Despite last year's failure in a legislative gridlock to provide tax breaks for businesses, they are now at it again. The Senate Jobs Committee is considering what a new works program could do.
Wrap: The act establishes the Missouri Works Program--aimed at providing tax incentives for job creation and capital investment.
Bill sponsor Republican Senator Eric Schmitt says the bill makes business incentives more efficient by combining six existing programs into one.
He says the program gives businesses reason to increase employment opportunities.
|Description: "We're rewarding companies for creating jobs and really growing our economy in a time where that's absolutely essential."|
Tax breaks for businesses have been a year long debate for lawmakers, but Missouri legislators are at it again. The Senate Jobs Committee heard what a new program could mean for the state's economy.
Wrap: The Missouri Works program would give businesses tax incentives for creating jobs and stimulating the economy.
Bill Sponsor Republican Senator Eric Schmitt says as a manufacturing state, Missouri has made economic progress over the past two years.
He believes the program is the next step in bringing jobs to Missouri.
|Description: "A couple years ago when we passed the manufacturing act, that was a step forward. Last year passing the phase out of the corporate franchise tax really freed up capital and as we move forward continuing to look for ways to streamline the process and make Missouri more competitive as we compete for those jobs"|
Tax incentive credits would increase over the next three years and peak at one-hundred-forty-one million dollars by 2015.
Reporting from the state Capitol, I'm Joe Chiodo