Weekly Column for April 4, 2019
This week at the State Capitol, the lieutenant governor held the first annual BUY MISSOURI Day to recognize the great local businesses in our state. The BUY MISSOURI initiative actively promotes products that are grown, manufactured, processed and made in Missouri. These products are listed on the lieutenant governor’s website and available throughout our country.
BUY MISSOURI Day brought businesses from across the state to the State Capitol and gave them the opportunity to showcase their products to state legislators. Some of the businesses that participate in BUY MISSOURI are Swisher Acquisition in Warrensburg, Quaker Windows and Doors in Freeburg, Central Missouri Meats and Sausage in Fulton and Fitz’s Bottling Company in St. Louis. It was great to visit with many of these small businesses, and I applaud the lieutenant governor for shining a light on businesses that create great products right here in our state.
This week in the Missouri Senate, we gave approval to Senate Bill 108. This legislation limits how TIFs can be used by developers. Did you know that developers are currently incentivized to build in flood plains? Tax-Increment Financing (TIF) enables a developer to use a portion of their taxes to finance their projects. TIFs can only be used on projects that are considered “blighted” and under current law, flood plains meet that requirement.
When the program was originally created, it was meant to help with the development of areas in economic distress. However, as many have stated, this program has been abused. Your tax dollars are being misused by developers who have purposely decided to build in flood plains to gain public assistance.
This proposal protects taxpayers by making projects that are built in flood plains ineligible for TIF. Instead of going to fund these ill-planned projects, your tax dollars will continue to help local municipalities fund vital services for our communities. This legislation now heads to the Missouri House of Representatives for further consideration.
Legislation like this has been a priority for the Missouri Senate, and we will continue working to ensure that your tax dollars are being spent effectively and efficiently.
It is an honor to serve you in the Missouri Senate. Please do not hesitate to contact my office at (573) 751-3678 or by email at dave.schatz@senate.mo.gov if you have any questions.