HCS HB 135 -- BUSINESS USE INCENTIVES FOR LARGE-SCALE DEVELOPMENT
PROGRAM

SPONSOR:  Richard

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Job Creation and Economic Development by a vote of 18 to 0.

This substitute authorizes certain development agencies or a
corporation, limited liability company, or partnership that is
formed on behalf of the development agency to act as an eligible
industry as it relates to the Business Use Incentives for
Large-Scale Development (BUILD) Program.

The substitute requires that $950,000 of the $15 million in tax
credits authorized annually for BUILD be reserved for an approved
project in the City of Kansas City.

If no essential industry projects have been approved by the
Department of Economic Development by December 31, 2005, current
law requires that portions of the BUILD Program expire on
January 1, 2006.  The substitute removes that expiration date.

FISCAL NOTE:  No impact on state funds in FY 2006, FY 2007, and
FY 2008.

PROPONENTS:  Supporters say that the bill will make it easier for
large-scale projects to utilize the BUILD program.  The current
program allows a secondary entity to buy BUILD bonds, but there
are problems with the current caps.  The bill corrects these
problems.  BUILD was used by the City of St. Joseph for the Sara
Lee and Triumph Foods facilities.

Testifying for the bill were Representatives Richard, Rucker, and
Wildberger; Department of Economic Development; Missouri Chamber
of Commerce and Industry; Missouri Development Finance Board; and
St. Joseph Area Legislative Coalition.

OPPONENTS:  There was no opposition voiced to the committee.

Alice Hurley, Legislative Analyst

Missouri House of Representatives
93rd General Assembly, 1st Regular Session
Last Updated August 25, 2005 at 1:18 pm