Lawmakers are considering a bill to improve Missouri’s top incentive tool for business expansion and retention.
HB 2479 is sponsored by Rep. Louis Riggs (R-Hannibal). The legislation makes changes to Missouri Works, a program run by the Missouri Department of Economic Development which helps companies access capital through withholdings or tax credits.
The bill would allow the Department of Economic Development to award any amount of tax credits and withholding tax benefits, provided that the total amount does not exceed $181 million. The single limit would take an administrative burden off the department and allow it to make competitive offers without hitting the Missouri Works tax credit cap so quickly.
“This is a simple bill that will enable Missouri Works to be competitive with similar programs in other states,” Riggs said.
The Missouri Chamber of Commerce and Industry has a long history of championing Missouri Works, as the program supports the Missouri 2030 goal of becoming a leading state for job growth.
The Missouri Chamber testified in support of the legislation, along with a representative of the Springfield Area Chamber of Commerce.
“This is one of the programs that our economic development team utilizes first and foremost when they’re trying to attract businesses and help them expand in our region,” said Lauren Mustoe, vice president of public affairs for the Springfield Area Chamber of Commerce. “Anything we can do to expand this tool, make it a better tool in the toolbox, is what we’re looking to do.”
A companion bill, SB 1301, is sponsored by Sen. Jason Bean (R-Holcomb) in the Senate.
For more information, contact Heidi Geisbuhler Sutherland at hsutherland@mochamber.com or (573) 634-3511.
