Legislature passes a bold plan to spur economic growth, attract General Motors investment
Following an extensive filibuster in the Missouri Senate, lawmakers have finally passed Senate Bill 68, a critical piece of legislation aimed at enabling a major General Motors expansion in Wentzville while addressing two of the biggest issues facing our state’s entire business community: workforce preparation and economic competitiveness. The legislation now needs only a signature from Gov. Mike Parson — the bill’s chief architect — to become law.
“Passing Senate Bill 68 is a cornerstone achievement of the 2019 Legislative Session. This bill is a powerful statement to the world that Missouri is ready to compete with anyone. It illustrates that Missourians are prepared to take quick, bold action when presented with a unique opportunity for growth,” said Daniel P. Mehan, president and CEO of the Missouri Chamber of Commerce and Industry. “Getting this bill to the governor’s desk took exceptional leadership from our leaders in the Missouri House and Senate. I would also like to thank Sen. Lincoln Hough who sponsored the bill. Finally, the business community applauds Gov. Parson and his administration for their outstanding work to craft this proposal and see it to completion.”
Senate Bill 68 includes a four-part plan to help businesses of all sizes while also making Missouri more competitive for the General Motors investment. The components of the plan include:
- Creating Missouri Fast Track, a program to address gaps in our workforce by providing financial aid for adult learners pursuing education and training for high demand industries.
- Establishing Missouri One Start to streamline, simplify and improve the state’s workforce training programs.
- Creating a deal closing fund to give Missouri a key negotiating tool to finalize business investment opportunities.
- Launching new automotive economic development tools to help retain automotive jobs by granting $5 million in tax credits annually to automotive manufacturers that invest $500 million or more in plant upgrades and agree to retain current workers.