The Missouri Chamber of Commerce and Industry is backing a bill that would help spur economic development and decrease U.S. dependence on foreign microchip and energy production.
Known as the Missouri Defense and Energy Independence Act, SB 1360 is sponsored by Sen. Justin Brown (R-Rolla).
Under this bill, a company could claim up to $6 million in tax credits for converting its operations to produce chemicals, metals, gases or critical minerals used to decrease reliance on foreign-produced materials used in energy projects or Department of Defense projects. The bill would also create the “Grants for Independence from Foreign Influence Fund,” allowing the Department of Economic Development to award grants to businesses for the same purpose.
“This bill provides the business community and entrepreneurs with a critical tool that will facilitate positive economic change in our state,” Brown said.
The bill is aimed at smaller, nontraditional defense contractors involved in microchip or energy production.
Kara Corches, vice president of governmental affairs for the Missouri Chamber, told the Senate Commerce, Consumer Protection, Energy and the Environment Committee that incentives like these will help position Missouri as a technology and innovation hub.
“This will help to keep our standing as a top ten state for technology manufacturing,” Corches said. “This means manufacturing things like semiconductors, and in order to leverage and maximize that position, we have to make sure we have the upstream goods that go into computer chips, like cobalt.”
A companion bill, HB 1834, is sponsored by Rep. Aaron McMullen (R-Independence).
For more information, contact Corches at kcorches@mochamber.com or (573) 634-3511.
