Greater St. Louis, Inc. Update on the Missouri Research and Development Tax Credit
The Missouri Senate today passed legislation (SB 931) that included an amendment to establish a Research and Development (R&D) Tax Credit in Missouri. Senator Brian Williams (D-University City) offered the R&D amendment on SB 931 earlier this month, which received bipartisan support. The legislation now heads to the Missouri House. The House version of the R&D Tax Credit legislation (HB 1579), sponsored by Representative Don Mayhew (R-Rolla), has received bipartisan support during the House committee process and currently sits on the House Perfection Calendar.
Greater St. Louis, Inc. Vice President of Government Relations Adam Kazda today issued the following statement on the Missouri Senate’s passage of R&D Tax Credit language:
“An R&D Tax Credit can be another tool businesses and entrepreneurs in the St. Louis metro and Missouri can use to boost economic development and make the innovation community a central part of Missouri’s business ecosystem.
“Thank you to Senator Brian Williams for leading the R&D Tax Credit bill in the Senate and thank you to Senator Andrew Koenig, sponsor of SB 931, for recognizing the value an R&D Tax Credit can have in establishing new businesses, creating jobs, and spurring renewed research growth.”
The proposed R&D Tax Credit creates a $10 million credit with $5 million reserved for minority business enterprises, women business enterprises, and small businesses. The $5 million set-aside is recognition of the vital role small businesses play in our regional economy and in research and development activities as identified by the STL 2030 Jobs Plan.
Greater St. Louis, Inc. is leading a statewide coalition of supporters of the R&D Tax Credit that includes Associated Industries of Missouri, the Missouri Chamber of Commerce and Industry, BioSTL, the Greater Kansas City Chamber of Commerce, Missouri State University’s Jordan Valley Innovation Center, and other leading institutions.
Read more about the Research & Development Tax Credit through this issue paper from our public policy initiative, ChamberSTL.