{"id":5253,"date":"2019-04-04T09:14:36","date_gmt":"2019-04-04T14:14:36","guid":{"rendered":"https:\/\/mochamber.com\/?p=5253"},"modified":"2022-12-19T17:35:36","modified_gmt":"2022-12-19T17:35:36","slug":"senate-committee-takes-up-rural-business-tax-credit-legislation","status":"publish","type":"post","link":"https:\/\/mochamber.com\/news-archive\/senate-committee-takes-up-rural-business-tax-credit-legislation\/","title":{"rendered":"Senate committee takes up rural business tax credit legislation"},"content":{"rendered":"<p>Rural business owners often can\u2019t find investment capital to start up or expand their companies. A bill sponsored by <a href=\"https:\/\/www.senate.mo.gov\/Senators\/Member\/16\/\">Sen. Justin Brown<\/a> would implement a new tax credit to help address this problem, which is holding back the economic potential of rural communities across Missouri.<\/p>\n<p><a href=\"https:\/\/www.senate.mo.gov\/19info\/BTS_Web\/Bill.aspx?SessionType=R&amp;BillID=5166222\">Senate Bill 477<\/a> is designed to enable the creation of new jobs in these areas and, in addition to supporting rural companies, over time would generate more income tax and sales tax revenue from the new jobs than the original amount of tax credits awarded, resulting in a net gain for the state. The bill also contains claw back measures to protect taxpayer dollars.<\/p>\n<p>During a Senate committee hearing on April 2, Brown, a Republican from Rolla, said the bill \u201creally strikes home.\u201d<\/p>\n<p>\u201cI have constituents in the building today that are S&amp;T graduates. They range anywhere from mechanical engineers to aerospace engineers and have companies right now in Phelps County. And they have told me, \u2018We really want to stay in this community.\u2019 They love it. But it\u2019s always been the fight of, how do we get them the money they need to be able to keep and grow their businesses in our communities?\u201d Brown said. \u201cThis is a bill that will allow that to happen.\u201d<\/p>\n<p>Advantage Capital, an investment firm that focuses on underserved rural areas in Missouri, praised the bill.<\/p>\n<p>\u201cIn many instances, small business owners are unable to secure the financing their business needs to buy a new piece of equipment, add additional employees, or build out a new facility,\u201d said Chloe Coniaris, an associate at Advantage Capital. \u201cIn [Advantage Capital\u2019s] 27 years of experience, we have seen firsthand how investing in rural communities \u2014 where historically a meager one percent of all private investment has gone \u2014 can change outcomes and outlooks not just for small businesses but also for everyday citizens.\u201d<\/p>\n<p>This Rural Workforce Development Act aligns with the recommendations in the Missouri Chamber Foundation\u2019s\u00a0<a href=\"https:\/\/mochamber.com\/workforce2030-report\">Workforce2030 Report<\/a>, which found that the state\u2019s rural areas in particular are still struggling to return to pre-recession job levels.<\/p>\n<p>The Missouri Chamber testified in favor of the bill and will continue to support it as it advances.<\/p>\n<p>The House version of this measure is <a href=\"https:\/\/house.mo.gov\/Bill.aspx?bill=HB1236&amp;year=2019&amp;code=R\">HB 1236<\/a>, sponsored by\u00a0<a href=\"https:\/\/house.mo.gov\/memberdetails.aspx?district=002&amp;year=2019&amp;code=R\">Assistant Majority Floor Leader Rep.\u00a0J. Eggleston<\/a>. In March, this bill was passed out of House committee and is now waiting to be considered on the House floor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rural business owners often can\u2019t find investment capital to start up or expand their companies. A bill sponsored by Sen. Justin Brown would implement a new tax credit to help [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":5254,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/article-post.php","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[15],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mochamber.com\/wp-json\/wp\/v2\/posts\/5253"}],"collection":[{"href":"https:\/\/mochamber.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mochamber.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mochamber.com\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/mochamber.com\/wp-json\/wp\/v2\/comments?post=5253"}],"version-history":[{"count":2,"href":"https:\/\/mochamber.com\/wp-json\/wp\/v2\/posts\/5253\/revisions"}],"predecessor-version":[{"id":30100,"href":"https:\/\/mochamber.com\/wp-json\/wp\/v2\/posts\/5253\/revisions\/30100"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mochamber.com\/wp-json\/wp\/v2\/media\/5254"}],"wp:attachment":[{"href":"https:\/\/mochamber.com\/wp-json\/wp\/v2\/media?parent=5253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mochamber.com\/wp-json\/wp\/v2\/categories?post=5253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mochamber.com\/wp-json\/wp\/v2\/tags?post=5253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}