A plan to offer new businesses some regulatory relief has made its way to the Missouri Senate.
On April 11, 2023, the Senate Economic Development and Tax Policy Committee heard testimony on HB 268, which creates the Regulatory Sandbox Act. The bill, sponsored by Rep. Alex Riley (R-Springfield), was passed by the House in February.
“What we are trying to do is encourage entrepreneurship in the state and let the nation know that Missouri is open for business,” Riley said. “We’re doing cool and exciting things in the innovation space here in Missouri, and this is one tool in the toolbox.”
HB 268 would create the Regulatory Relief Office within the Department of Economic Development. Businesses that apply for the program could receive a waiver from certain state laws or regulations during a two-year period.
Missouri’s regulatory sandbox would apply to all industries. Currently, Utah and Arizona have similar programs, and several other states have adopted industry-specific regulatory sandboxes.
The Missouri Chamber of Commerce and Industry supports the bill as a way to remove barriers of entry for businesses, especially for entrepreneurs and small businesses. Other organizations in support include United WE, the Greater Kansas City Chamber of Commerce and NEXT Missouri.
Similar legislation, SB 3, sponsored by Sen. Denny Hoskins (R-Warrensburg), has already passed the Senate.
For more information, contact Phillip Arnzen, the Missouri Chamber’s director of legislative affairs, at parnzen@mochamber.com or 573-634-3511.
