A bill that would nurture new business ideas is one step closer to passage. The House passed HB 1960, known as the Regulatory Sandbox Act, earlier this year, and it received a Senate committee hearing this week.
The Missouri Chamber of Commerce and Industry, citing opportunities identified in its Technology2030 report, strongly supports this legislation.
HB 1960 is sponsored by Representative Alex Riley (R-Springfield). It’s the third consecutive year that he’s sponsored legislation to create a regulatory sandbox. Riley said the bill language is identical to what came out of the Senate last year. Final passage in 2023 was derailed in the closing days of the legislative session.
This week, Riley told members of the Senate Economic Development and Tax Policy Committee that the Regulatory Sandbox Act would remove barriers of entry for entrepreneurs and small businesses.
The legislation would create a Regulatory Relief Office that would consider company applications to waive certain state regulations (for up to two years) that hinder the development of that company’s product or service. This would only occur after review by the appropriate state agency or agencies.
Utah, Arizona and, most recently, Kentucky have passed similar programs that apply to all industries. Many other states have implemented industry-specific initiatives.
Heidi Geisbuhler Sutherland, director of legislative affairs for the Missouri Chamber, said, “Missouri is an up-and-comer in the technology sector, and this bill will encourage innovators in the state.”
Among those joining the Missouri Chamber in supporting this legislation are the Greater Kansas City Chamber of Commerce and Springfield Area Chamber of Commerce.
For more information, contact Geisbuhler Sutherland at hsutherland@mochamber.com or call (573) 634-3511.
