Greater St. Louis, Inc. Update on the Missouri Research and Development Tax Credit
Significant progress was made this week in the Missouri House and Senate on restoring the Research and Development Tax Credit in Missouri. The House and Senate versions of the bill passed out of committee, including a unanimous bipartisan 7-0 vote in the Senate Economic Development Committee. The overwhelming support for the Missouri R&D Tax Credit will provide a big boost as it heads to House and Senate legislative floor calendars.
Greater St. Louis, Inc. believes promoting innovation and entrepreneurship should be an economic policy priority in Missouri. We are leading a coalition of supporters across the state to bring back the Missouri R & D Tax Credit. Coalition members include 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.
The proposed legislation creates a $10 million R&D Tax Credit with five million reserved for minority business enterprises, women business enterprises, and small businesses. The $5 million set-aside is recognition of the vital role those small businesses play in our regional economy and in research and development activities as identified by the STL 2030 Jobs Plan.
Read more about the Research & Development Tax Credit through this issue paper from our public policy initiative, ChamberSTL.