100.760. Credit agreement, conditions.
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