We face an ever-changing economy, fueled more and more by growth in science and technology based industries. As a state, it’s critical that we not only help existing high-tech and innovative employers expand, but bring more of these cutting edge businesses—and 21st Century jobs—to the state. The question is, and remains, how?

In 2011, during a special session, the Legislature created the Missouri Science and Innovation Reinvestment Act, commonly known as MOSIRA, in an effort to bring more science and technology companies to Missouri. Funding for the MOSIRA program came from a portion of general revenue, and was then placed in a fund.

That money would then be reinvested in a wide range of programs designed to attract more science talent to our state, commercialize scientific-based research to create new technology companies, and increase technology-focused business start-ups in Missouri, among other worthy goals.

The problem, though, was that the bill was ruled unconstitutional by the Missouri Supreme Court because of a technicality, which is why this year, I sponsored Senate Bill 912, which among other things, fixes the language that got the original measure struck down in court.

What the legislation also creates is a revenue-neutral tax incentive program that can help Missouri improve its economy. Under the bill, a citizen or company can receive a tax credit equal to 50 percent of a donation to the program. Those funds are then split between the Missouri Technology Corporation, a public-private entity which oversees disbursement of the money, and general revenue. The program pays for itself.

Many other states already offer these types of incentives. We have to stay competitive in bringing more high-tech companies to Missouri, and growing those already in the state. We can, and must, do more to continue encouraging expansion in these areas.

We spent a significant amount of time discussing the legislation on the Senate floor this week and I am hopeful my colleagues recognize its importance and move quickly to revive a worthy effort to improve our state’s economy.

In other news, the Appropriations Committee passed the Senate’s version of the budget on Thursday. Next week, we’ll likely begin debating the state’s Fiscal Year 2015 spending plan. This is the only constitutionally required task the Legislature must accomplish each year. It’s also one of the most difficult. Every legislator has his or her own priorities or views on spending. It takes an incredible amount of compromise.

The budget deadline for this year is May 9. Over the next two weeks, the Senate will pass its version of the budget, and then work with the House in conference committees to iron out any differences between the two spending plans. I will continue to advocate for a fiscally responsible budget that lives within our state’s means.

If you have any questions or comments about this or any other matter regarding your state government, please feel free to contact me at (573) 751-1503; you are also welcome to e-mail me at jay.wasson@senate.mo.gov.