Missouri Business Headlines

House committee backs sports event incentives extension

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A Missouri House committee has passed a bill to continue Missouri’s successful sporting event tax credit.

First passed in 2013, the tax credit has helped bring a wide variety of spectator events to the state, including three college basketball tournaments last month.

The tax credit will expire in 2019 unless the Missouri General Assembly takes action to continue the program. House Bill 1438 is an effort to keep the incentives going through 2030. The House Committee on Economic Development passed the bill on April 3. Rep. Jean Evans, a Republican from Manchester, sponsored the bill.

Missouri’s sporting event tax credit works differently than the incentives used by most other states, which typically set aside a pot of money to be used to lure events. Missouri’s method, on the other hand, is to provide tax credits following a successful event.

During a recent hearing on the bill, Frank Viverito, president of the St. Louis Sports Commission, said the incentives are “a lifeline and a revenue generator.”

Kathy Nelson, president and CEO of the Kansas City Sports Commission, said the tax credit “has been a game changer.”

This year’s legislation would alter the existing tax credit by specifying that a portion of the incentives each year would go to smaller communities that want to utilize the law to bring in events that attract tourists.

House Bill 1438 would also allow participant-driven events, such as amateur soccer or baseball tournaments, to use the tax credit, a change from the current law.

The Missouri Chamber of Commerce and Industry supports extending this tax credit and the changes included in House Bill 1438.

Does your business benefit from sporting events? Let us know!

For more information, contact Matt Panik, Missouri Chamber vice president of government relations, at mpanik@mochamber.com or 573.634.3511.

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