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August 22,
2011
Finally! Missouri Governor Calls
for Special Legislative Session on Economic Development to Begin
on September 6th
Today Missouri
Governor Jay Nixon announced a call for special session of the
legislature to address key economic development
initiatives.
The special session will start on September 6th, and
legislative leaders are optimistic about swift passage of these
important job creation initiatives; this proposed bipartisan
economic development bill may well represent the most sweeping
jobs-creating legislation in our State's recent
history. Political
observers expected the call for a special session shortly after
legislative leaders announced an agreement between the two
chambers in late July, but it was delayed as they wrestled with
the Governor over details of the plan.
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Danny Ludeman, President & CEO of Wells
Fargo Advisors and RCGA's Board Chair of Economic Development
(at podium) and Dick Fleming, President &
CEO of the RCGA (center left),
were asked to lead a news
conference in late July
at Lambert-St.
Louis International airport with House
and Senate leadership
to announce the legislature's agreement
on a comprehensive economic development bill. The RCGA has
played a significant
role in advocating for these economic
development initiatives
to be addressed in a special legislative
session.
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The following day, Governor Nixon
lauds
similar key economic development
initiatives during a major policy address at the Donald Danforth
Plant Science Center, and announces his intention to call a
special legislative session to consider them and other pressing
issues in September.
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The RCGA, along with business and civic leaders
across the state, was disappointed when several key initiatives,
including the Aerotropolis Trade Incentive Act and the Missouri
Science and Innovation Reinvestment Act (MOSIRA), failed to pass during the regular session
that ended on May 13th. We have been
working throughout the summer to encourage a successful
resolution of the issues related to the economic development
package and advocate for a timely special session this
fall. The RCGA applauds the Governor for calling a
special session, and supports the swift passage of these key job
creation initiatives.
Economic Development Issues
in the Governor's Call:
- Aerotropolis Trade Incentive Act
-- $360 million in tax credits over 15 years to help
create an international air cargo hub at Lambert-St. Louis
International Airport: $60 million to encourage freight
forwarders to direct cargo through St. Louis, and $300 million to
encourage developments related to international cargo near the
airport.
- Missouri Science and Innovation
Reinvestment Act (MOSIRA) -- Captures a small portion of
the wage growth from science and technology industries to provide
a stable source of funding to invest in high-technology
entrepreneurial infrastructure and foster growth of
21st Century jobs.
- Compete
Missouri -- Streamlines Missouri's business incentives
by combining several existing programs into a single
user-friendly program that
allows for performance-based benefits and up-front funding for
certain highly competitive projects. Also provides business
retention incentives.
- Data
Centers -- Provides sales and use tax exemptions for new
and expanding data storage centers that make a minimum capital
investment of $37 million and create at least 30 new jobs.
- Sporting Events -- Provides
incentives to aid in the attraction of major amateur sporting
events to Missouri.
- Revisions to existing tax credits
-- Preserves the viability of proven tax credit programs,
including the Historic Preservation program, and adopts other
cost-saving recommendations outlined by the Governor's Tax Credit
Review Commission last year.
The RCGA
lauds these strategic investments in economic
development, which
will create new employment and
entrepreneurial opportunities throughout Missouri. Further,
the legislative
package is also estimated to save the state $1.5 billion
over the next 15 years, making it a fiscally responsible
proposal during these difficult economic times.
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