House Speaker Rod Jetton says the economic development bill includes $51 million of tax breaks in its initial year, rising to about $70 million in later years. It would give tax breaks to employers who add jobs, expand the reach of Enhanced Enterprise Zones for tax breaks on manufacturing in certain areas, and encourage businesses to operate in economically distressed areas.
The other measure is intended to fix a glitch that has been delaying the Department of Transportation's plan to award a single bid to repair and maintain about 800 bridges. It would make it possible for the winning bidder to obtain a bond, which is used to ensure a contractor completes the contracted work. Without a change in the law, MoDOT and contractors say, no single bidder could obtain a large enough bond for a single contract for 800 bridges.
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