the Missouri sunset act: (1) The provisions of the new program authorized under this section shall automatically sunset on December thirty-first, ten years after the effective date of this section, unless reauthorized by an act of the general assembly; (2) If such program is reauthorized, the program authorized under this section shall automatically sunset on December thirty-first, ten years after the effective date of the reauthorization of this section; (This section shall terminate on September first of the calendar year immediately following the calendar year in which the program authorized under this section is sunset; and (4) Nothing in this subsection shall prevent a taxpayer from claiming a tax credit properly issued before this program was sunset in a tax year after the program is sunset.

  amended

Action History

1. March 10, 2025

   Reported Do Pass (H) - AYES: 3 NOES: 2 PRESENT: 1

2. March 06, 2025

   Voted Do Pass (H)

3. March 06, 2025

   Executive Session Completed (H)

4. February 26, 2025

   Referred: Rules - Legislative(H)

5. February 18, 2025

   Reported Do Pass (H) - AYES: 10 NOES: 1 PRESENT: 0

6. February 18, 2025

   Voted Do Pass (H)

7. February 18, 2025

   Executive Session Completed (H)

8. February 11, 2025

   Public Hearing Completed (H)

9. February 06, 2025

   Referred: Economic Development(H)

10. January 09, 2025

    Read Second Time (H)

11. January 08, 2025

    Read First Time (H)

12. January 07, 2025

    Prefiled (H)

Sponsors

• Travis Wilson · Cosponsor
• Philip Oehlerking · Primary

Votes

Subjects