AIM disappointed by veto of HB 650; signing of HB 128 a victory for Missouri business; and Linn Tech
Governor Nixon continued his veto streak Friday, and took a baseball bat to protections for an important Missouri employer.
In vetoing House Bill 650, the governor left Doe Run Company vulnerable to excessive punitive damage awards. Associated Industries of Missouri supported language in HB 650 that would have limited the awards because the punitive damages that the bill would have limited are meant to stop a company from continuing a particular activity. In these cases, the activity ceased decades ago. The uncertainty caused by this lack of protection will have a detrimental effect on the company’s efforts in the future.
“By vetoing this bill, the Governor Nixon has protected this excessive flow of money to plaintiff’s attorneys who will profit at the expense of a well-respected employer in Missouri and threaten their ability to maintain and create jobs in the state,” said AIM president Ray McCarty.
While vetoing House Bill 650, Governor Nixon did sign House Bill 28 which will streamline several permitting processes with the Department of Natural Resources and set up a structure where stakeholders will have a say in rate increases. The bill also formalizes the process for businesses to obtain variances from the department on the issue of contaminants in water during periods of drought and high temperatures.
Also on Friday, the governor signed legislation that AIM supported that will favor Missouri manufacturers and other employers. HB 128 will allow a third apportionment method for dividing interstate income for corporation income tax purposes. The third choice formula divides income based on the sales of tangible personal property in Missouri versus the amount of such sales everywhere.
“This is a victory for employers, especially businesses that manufacture items in Missouri and sell the vast majority of their products to customers outside the state,” said McCarty.
AIM also congratulates the current Linn State Technical College on their new name. Next year, the college will become known as State Technical College of Missouri, under legislation signed this week by Governor Nixon.
The school is an important training ground for the highly trained workforce that Missouri manufacturers thrive on. The change in the name will reflect the institution’s mission.
“Our members are able to take graduates from Linn State and employ them in great jobs,” said McCarty. “We think their mission is vital, we appreciate what they do, and we think it is great for them to have a name to reflect their statewide purpose.”