Week of Jan. 23, 2023

Legislative Session Continues

Legislative activity continued at the Capitol this week with a full schedule of committee hearings. These public hearings provide an opportunity for Missourians to share information and express objections or support for the bills being considered. It’s vital we hear from individuals, businesses and groups affected by proposed legislation so we can ensure your interests are protected.

In the Economic Development and Tax Policy Committee, which I chair, we took up several pieces of legislation aimed at encouraging economic growth in Missouri, including two bills I was proud to sponsor. Senate Bill 92 would establish the Missouri Rural Workforce Development Act and provide tax credits for investment in rural businesses. Senate Bill 93 would phase out Missouri’s corporate income tax.

The type of tax credits provided by the Missouri Rural Workforce Development Act have helped fund business expansions and start-ups in Ohio, Georgia and Utah. Modeled after successful programs in those states, SB92 would allow Missourians to earn tax credits for qualified investments in funds supporting rural businesses with fewer than 250 employees. The tax credits would be phased in over six years, and no more than $16 million in tax credits would be available statewide in any given year.

Senate Bill 93 would reduce Missouri’s corporate income tax rate from the current 4%. The taxes corporations pay – and eventually pass onto consumers – would decrease each year until the year 2027, when the tax would be eliminated entirely. I believe doing away with corporate income taxes would allow businesses to invest money back into their operations or pass savings onto employees and consumers. It’s my hope eliminating corporate taxes would encourage more employers to locate in our state and, ultimately, bring greater opportunities and prosperity to all Missourians.

The Senate Appropriations Committee began its work preparing the state operating budget. During two hearings held this week, we reviewed the governor’s budget requests and began breaking down his numbers by state agency, with a deep dive into the Department of Correction’s appropriations requests. This review will continue over the coming months as we consider every line of the state budget.

With the 2023 legislative session fully underway, the hallways and legislators’ offices are packed with visitors. Some of these people come to watch their government in action, but most are here to share concerns or ask us to address issues of concern to them. This week, I was pleased to welcome a number of folks from the 21st Senatorial District who came to advocate for causes important to them.

Among those who stopped by my office were representatives of the Missouri Soybean Association. I appreciated the opportunity to meet with the group and thank them for recognizing me with their 2023 Soybean Supporter award. It was also my pleasure to visit with members of Missouri Main Street Connection. I’ve developed a close relationship with this group over the years and fully support their efforts to promote and develop small town business districts throughout our state. Public officials visiting the District 21 office this week included Clay County Circuit Clerk Lee Bucksath, Johnson County Prosecuting Attorney Robert Russell and Clay County Assistant Prosecuting Attorney Alexander Higginbotham. I also had the opportunity to meet with Scott Tuttle, general manager of POET Bioprocessing; Jennifer Houcek, a constituent from Ray County; and Teresa Groves of Odessa, who brought her family to the Capitol to advocate for virtual schooling.

Finally, I’m proud to share two recent appointments. I learned this week I have been asked to serve as a member of the Joint Committee on Tax Policy. As the name implies, this committee is responsible for analysis of current and proposed tax policy in Missouri. I’ve also been appointed to the board of the Missouri Technology Corporation. This public-partnership was created by the General Assembly to promote entrepreneurship and foster the growth of new and emerging high-tech industries in our state. A particular focus of the Missouri Technology Corporation is 21st-century bioscience industries that build on Missouri’s rich agricultural legacy. I’m looking forward to contributing to both of these important bodies and playing an even greater role in helping to create a pro-business/pro-growth environment in our state.

As always, I appreciate hearing your comments, opinions and concerns. Please feel free to contact me in Jefferson City at (573) 751-4302. You may also email me at Denny.Hoskins@senate.mo.gov.