HOUSE BILL NO. 3214 103RD GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE COSTLOW.
6932H.01I JOSEPH ENGLER, Chief Clerk
AN ACT To repeal section 143.071, RSMo, and to enact in lieu thereof two new sections relating to manufacturing incentives.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Section 143.071, RSMo, is repealed and two new sections enacted in lieu 2 thereof, to be known as sections 143.071 and 620.1920, to read as follows: 143.071. 1. For all tax years beginning before September 1, 1993, a tax is hereby 2 imposed upon the Missouri taxable income of corporations in an amount equal to five percent 3 of Missouri taxable income. 4 2. For all tax years beginning on or after September 1, 1993, and ending on or before 5 December 31, 2019, a tax is hereby imposed upon the Missouri taxable income of 6 corporations in an amount equal to six and one-fourth percent of Missouri taxable income. 7 3. For all tax years beginning on or after January 1, 2020, a tax is hereby imposed 8 upon the Missouri taxable income of corporations in an amount equal to four percent of 9 Missouri taxable income. 10 4. The provisions of this section shall not apply to out-of-state businesses operating 11 under sections 190.270 to 190.285. 12 5. For all tax years beginning on or after January 1, 2027, the provisions of this 13 section shall not apply to qualified manufacturing companies. For the purposes of this 14 section, a "qualified manufacturing company" means a firm, partnership, joint venture, 15 association, or private or public corporation registered to do business in Missouri that is 16 classified by the North American Industry Classification System (NAICS) 17 manufacturing codes 31-33, and:
EXPLANATION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is intended to be omitted from the law. Matter in bold-face type in the above bill is proposed language. HB 3214 2
18 (1) Owns all of its property in this state; or 19 (2) Owns property in the state with an adjusted basis for Missouri state tax 20 purposes in the amount of at least one million dollars at the close of the tax year. 620.1920. 1. This section shall be known and may be cited as the 2 "Manufacturing Opportunity Zones Act". 3 2. As used in this section, the term "Manufacturing Opportunity Zone" means a 4 qualified opportunity zone designated in this state under 26 U.S.C. Sections 1400Z-1 and 5 1400Z-2. The zones shall have the elements necessary for large manufacturing 6 developments including, but not limited to, transportation, proximity to large electrical 7 transmission capacity, adequate water and gas resources, and data connectivity. 8 3. The department of economic development shall create a fast-track advanced 9 permitting process for sites within the zones designated under this section. 10 4. The department of economic development in cooperation with the department 11 of natural resources shall prepare and publish a report on the website by January 12 fifteenth each year that includes, but is not limited to, utility readiness, capacity, and 13 deficits of the zones. 14 5. (1) The public service commission shall cooperate with the department of 15 economic development to identify an electrical corporation in small-scale or pilot 16 innovative technology projects including, but not limited to, renewable generation, 17 micro grids, or energy storage, if the small-scale or pilot project is designed to advance 18 the electrical cooperation's operational knowledge of deploying such technologies, 19 including to gain efficiencies that result in customer savings and benefits as the 20 technology is scaled across the grid or network. The technologies shall be used within 21 the manufacturing opportunity zones to maintain sufficient capacity to meet the on- 22 going demand. The department of economic development may transfer funds from the 23 manufacturing opportunity zone utility fund established under subsection 6 of this 24 section to the public service commission to establish access to utilities that are missing 25 from the manufacturing opportunity zones. 26 (2) For purposes of this subsection, "electrical corporation" shall mean the same 27 as defined in section 386.020, but shall not include an electrical corporation as described 28 in subsection 2 of section 393.110. 29 (3) The department of economic development shall cooperate with the public 30 service commission to develop rules and regulations as required for the administration 31 of this subsection. 32 6. (1) There is hereby created in the state treasury the "Manufacturing 33 Opportunity Zone Utility Fund". Moneys deposited in the fund shall consist of moneys 34 collected from a one-percent user fee charged on all electric, water, and gas within the HB 3214 3
35 manufacturing opportunity zone and any amounts which may be received from grants, 36 gifts, bequests, the state or federal government, or any other source. 37 (2) The state treasurer shall be custodian of the fund. In accordance with 38 sections 30.170 and 30.180, the state treasurer may approve disbursements. The fund 39 shall be a dedicated fund and, upon appropriation, moneys in this fund shall be used 40 solely for the purposes as provided in this section. 41 (3) Notwithstanding the provisions of section 33.080 to the contrary, any moneys 42 remaining in the fund at the end of the biennium shall not revert to the credit of the 43 general revenue fund. 44 (4) The state treasurer shall invest moneys in the fund in the same manner as 45 other funds are invested. Any interest and moneys earned on such investments shall be 46 credited to the fund. 47 7. The department of economic development shall develop and implement a 48 single-purpose small business loan guarantee program under this section to supplement 49 the federal guarantees for manufacturing investments in the manufacturing opportunity 50 zones. A ten-percent guarantee not to exceed a total combined guarantee of ninety 51 percent shall be available to all small business association loans taken out by 52 manufacturing or technology companies within the manufacturing opportunity zone. 53 8. The department of economic development shall promulgate rules and 54 regulations necessary to carry out the provisions of this section. The rules and 55 regulations shall be designed to encourage maximum involvement and participation by 56 lenders and financial institutions in the loan guarantee program and the eligibility 57 requirements of the applicants. Any rule or portion of a rule, as that term is defined in 58 section 536.010, that is created under the authority delegated in this section shall 59 become effective only if it complies with and is subject to all of the provisions of chapter 60 536 and, if applicable, section 536.028. This section and chapter 536 are nonseverable 61 and if any of the powers vested with the general assembly pursuant to chapter 536 to 62 review, to delay the effective date, or to disapprove and annul a rule are subsequently 63 held unconstitutional, then the grant of rulemaking authority and any rule proposed or 64 adopted after August 28, 2026, shall be invalid and void. ✔
Statutes affected: