The Missouri legislature is getting closer to renewing two of the state’s most successful incentive programs.
The Missouri House Committee on Economic Development has passed a bill to extend the Missouri Works and Missouri Works Job Training programs through 2030. Without legislative action, the programs would end in 2019. The vote to continue the programs was unanimous.
The Missouri Works program incentivizes job creation in Missouri by allowing companies to keep a portion of their withholding taxes for a set period of time. The Missouri Works Training program helps expanding businesses meet their workforce needs by offsetting training costs during times of expansion and growth.
Companies are only eligible to receive the credits if they meet job-creation benchmarks and thresholds. If employment wanes or comes in at less than expected, companies can lose access to the benefits.
During hearings on the extension in the House and Senate, business development leaders from across Missouri testified that these programs have led to growth in Missouri. Just this year, the programs were used to land a $250 million steel mill in Sedalia, bringing 250 new jobs to the community.
Sallie Hemenway, director of business and community services with the Missouri Department of Economic Development, called the incentives, “our flagship economic development tool that we use in our toolbox.”
The legislation to continue the programs is Senate Bill 549, sponsored by Sen. Jay Wasson, a Republican from Nixa. The bill has already passed the Missouri Senate. With the House committee passage this week, it is nearing a vote on the floor of the House of Representatives.
If it passes the House unchanged, the incentive extension would go to Gov. Eric Greitens to be signed into law.
For more information contact Matt Panik, Missouri Chamber vice president of governmental affairs, at mpanik@mochamber.com or 573.634.3511.
