Allen: Special Session Update

This week the House approved to the House Committee Substitute (HCS) for Senate Bill 8. SB 8 is a major economic development plan designed to create and provide Missourians with good-paying jobs. The package includes the following:

1. Provisions to spur economic development and bring new jobs to Missouri.
2. Incentives for computer data centers.
3. Incentives for amateur and collegiate sporting events.
4. Major tax credit program reforms.
5. Substantial reductions for tax credit programs.
6. Tax payer protections including tying economic incentives to performance.
7. Lower current corporate income tax rate from 6.25% to 5.5% to allow for more growth and creation of new jobs.
8. A state sales tax holiday from July 1-7 on products made in America.

Many citizens within the 92^nd contacted me with concerns regarding the “Aerotropolis tax credit” or “China-Hub.” These concerns have been addressed in the HCS. The bill provides an incentive package for Missouri businesses that handle international exports. This will encourage the export of Missouri made goods and agricultural products worldwide, not just China.

SB 8 will now be sent to the Senate for their consideration.