Encouraging Economic Growth with Smart Tax Policy

Each year, a number of amateur events are hosted around the country.  The organizing committees, such as the National Collegiate Athletic Association, United States Olympic Committee, or United States Golf Association, scan the country in search of event locations where their competitions can be held, attended, and successful.  These events encourage economic activity from advertising to local restaurant sales and hotel bookings and many states offer tax credits to incentivize these selection committees to choose their available locations.

 

Senate Bills 10 & 25 would offer a common sense tax credit to encourage Missouri locations to be selected as venues hosting these types of amateur events that would otherwise take place in a different state.  In fact, the legislation stipulates that another state must be in consideration for the event to qualify for the state tax credit.  With guarantees that other states would be in competition, the Republican-led legislature decided in an overwhelmingly bipartisan fashion that Missouri needed this tax credit incentive to land these events.  The credit rewards those who are bringing revenue, tourism, jobs and notable events to our State while at the same time containing significant taxpayer protections.  The measure was “Truly Agreed and Finally Passed” this week, meaning it now only awaits the Governor’s signature to become law.