Legislators are hoping to go “big and bold” in an effort to attract major manufacturing projects.
This week, the House Economic Development Committee heard HB 755, sponsored by Rep. Philip Oehlerking (R-Ballwin), known as the Advanced Manufacturing Recruitment Act. Through this legislation, manufacturers could receive a 20% tax credit for five years on megaprojects – large reshoring and expansion projects with a minimum capital investment of $1 billion. To qualify, the projects must also create at least 500 jobs.
Oehlerking said the bill will position Missouri to compete nationally and globally.
“HB 755 is a critical piece of legislation designed to strengthen Missouri’s economy and ensure that we are competitive in the global manufacturing landscape,” Oehlerking said. “For years, we’ve watched as neighboring states like Kansas, Illinois and Kentucky successfully attract advanced manufacturing megaprojects. These states have leveraged targeted invectives to bring billions of dollars in investment and create thousands of jobs. Unfortunately, Missouri is falling behind.”
In 2024, the Missouri Chamber released “Making Missouri a Manufacturing Powerhouse.” In the report, researchers used nearly 60 metrics to rank all 50 states for overall manufacturing competitiveness. Missouri ranked 28th, while several neighboring states, including Tennessee, Kentucky and Nebraska, ranked among the top 15.
The report features recommendations to improve Missouri’s position, including providing incentives to increase capital investment and supporting the recruitment of new manufacturers and the expansion of existing operations.
Cade Tremain, manager of governmental affairs for the Missouri Chamber, reiterated this position while testifying in support of HB 755.
“We strongly support this legislation because it will allow Missouri to remain competitive in the manufacturing area,” Tremain said. “This legislation overall will allow our state’s manufacturing industry to leverage its strengths and continue to grow.”
“This is a tool that we could really use in the Kansas City region,” said Shannon Cooper with the Greater Kansas City Chamber of Commerce. “There have been several large projects that we have lost just because we don’t have the ability to go big and bold.”
The advanced manufacturing tax credit is also included in SB 475, sponsored by Sen. Mary Elizabeth Coleman (R-Arnold).
To learn more, contact Tremain at ctremain@mochamber.com or call 573-634-3511.
