A Missouri lawmaker introduced legislation on January 5th, designed to give incentives to manufacturing companies in the state. Representative T.J. Berry of Kearney sponsored H.B. 146 which establishes the Manufacturing Infrastructure Investment Act. Under the proposed legislation, certain companies would be allowed to retain withholding taxes.
Highlights of H.B. 146 include:
- Rewards manufacturers for creating jobs, introducing new products or expanding production of goods
- Participating companies would be able to retain some or all of withholding taxes on certain full-time jobs.
- Program caps at $10 million per qualified company ($15 million for all qualified companies per year)
- Sunsets after 6 years
Lawmakers have yet to take action on H.B. 146. If passed into law, the Manufacturing Infrastructure Investment Act could begin as early as January 2018.