SCS/SB 545 - A tax credit for a portion of qualified research expenses, as defined in federal law, expired on December 31, 2004. This act reauthorizes such tax credit. Tax credits issued under the act shall not exceed ten million dollars in any year, provided that five million dollars of such tax credits shall be reserved for minority business enterprises, women's business enterprises, and small businesses, as defined in the act.

This act shall sunset on December 31, 2030, unless reauthorized by the General Assembly.

This act is identical to a provision contained in SS/SCS/SB 354 (2021) and is substantially similar to HCS/HB 690 (2021).

JOSH NORBERG

Statutes affected:
Introduced (2661S.01): 620.1039

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Senate Committee Minutes:
SENATE COMMITTEE MINUTES Bill No.: SB 545
Sponsor: Williams
Hearing Date: 3/23/2021


COMMITTEE: Economic Development

CHAIRMAN: Hoskins

DATE REFERRED: 3/4/2021 DATE HEARING REQUESTED: 3/4/2021



STAFF:
Rachel Bauer
Josh Norberg
Kelley Rogers
Chris Sutherland


WITNESSES GIVING INFORMATION:



WITNESSES FOR:
Jim Erickson - Economic Development Corporation of Kansas City, MO
Leann Chilton - Support for R&D Tax Credit
Ray McCarty - Associated Industries of Missouri
David Jackson - Greater St. Louis
Nancy Giddens - Greater Kansas City Chamber of Commerce
Kyna Iman - The Boeing Company
Sarah Schlemeier - BioSTL
Sarah Schlemeier - NEXT MO
Susan Henderson Moore - St. Louis Economic Development Partnership
Ross Lien - Missouri Chamber of Commerce and Industry
Nancy Giddens - United WE


WITNESSES AGAINST:
Arnie C. AC "Honest-Abe" DIENOFF - State Public Advocate-Bad Bill