Missouri Legislature Passes Economic Development Package

EDC StaffEconomic Policy

JEFFERSON CITY, Mo. — Missouri lawmakers have passed a pro-growth economic development package championed by Governor Mike Parson. SB 68, which passed on Tuesday, establishes a deal-closing fund and creates a scholarship for adult students in Missouri.
Governor Mike Parson praised the passage of SB 68, saying it puts Missouri on track to be one of the most pro-growth, pro-jobs administrations in the state’s history.
“We are sending a powerful message to the nation that we are ready to compete with every state for more jobs,” Gov. Parson said in a statement.
The bill also supports a potential expansion for the General Motors plant in Wentzville. Under the bill, GM would be eligible to receive up to $50 million in tax credits over the next 10 years if the company invests $750 million. If the plant expands, the benefits could be felt statewide. The Wentzville plant supports more than 12,000 jobs in Missouri. Lee’s Summit is home to at least three GM suppliers.
“SB 68 will help Missouri, and Lee’s Summit, stay competitive with other states and local communities when trying to attract new businesses and educate our workforce,” said State Senator Mike Cierpiot, Chairman of the Economic Development Committee.
As part of the economic development package, SB 68 establishes the Missouri Works Deal-Closing Fund, which uses existing program dollars to allow Missouri to grant tax credits to businesses early in the expansion process. The fund also includes a claw back provision to provide added protection to taxpayers.
SB 68 also creates an opportunity to train up to 17,000 Missourians for high-demand jobs through the Missouri Fast Track program. Fast Track provides financial aid to adults 25 or older. In order to qualify, students must make less than $40,000 for an individual tax filer or $80,000 for those filing under married status.
The revised Missouri One Start program will help businesses recruit and train employees during major expansions by making it easier for businesses to navigate the program and adding performance-based funding for training providers.
“Through programs contained in the bill, such as Missouri One Start and Fast Track programs, Longview Community Colleges and others in the state will be able to offer more opportunities to train workers for the modern workforce,” Sen. Cierpiot said.
Lee’s Summit Economic Development Council President & CEO Rick McDowell applauded the Missouri Legislature for its commitment to supporting economic development through Tuesday’s passage.
“The combination of these initiatives is a great catalyst toward making Missouri more competitive,” McDowell said. “This bill provides us with another tool in our toolbox to attract major employers to Lee’s Summit.”
SB 68 now heads to Gov. Parson’s desk, where he is expected to sign it into law.