House Advances Triple E Agenda

This week the House took action on Rep. Anne Zerr’s HB 698, which contains many of the legislative proposals I outlined as part of my “Triple E” Agenda.  This agenda, with its focus on education, energy, and economic development, hones in on what Missourians have consistently told legislators are the focus of their families and co-workers. 

What Does HB 698 Do?

This legislation has many proposals that aim to cut, cap, and create tax credits.  We have focused on several industries that have great potential for economic impact or already offer great benefit and could become stronger if government would not penalize them so greatly with taxation.  A few of these are listed below and I would encourage you to visit www.house.mo.gov for more information. 

Data Storage – This multi-billion dollar industry is bringing high-paying jobs to local communities across the country.  Other states are benefiting greatly because of the incentives they have in place to encourage investment within their communities and we want Missouri to follow suit.  If a facility were to come to Missouri, the construction costs, which are much greater than normal warehouse construction, would be a boon to the construction industry and those that supply it.  The high-tech jobs that would result would add millions in payroll to the local economy and bring with it benefits and healthcare to more Missourians. 

Angel Investment – Our angel investors take enormous risk to bring new products to their full production and sales potential.  Investors will be treated in much the same way as donors to charities – they will get a portion of that investment back in the form of a tax credit that can be utilized against their state tax liability in 2013 or in the next five (5) tax years.  The science and manufacturing industries stand to make great gains whenever the government lets innovation take over and the private sector do what it does best – create jobs.
 
Historic Tax Credits – For many years we have authorized tax credits on qualified renovations to our state’s historic buildings.  Downtowns have been revitalized, new housing opportunities have become available, and Missourians have been put to work in the construction, real estate, and other industries.  We have continued this incentive with added budget controls because of its great benefits to local communities large and small.  With a little reworking, our state’s budget makers will be aiding in predicting revenues and the private sector can continue keeping Missourians employed and our historic districts from wasting away.