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Mar. 2, 2018 Sen. Wasson’s Column for the Week of Feb. 26 , 2018
Over the past few weeks, the Missouri Senate has showed economic development is still a top priority. The Senate has recently approved several measures that will significantly impact the everyday lives of Missourians. The first bill I would like to discuss is Senate Bill 564, which deals with utility rates. With the tax relief provided under the recent reduction of federal corporate tax rates, provisions of this legislation will allow rates to be cut over $100 million per year through an accelerated process within the Public Service Commission. Also, the legislation caps rate increases at 3 percent for five years. Additionally, if electric utilities cannot control costs under these caps, they cannot pass those costs on to the ratepayers. Finally, utilities are encouraged to make much needed investments in our electric grid through the regulatory updates established in this legislation. It is interesting to note that Illinois has prioritized grid modernization over the last six years, saving customers about $45 million. Our current utility regulations, established more than 100 years ago, never imagined the high tech nature of our modern lifestyles nor today’s complex technology-driven economy and the demand this places on our electric grid. Although I was initially hesitant about this legislation, I believe the rate cap is reasonable and will ensure consumers’ electric rates don’t skyrocket in the future. Additionally, it is becoming increasingly important that we invest in grid modernization for security purposes and to make sure we are using our energy efficiently as we move into the future. Senate Bill 564 saves money over the long haul and I was happy to vote in favor of the bill which is now under consideration by the Missouri House of Representatives. The business school at Missouri State University offers some of the best business programs in the Midwest, but is currently not allowed to offer doctoral degrees in business fields. At the same time, several colleges and universities are duplicating degree offerings which raises costs for students. I believe SB 807 will allow universities to meet the needs of their students and it encourages students to be the best they can be. Finally, the Senate gave initial approval to Senate Bill 882, which modifies provisions of the Missouri Higher Education Savings Program. MO ABLE (Achieving a Better Life Experience) is a disability savings account for families of individuals with disabilities. Recent changes to the federal tax code now allow families to transfer money between 529 savings accounts without a tax penalty. This measure allows MO ABLE accounts to qualify for transfers without threat of the tax penalty and would give a family who receives an unexpected diagnosis that changes their life plan greater financial flexibility. These families should not be penalized for something that they cannot control and this legislation would allow families to use their hard-earned savings in times of unexpected costs related to having a disability. This is a busy time of the legislative session and we are working hard to make good policies for Missouri. To stay up to date on the progress of legislation, you can visit https://www.senate.mo.gov/legislation/ 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. |
Missouri Senate — 2018
Missouri General Assembly