"The fundamental belief that not passing this bill is holding up job creation in this state, is incorrect."
In a recent interview, Maryville State Sen. Brad Lager explains why the Senate is moving slower on Governor Jay Nixon's chief economic initiative and says a more methodical process will lead to a more efficient jobs bill.
"It's time for tax credit reform as well," said Lager, who is pledging an overview of the more than $500 million dollars the state annually spends on a variety of tax credits.
The House overwhelmingly passed the expansion of the popular Quality Jobs Act in early February. Nixon pushed the Senate to put the legislation on his desk by spring break. That did not happen.
HB 191 removes the annual cap on the tax credit program that's used to lure new businesses to the state. It's currently capped at $60 million dollars.
But Lager notes that right now, "they haven't even hit the cap for this year's quality jobs program."
*WATCH FULL CLIP OF LAGER'S REASONING ABOVE*
The House bill also includes:
- $5 M in tax credits annually for "technology-based early stage Missouri companies"
- Eliminates the per-company annual $500,000 cap on technology business projects
- Eliminates the per-company annual $750,000 cap on high-impact projects
- Increases the annual cap on job retention projects from $3 M to $30 M
The Senate's version is HERE.