Numerous new laws passed by the General Assembly this year are now on the books, with some very important economic development legislation among the laws taking effect.
First and foremost is an increase in the annual cap of the Quality Jobs Tax Credit Program from $40-million to $60-million. This program’s goal is to attract high paying jobs that also provide health insurance to workers. In addition, the Enhanced Enterprise Zone Program has seen the amount of tax credits upped from $14-million to $24-million. Economic Development Director Greg Steinhoff says both programs withhold benefits until the state realizes an economic benefit.
Steinhoff says the programs are important to Missouri’s economy in that the state’s investment is returned many times over as highly-paid workers spend that money to benefit communities and the state. Steinhoff points out no tax credit benefit is paid until the state realizes an economic benefit of its own.