HB 590 -- Tax Increment Financing

Sponsor:  Dempsey

This bill requires half of the revenue that results from new jobs
in Kansas City that are attributable to the relocation of a
national headquarters from another state to the redevelopment
area in Kansas City to be deposited into Kansas City's special
allocation fund for tax increment financing.

When applying to the Department of Economic Development for funds
from the Missouri Supplemental Tax Increment Financing Fund,
current law requires that the municipality provide specific
information on its application.  One element of the application
must be an estimate of the state sales tax revenues or the state
income tax that is being withheld on behalf of existing employees
by existing businesses within the development area.  Instead of
providing this information, the bill allows municipalities to
provide an estimate of the state income tax that will be withheld
by the employer of new jobs which are attributable to the
relocation of a national headquarters from another state to the
redevelopment area in Kansas City.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:12 am