Sen. Wasson’s Legislative Column – Jan. 25, 2018

Jan. 25, 2018

Missouri Works Program Renewal to Aid in Economic Development

The Missouri Works Program has provided businesses throughout the state with invaluable assistance in creating and retaining good jobs for Missourians. As the state’s number one incentive tool for expansion of businesses and retention of quality employers, the Missouri Works program helps businesses access capital through withholdings or tax credits. This capital allows businesses to purchase equipment, build expansions and create jobs.

One of the most crucial aspects of the Missouri Works Program is the Missouri Works Training program. This training assistance program helps companies create new jobs and improve existing positions. Partnerships with community colleges and technical schools throughout the state provide employers with flexible and effective training options for their employees.

The Missouri Works Program and the Missouri Works Training Program are currently set to expire next year, which is why I have filed Senate Bill 549 and Senate Bill 550. These bills would reauthorize both programs until 2030 and allow local businesses to continue hiring and training great employees while encouraging businesses from other states to open up shop in Missouri. SB 549 and SB 550 were presented before the Missouri Senate’s Economic Development Committee this week. Business leaders, chamber of commerce representatives, and the Missouri Community College Association came to the State Capitol to testify in support of these two pieces of legislation and brought concrete examples of the positive impact both programs have had and continue to have in Missouri.

These programs assist with the creation of thousands of new jobs and billions of dollars in capital investment for our state. Both programs contain provisions intended to hold businesses accountable and ensure participating businesses only receive incentives after the jobs have been filled by working Missourians. Businesses across a wide variety of industries utilize the Missouri Works Program to grow their employee base and provide training to employees who are seeking to improve their job performance and expand their skillset.

Another important incentive program for large companies seeking to relocate to Missouri is the Supplemental Tax Increment Financing Fund. This program has brought several large companies to Missouri resulting in the creation of thousands of jobs. In order to take advantage of the program’s benefits, companies must create high quality and high paying jobs while matching state funds with their own investment in new infrastructure or infrastructure improvements.

Senate Bill 629 is designed to ensure the Missouri Supplemental Tax Increment Financing Fund continues to create jobs in Missouri. The proposal caps the program at $10 million each year. Each individual project will be capped at $3 million to ensure that several companies can take advantage of this incentive program at the same time and bring more jobs to Missouri. This bill was also heard in committee this week and received support from industry leaders and policy analysts.

I believe these three programs play a vital role in attracting and retaining good, high paying jobs in our state. Economic development and job growth are my top two priorities.  I believe these bills will continue to provide the tools necessary to retain and expand current businesses, attract new businesses and bring job creators to Missouri.

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.