HS/SCS/SB 1155 - This act modifies various laws regarding economic development.

JOBS NOW PROGRAM - The act:

(1) Creates the Jobs Now Recommendation Committee which is comprised of representatives from the departments of Economic Development, Agriculture, Natural Resources, and Transportation. The committee will establish application materials and procedures for development agencies to follow when applying for grants and loans from the Board for Jobs Now projects. Applications must be submitted simultaneously to the committee and the board. The committee will review the applications and prepare analyses and recommendations for submission to the board, which the board can use when determining whether or not to approve a particular project for a grant or loan;

(2) Explains what determinations must be made by the board before all or part of a grant or loan can be made. The board must give preference to projects that protect natural resources or rehabilitate dilapidated or inadequate infrastructure found in distressed communities. The board must also determine that the Jobs Now project will not happen without the grant or loan; will have a significant local economic impact; or demonstrates high levels of job creation. In the case of a low- or no-interest loan, the board must determine that the Jobs Now project will generate sufficient revenues to repay the principal loan amount and any applicable interest. No loan or grant may exceed $2 million;

(3) Creates the Jobs Now Fund, which will be administered by the Missouri Development Finance Board. The board is authorized to make loans and grants from the Jobs Now Fund. Up to $12 million will be allocated to the fund annually. This money will come from the increase in state revenues resulting from the elimination of new or expanded business facility tax credits, enterprise zone tax credits and exemptions, transportation development tax credits, and tax credits for qualified research expenses;

(4) Requires Jobs Now projects to provide appropriate employment and business opportunities for minority, women, and disadvantaged business enterprises;

(5) Defines "jobs now projects";

(6) Repeals a provision of current law that requires copies of all documents filed with the board regarding a loan be forwarded to the Department of Economic Development. Current law requires that, if this information is forwarded to the department, they become responsible for the administration of the agreements. In the event of a substantial default in the terms of any of these agreements, the department must notify the board so that it can take the necessary steps to protect its interests.

For a more detailed summary, and the full bill text, of this great incentive to bring new businesses and opportunities to Hickory County, please visit the following website.