The Missouri House has endorsed the creation of several new tax breaks intended to lure high-tech businesses and foreign trade to the state.
House members gave initial approval Wednesday to a bill authorizing $60 million of tax credits for international exporters over the next eight years. They also gave initial approval to bills creating tax credits for investors in high-tech startup businesses and authorizing state and local sales tax breaks for computer data centers.
Sponsored by Eric Schmitt of St. Louis County, the Missouri Export Incentive Act would create some new tax incentives, and put caps on others. The bill creating new tax credits cleared a Senate committee Wednesday.
The bulk of the bill is dedicated to tax credits for technology facilities and data storage centers. Exporters and self-employed Missourians also would benefit.
Tax breaks for food pantries, pregnancy resource centers and the Children in Crisis program all expired last year when lawmakers failed to pass any type of tax credit reform package. Scott Baker, State Director of the Missouri Food Bank Association, testified today in favor of renewing the incentives. He says according to the USDA, Missouri has the nation’s 7th highest food insecurity rate.
Monday was the first full day that Missouri lawmakers in both chambers can pre-file bills for next year’s regular session. Much of the legislation pre-filed in the State Senate so far deals with tax credits: