With Gov. Mike Parson’s signature today, Missouri is primed to invest and modernize the state’s transportation infrastructure — supporting our economy of the future.
The legislation signed by Gov. Parson, Senate Bill 262, will invest a much-needed $500 million per year in transportation funding for state, county and city projects. The bill would phase in an increase in the gas tax by 2.5 cents each year over five years. It includes a rebate mechanism so that drivers who do not wish to pay the increase can get their money back. The legislation also phases in increased fees on electric vehicles.
The Missouri Chamber led a broad coalition of stakeholders who rallied this session in support of transportation funding. The Missouri Can’t Wait campaign united business and labor, rural and urban interests, Republicans and Democrats behind the need to repair the state’s roads and bridges.
A study released by the Missouri Can’t Wait campaign showed that the legislation will create a $1.8 billion positive impact on Missouri’s economy. This will also create an overall increase of $722 million in earnings across the state and more than 17,000 jobs.
“The investments in this law represent a huge step toward helping our state make the most of our location and truly become a logistics hub for the Midwest and North America. The infusion of funding into our transportation system will create an immediate economic boost. But the long-term effects of this investment will be even more profound as our state modernizes our transportation system to support our future economy,” said Mehan. “We thank Gov. Mike Parson for being a steadfast champion for transportation funding. We also thank Sen. Dave Schatz for his leadership on this issue in the Senate and Rep. Becky Ruth for carrying the legislation in the House.”
