PURPOSE: This rule provides definitions for terms contained in the Missouri Business Use Incentives for Large-Scale Development Act as contained in sections 7 through 22 of Conference Committee Substitute for Senate Substitute for Senate Committee Substitute for House Substitute for House Committee Substitute for House Bill No. 1237, as enacted by the Eighty-Eighth General Assembly, Second Regular Session. These definitions relate to the contents of the Missouri Business Use Incentives for Large-Scale Development Act.

1. (1) “Average wage paid by the applicant” means the average wage paid within the county in which the project is located. The average wage will be determined by the most recent information provided by the Division of Employment Security based upon the wages paid to employees of businesses of substantially the same standard industrial classification (SIC) code as that of the applicant. In the event that the wage information is not available for a particular county or, is more than two (2) years old, or no other employer with a comparable SIC code is located there, the Department of Economic Development may utilize average wage information from adjacent counties or counties which the department determines are comparably situated.
2. (2) “Eligible industry” means a business located in Missouri or a business which is not located in the state but which would locate there as a result of the project, which otherwise satisfies the requirements of section 8(9) of the Act.
3. (3) “Invest” means the same as the term “new business facility investment” as defined in section 135.100(7), RSMo, except that for leased property, the value of real and personal property shall be determined by the present value of the projected annual lease payments throughout the term of the lease utilizing an interest rate established by the department. Investments may occur during a period commencing with a date established by the department and ending three (3) years after the issuance of certificates.
4. (4) “New jobs” means the number of jobs created by the eligible industry during a period commencing with a date established by the department and ending three (3) years after the issuance of certificates, and which otherwise satisfy the requirements of section 8(10) of the Act.
5. (5) “Overall positive fiscal impact” and “revenue impact of the program” mean the net state economic impact which is the value of the direct and indirect new state tax revenues resulting from the project over a fifteen (15)- year period (as determined by Department of Economic Development econometric models) less a projection of new state costs attributed to the project.
6. (6) “Project” means an economic development project as defined in section 8(7) of the Act.
7. (7) “Related taxpayer” means the same as that term is defined in section 135.100(9), RSMo.
8. (8) “Replacement of facilities” means the same as the term “replacement business facility” as defined in section 135.100(10), RSMo.

AUTHORITY: section 620.1066, RSMo (Supp. 1995).* Original rule filed Aug. 29, 1996, effective March 30, 1997. *Original authority 1994, amended 1995.