A popular tax credit program that aims to bring more jobs to the state could be improved under a bill supported by the Missouri Chamber of Commerce and Industry.<\/p>\n\n\n\n
A hearing was recently held on SB 1301<\/strong><\/a>, sponsored by Sen. Jason Bean (R-Holcomb)<\/strong><\/a>, which would make changes to the Missouri Works program.<\/p>\n\n\n\n Missouri Works, the state\u2019s top incentive tool for expansion and retention, incentivizes job creation in the state by allowing companies to keep a portion of their withholding taxes for a set period of time. It also issues tax credits to qualified companies under certain circumstances.<\/p>\n\n\n\n Bean\u2019s bill would get rid of the separate limits for withholding taxes and tax credits by combining them into one single program cap. Under current law, the limit for the total annual amount of Missouri Works tax credits is $106 million and the annual amount of withholding tax that may be retained is limited to $75 million, for a total of $181 million in program benefits per fiscal year. This bill provides that, beginning with the 2026 fiscal year, the Department of Economic Development may award any amount of tax credits and withholding tax benefits, provided that the total amount authorized does not exceed $181 million. <\/p>\n\n\n\n The single limit would take an administrative burden off the department and allow it to make competitive offers without hitting the Missouri Works tax credit cap so quickly.<\/p>\n\n\n\n The Missouri Chamber has a long history of championing Missouri Works, as the program supports the Missouri 2030 goal of becoming a leading state for job growth.<\/p>\n\n\n\n \u201cWe are a longtime supporter of the Missouri Works program,\u201d said Missouri Chamber of Commerce and Industry Legislative Affairs Director Heidi Geisbuhler Sutherland. \u201cIt’s a great economic tool to help increase the number of jobs in the state, and this legislation will help increase flexibility and decrease administrative burden on the department, which will in turn make the funds more accessible to businesses.\u201d<\/p>\n\n\n\n For more information, contact Heidi Geisbuhler Sutherland at hsutherland@mochamber.com<\/strong><\/a> or (573) 634-3511.<\/p>\n\n\n\n