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22 April 2010

Joe Smith: House Passes Bill Providing Tax Credit Incentives that Attract Major Events to Missouri

House Bill 1786, sponsored by Representative Tim Jones, R – Eureka, passed through the House this week. The bill focuses on bringing major events to Missouri that would otherwise not come here. The legislation is available for use state-wide and is designed to bring economic prosperity to our state.

Through this bill, tax credit incentives are offered to those that hold their events in our state. For example, next year if the Final Four basketball competition was to be held in Missouri, that game or event would be issued a refundable tax credit equal to 100% of the eligible costs or 90% of the tax revenues within the market area which are directly attributable to the game or event. The tax credits are capped at 10 million dollars.

One of the major components of HB1786 is its ability to increase tourism in our state. Large events typically bring in out of state citizens and fans that would be generating new revenue for Missouri, and improve our economy.

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