JEFFERSON CITY, Mo. – The Missouri House has given approval to legislation that would expand an economic incentive package that was successful in retaining thousands of jobs at the Ford plant in Claycomo. Sponsored by state Rep. Jerry Nolte, R-Gladstone, HB 264 would expand the Manufacturing Jobs Act to allow manufacturers other than those in the automotive industry to take advantage of the successful economic development tool. The House passed Nolte’s bill by a vote of 152-1.
“We approved the Manufacturing Jobs Act during a special session last year and it has produced the intended results as we have retained nearly 4,000 jobs at the Claycomo plant critical to Kansas City,” said Nolte. “It has worked extremely well in the automotive industry and we want to extend this powerful tool to all manufacturers willing to make a commitment to invest in our state.”
Companies who qualify under the Manufacturing Jobs Act must make substantial investments related to those jobs in a Missouri facility; commit to keeping those good paying jobs with benefits for 10 years; and bring a new product to the state. With this legislation, qualifying manufacturers can keep a portion of the income tax withholding for qualified new and retained employees. There is a $15 million cap per year with no one entity getting more than $10 million. The benefits would not be realized until the manufacturer signed a contract and spent their own money with requirements to pay back the benefits with a penalty if they do not keep their word.
“The Manufacturing Jobs Act gives us the ability to compete with other states offering large incentive programs,” said Nolte. “It is a proven tool that levels the playing field and allows our workers to keep the jobs their families depend on.”
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment