The Missouri General Assembly today gave final approval to legislation (HB 2400) that included an amendment to establish a Research and Development (R&D) Tax Credit in Missouri. HB 2400 now heads to the Governor’s desk for approval.
A two-year legislative priority for Greater St. Louis, Inc., the R&D Tax Credit, championed by Senator Brian Williams (D-University City) and Representative Don Mayhew (R-Rolla), creates a $10 million 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 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. was proud to lead a statewide coalition of supporters of the R&D Tax Credit that includes Anheuser-Busch and The Boeing Company — both members of the Executive Committee of the GSL Chair’s Council — 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.
Greater St. Louis, Inc. Vice President of Government Relations Adam Kazda today issued the following statement on the Missouri General Assembly’s passage of the R&D Tax Credit:
“The R&D Tax Credit will 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. We thank Senator Brian Williams and Representative Don Mayhew for leading the R&D Tax Credit in their respective chambers.
“Greater St. Louis, Inc. encourages Governor Parson to support this much-needed policy and swiftly sign HB 2400 into law.”
Read more about the Research & Development Tax Credit through this issue paper from our public policy initiative, ChamberSTL.