Major manufacturing projects are coming back to the United States – and Missouri is looking to be in on the action.
Legislation (HB 1480) introduced in the House Economic Development Committee this week would offer qualified manufacturers up to a 20% tax credit for a maximum of five years on megaprojects that have a minimum capital investment of $1 billion and create at least 5,000 jobs. The Missouri Chamber of Commerce and Industry testified in support.
Representative Brad Christ (R-St. Louis) said statistics showed $50 billion in capital investment in such projects in the United States in 2019. Projections for 2029 are for an increase in that amount to $350 billion.
“This is an opportunity for huge generational impact for our state,” he said, adding that Kansas, Illinois, Kentucky and Ohio are among the neighboring states offering such incentives. The tax credits would complement other Missouri advantages and potentially be the “final piece of the puzzle” in attracting these major employers to the state.
Kara Corches, vice president of governmental affairs, reiterated that the Missouri Chamber’s recently released Technology2030 report revealed top 10 rankings in energy tech and tech manufacturing.
“This would help us lean into our strengths and attract businesses to our state,” she testified. When major employers come to or grow in the state, it is “positive for the upstream supply chain with a ripple effect across the entire state.”
The House Economic Development Committee also unanimously (11-0) passed HB 1960, the Regulatory Sandbox Act. The Missouri Chamber-backed legislation would remove barriers to entry for entrepreneurs and innovators bringing new ideas to market.
For more information, contact Corches at kcorches@mochamber.com or 573-634-3511.
