May 1, 2008 - The Missouri Senate passed HB 2393, a bill that would provide tax benefits as jobs are created at a mega project. The terms of the legislation have changed since first introduced to satisfy the concerns of some that felt the taxpayers' interests were not adequately protected in the initial legislation. The bill is sponsored by Rep. Ron Richard, Speaker Designee for the 2009 session, and was handled in the Senate by Senate Majority Floor Leader Charlie Shields.The new language may be found here. The bill must now be accepted by the Missouri House or sent to conference for further deliberations. We expect the Missouri House to take the measure up and pass it before the end of session.
The bill provides a framework to attract a major employer to Missouri, one that would provide more than 1,000 new jobs and invest more than $300 million in infrastructure in Missouri. The MEDC has supported establishing such a program and is pleased the Missouri Senate has advanced this bill.
Also on Thursday, the Senate Committee on Economic Development, Tourism and Local Government approved substitute language for HB 2058, one of the omnibus economic development bills. Senators added several items to the legislation, as expected. The final bill will likely be negotiated by a conference committee. HB 2058 is sponsored by Represenatative David Pearce and will be handled in the Senate by Senator Harry Kennedy.
And the House Special Committee on Job Creation and Economic Development again approved SB 718, this time without the mega projects language. The bill will now go to the Rules Committee and then to the full House for consideration. This bill is sponsored by Senator Kennedy and will be handled in the House by Representative Pearce.
Both HB 2058 and SB 718 would provide increases in the money available for Missouri Quality Jobs, Enhanced Enterprise Zones, Grow Me State Initiative, and other legislative priorities of the MEDC. We will keep you updated as we navigate the final two weeks of the legislative session.
