Missouri lawmakers are considering legislation aimed at keeping the state competitive in attracting major corporate headquarters and the high-quality jobs they bring.
SB 1425 is sponsored by Sen. Kurtis Gregory (R-Marshall).
Current law authorizes a 10-year tax credit for business headquarters that begin operations in Missouri on or before December 31, 2030. This legislation would extend the eligibility deadline to December 31, 2040 — providing an additional decade to attract and grow corporate headquarters in the state.
Mike Brown, president of Burns & McDonnell, told members of the Senate Economic and Workforce Development Committee that this legislation is vital to the growth of the company. Burns & McDonnell wants to remain in Missouri, building on its 128-year history in the state.
Under the current tax credit program, headquarter expansions can also qualify if they bring at least 25 new employees and $1 million in investment.
“We have 5,000 employees, we grow at about a 10% pace, and we anticipate growing by 500 employees in our Kansas City operations this year,” Brown said. “In addition to that, we have 500 people in our St. Louis operations. Quite frankly, the extension of this tax credit allows to have certainty, because we are busting at our seams, and we need to be looking at new buildings and campuses. This allows us to make decisions to ensure we can continue to be a partner in the State of Missouri.”
Similar legislation, HB 3095, sponsored by Rep. Chris Brown (R-Kansas City), was heard this week in the House Economic Development Committee, and the Missouri Chamber provided testimony in support of it.
Missouri Chamber Director of Government Affairs Chance Hepola told lawmakers, “We believe this legislation signals to businesses in and out of Missouri that we have a friendly business environment and assures businesses that they can have long-term stability.”
For more information, contact Hepola at chepola@mochamber.com or call (573) 634-3511.
