HB 1476 -- Sales Tax for Economic Development

Sponsor:  Richard

This bill allows, upon voter approval, any city, village, or
county to impose a sales tax for economic development.  The tax
cannot be more than 0.5%.  No revenue from the tax can be used
for any retail development project.  No more than 25% of the
revenue generated can be use for administrative purposes, and at
least 25% of the revenue generated must be used for long-term
economic development preparation.  These activities include:

(1)  Acquisition of land;

(2)  Installation of infrastructure for industrial or business
parks;

(3)  Improvement of water and wastewater treatment capacity;

(4)  Extension of streets;

(5)  Providing matching dollars for state or federal grants;

(6)  Marketing; and

(7)  Providing grants and low-interest loans to companies for job
training, equipment acquisition, site development, and
infrastructure.

Any city, village, or county that imposes an economic development
sales tax must establish an economic development tax board.  The
bill specifies how board members are selected and their length of
term.  The board must develop economic development plans,
economic development projects, or designations of development
areas.  The board must report annually to the appropriate
governing body on the status of any plan, project, or
designation.

At any election, the appropriate governing body can repeal the
tax.  If a petition calling for the repeal is signed by 10% of
the registered voters, the governing body must hold the election.

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:15 am