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NOVEMBER 20, 2008
RCGA Board Adopts 2009 Legislative Agenda -
Focus Is On Economic Growth
At today's Board of Directors meeting, the RCGA adopted its 2009 Legislative Agenda for the sessions in Illinois and Missouri. The ambitious agenda presents policy positions that advance the St. Louis metropolitan economy at the state and federal level. While the RCGA Board adds positions throughout the year, this agenda forms the foundation for discussions with state and federal elected leaders when the legislative sessions convene in January.
The 2009 RCGA Legislative Agenda was based on these underlying premises:
- The RCGA must be realistic about the economic crisis and financial challenges facing Illinois and Missouri this year.
- We stand ready to assist state elected officials in exercising fiscal discipline, but will also urge them to continue to make targeted, strategic investments to help stabilize and grow their economies.
- And we believe it is imperative that both states strengthen their job creation and retention efforts, and remain committed to proven economic development programs.
The top Missouri legislative priority is the "Grow Me State" Initiative, a comprehensive plan to foster technology-based economic development and close the "capital formation gap" between Missouri and surrounding states. Missouri currently invests only 10 cents per capita on capital formation activities compared to $2.79 for neighboring states and $2.94 for technologically-similar states like Minnesota, Indiana, Michigan, Ohio and Wisconsin (see chart below).
The "Grow Me State" Initiative seeks to close the gap and improve Missouri's competitiveness through:
- A $5 million Angel Tax Credit to stimulate early-stage private investment in advanced technology companies,
- A Proof of Concept Program to assist advanced technology companies in commercializing their products and research,
- A Seed Capital Program to enable the State of Missouri to be a co-investor in high-growth potential companies, and
- Additional funding for the Missouri Technology Corporation.
The top Illinois legislative priority is passage of a capital bill to start critical infrastructure projects in Southwestern Illinois. The Illinois General Assembly has not passed a capital bill since 1999, and infrastructure projects would create thousands of jobs in our region, especially needed in these tough economic times. The capital bill would fund the state's portion of the new Mississippi River Bridge, the Gateway Connector for I-255 to I-55 and other regional highway improvements. Southern Illinois University-Edwardsville awaits funding from the capital bill for their renovation and expansion of the Science Laboratory Classroom Building.
Other policy positions taken in the RCGA Legislative Agenda include:
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End the diversion of resources from the Missouri Life Sciences Research Fund to other purposes. Last year, the Fund received $14 million, while $29 million was directed to other state purposes. |
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Support proven tax credit programs that leverage private investment and stimulate economic growth. |
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Restore Missouri's research and development tax credit to strengthen our region's technology companies. |
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Encourage small business growth and entrepreneurial development through direct grants and assistance. |
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Increase funding for higher education institutions. |
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Improve access to health insurance and maximize federal dollars for the state Medicaid systems. |
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Encourage technology infrastructure investment. |
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Improve math, science, engineering and technology education. |
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Support action on the Arch Grounds Connector and an active public use for the Arch Grounds. |
To read the complete RCGA Legislative Agenda, click here. Upcoming issues of the RCGAdvocate will describe the progress of the RCGA Legislative Agenda for 2009.
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| Focus on Illinois: New Markets Development Ready For Governor Blagojevich's Signature
Last Thursday, the Illinois Senate unanimously passed and sent to the Governor the Illinois New Markets tax credit program which will stimulate investments in small businesses located in economically depressed areas in the State. The state tax credit will supplement the federal New Markets Development Program by providing an 5.5% tax credit against state income tax for seven years for any eligible investment. The state tax credit can be used in addition to the federal tax credit of 5.5%. The program will attract investment to businesses that are ineligible for traditional financing and are located in communities with a median income less than 80% of the state average or at least a 20% poverty rate. The program is limited to $10 million, and it will not start until 2010.
The RCGA commends Senator James Clayborne (D-Belleville) for sponsoring this legislation (SB 2051) and Rep. Art Turner (D-Chicago) for his leadership on its unanimous passage in the House earlier this year. Two years ago, Missouri passed a state New Markets tax credit, and already the City of St. Louis' neighborhoods and businesses have recieved substantial investment from the program and Missouri is now a national leader in allocations from the New Market Development Program. The RCGA urges Governor Blagojevich to sign this legislation to stimulate investment in small businesses and distressed areas throughout Southwestern Illinois.
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| Canadian Ambassador Wilson Speaks on Canada-U.S. Trade Relations and Economic Development on December 4
Michael Wilson, the Canadian Ambassador to the United States, will address St. Louis business leaders on the U.S.-Canada relationship and strengthening trade and economic development between the neighboring countries. His breakfast address will occur on Thursday, December 4 from 8:00 a.m. to 9:30 a.m. in the Starlight Room at the Chase Park Plaza Hotel.
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Ambassador Michael Wilson
Canadian Ambassador to the United States |
Ambassador Wilson became the 22nd representative of Canada to the United States in March 2006. Prior to his current position in Washington, Ambassador Wilson was Chairman of UBS Canada, an operating division of UBS AG, one of the world's leading financial institutions where he oversaw all UBS operations in Canada. He was Minister of Industry, Science and Technology for Prime Minister Joe Clark and Minister of International Trade for Prime Minister Brian Mulroney the North American Free Trade Agreement was negotiatied. He represented Canada at the IMF, IBRD, OECD, GATT and the G-7 Ministers meetings.
Ambassador Wilson comes to St. Louis at the invitation of John Bachmann, past chairman of the RCGA and Honorary Consul to Canada. The RCGA, World Affairs Council of St. Louis and World Trade Center Saint Louis are proud to welcome Ambassador Wilson to the St. Louis business community. To register for this free breakfast event and the reception, please contact Robert Fischer, Executive Director of the World Affairs Council of St. Louis at (314) 727-9988 or rfischer@wac-stl.org.
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The RCGAdvocate is published periodically to inform RCGA members and government officials about important public policy matters at the state, federal and local levels. It seeks to provide timely, in-depth coverage on regional issues, and, at times, to call RCGA members to action. We welcome your comments and suggestions.
Richard C.D. Fleming ~ President & CEO ~ (314) 444-1100 ~ dfleming@stlrcga.org
Chip Casteel ~ Senior V.P. of Public Policy ~ (314) 444-1107 ~ ccasteel@stlrcga.org
Susan Stauder ~ V.P. of Infrastructure & Public Policy ~ (314) 444-1155 ~ sstauder@stlrcga.org
Eric Schneider ~ Senior Director of Public Policy Research ~ (314) 444-1148 ~ eschneider@stlrcga.org
Kevin Riggs ~ Director of Illinois Government Affairs ~ (314) 444-1108 ~ kriggs@stlrcga.org
Christine Snively ~ Project Manager ~ (314) 444-1144 ~ csnively@stlrcga.org
Marlo Young ~ Executive Assistant for Public Policy ~ (314) 444-1134 ~ myoung@stlrcga.org
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