By Melissa Dunson
mdunson@joplinglobe.com
Gov. Matt Blunt on Tuesday signed an economic-incentives bill after it was rewritten during last month’s special session of the General Assembly.
Among other elements, the bill increases the Quality Jobs Act’s annual cap to $40 million from $12 million, increases the enhanced enterprise zone capacity to $14 million from $7 million, and creates a state match for the federal new-markets tax credits for economically distressed areas.
The portions of House Bill 1 dealing with the Quality Jobs Act and new-market tax credits were passed with an emergency clause that puts the programs into effect immediately. Most of the other provisions will take effect Jan. 1.
The initial Quality Jobs Act of 2005 has been credited with creating more than 17,000 Missouri jobs that pay more than the average county wage and provide health insurance.
Rob O’Brian, president of the Joplin Area Chamber of Commerce, said a number of companies in the Joplin area have applied to use the new economic-incentives package. With the governor’s signature, they now need approval from the Missouri Department of Economic Development.
With the governor’s signature in place, O’Brian said: “I feel relieved. These jobs really have been hanging in the balance because the companies and the state hoped to have this resolved by the end of the regular session. I’m glad the governor called the special session.”
Spence Jackson, spokesman for the Department of Economic Development, declined to identify any of the companies that have applied to use the economic incentives because none of the applications has been approved yet, but he said the department hopes to handle the requests quickly.
“There are companies that were eagerly awaiting the results of the special session and are very glad that it passed,” Jackson said.
In a written statement, the Missouri Chamber of Commerce and Industry applauded Blunt for signing the legislation, calling it a “shot in the arm” for Missouri’s business climate.
LaBarge Inc. and EaglePicher Technologies in Joplin have used the program in the past to create jobs and influence corporate decisions to bring jobs to the area.
For EaglePicher, the Quality Jobs legislation played a part in the company’s decision to add lithium-ion battery production in Missouri as opposed to a plant in Pittsburg, Kan. The company is using the legislation to create 105 jobs over the next five years.
The newly signed legislation will benefit EaglePicher by providing more tax relief over a greater number of years. Currently, the company is scheduled to use the incentive from 2008 through 2011.
The LaBarge plant plans to use the Quality Jobs Act to create nearly 100 jobs over the next several years. The company already has 35 employees who qualify the company for tax credits under the program.
Melissa Dunson is the business writer for The Joplin Globe.
Costs reduced
Earlier this summer, Gov. Matt Blunt vetoed a version of the bill that he said would have cost the state as much as $200 million and would have created tax breaks for questionable causes. Lawmakers during the special session cut those costs to $51 million.
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Jobs bill signed into law
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