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.
HB 1834, sponsored by Rep. Aaron McMullen (R-Independence), is known as the Missouri Defense and Energy Independence Act.
If the legislation is passed, 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.
The bill is aimed at smaller, nontraditional defense contractors involved in microchip or energy production.
“It’s not only needed, but absolutely vital for the future of the United States,” McMullen said. “There are certain critical materials in the U.S. defense effort that are critical to the U.S. economy that are currently being processed and made by foreign, adversarial governments. If these certain countries decide to cut off trade, our economy and our defense production would grind to a halt.”
Heidi Geisbuhler Sutherland, director of legislative affairs for the Missouri Chamber, told the House Economic Development Committee that incentives like these will help position Missouri as a technology and innovation hub.
“We have an abundance of geologic resources,” she said. “This legislation would help us stop relying so much on foreign countries for certain aspects of the supply chain for high-tech fields, and it would also help grow our own economy.”
A companion bill, SB 1360, is sponsored by Sen. Justin Brown (R-Rolla).
For more information, contact Heidi Geisbuhler Sutherland at hsutherland@mochamber.com or (573) 634-3511.
