620.1900. Fee imposed on tax credit recipients, amount, deposited where--economic development advancement fund created, use of moneys.
Fee imposed on tax credit recipients, amount, depositedwhere--economic development advancement fund created, useof moneys.
620.1900. 1. The department of economic development may charge a feeto the recipient of any tax credits issued by the department, in an amountup to two and one-half percent of the amount of tax credits issued. Thefee shall be paid by the recipient upon the issuance of the tax credits.However, no fee shall be charged for the tax credits issued under section135.460, RSMo, or section 208.770, RSMo, or under sections 32.100 to32.125, RSMo, if issued for community services, crime prevention,education, job training, or physical revitalization.
2. All fees received by the department of economic development underthis section shall be deposited solely to the credit of the economicdevelopment advancement fund, created under subsection 3 of this section.
3. There is hereby created in the state treasury the "EconomicDevelopment Advancement Fund", which shall consist of money collected underthis section. The state treasurer shall be custodian of the fund and shallapprove disbursements from the fund in accordance with sections 30.170 and30.180, RSMo. Upon appropriation, money in the fund shall be used solelyfor the administration of this section. Notwithstanding the provisions ofsection 33.080, RSMo, to the contrary, any moneys remaining in the fund atthe end of the biennium shall not revert to the credit of the generalrevenue fund. The state treasurer shall invest moneys in the fund in thesame manner as other funds are invested. Any interest and moneys earned onsuch investments shall be credited to the fund.
4. Such fund shall consist of any fees charged under subsection 1 ofthis section, any gifts, contributions, grants, or bequests received fromfederal, private, or other sources, fees or administrative charges fromprivate activity bond allocations, moneys transferred or paid to thedepartment in return for goods or services provided by the department, andany appropriations to the fund.
5. At least fifty percent of the fees and other moneys deposited inthe fund shall be appropriated for marketing, technical assistance, andtraining, contracts for specialized economic development services, and newinitiatives and pilot programming to address economic trends. Theremainder may be appropriated toward the costs of staffing and operatingexpenses for the program activities of the department of economicdevelopment, and for accountability functions.
(L. 2005 S.B. 343)