Lawmakers are considering legislation to strengthen Missouri Works, the state’s primary incentive program for business expansion and job retention. The Missouri Chamber of Commerce and Industry, which has long championed the program, testified in support of the proposal, noting that Missouri Works plays a key role in supporting job growth.
HB 2654, sponsored by Rep. Jeff Knight (R-Lebanon), would modify the capital investment tax credit for major projects to help Missouri compete for significant private investment.
“This bill will help us stay competitive and give some flexibility to the department,” Knight said. “Thirty-nine states already do this.”
Under the bill, the Department of Economic Development could issue tax credits to qualified companies that invest at least $50 million in new capital projects within two years. Companies could receive tax credits worth up to 2.5% of their new capital investment over a three-year period.
To ensure transparency and accountability, companies receiving incentives would be required to file annual reports outlining project progress and results. The legislation also prevents companies from “double dipping” by receiving multiple state incentives for the same project.
A companion bill, SB 1443, sponsored by Sen. Jamie Burger (R-Benton), has been filed in the Senate.
During a hearing before the House Economic Development Committee, Missouri Chamber Vice President of Government Affairs Jared Hankinson told lawmakers, “By modifying the tax credit for large-scale projects, Missouri can better attract major private investments in equipment, facilities and infrastructure.”
For more information, contact Hankinson at jhankinson@mochamber.com or call (573) 634-3511.
