April 18, 2024 - HB 1803, sponsored by Rep. Terry Thompson, passed the Missouri Senate today without changes, sending the bill to Governor Parson. This bill is the first bill benefiting Missouri employers to be passed this legislative session that has been marked by the failure of legislators, particularly in the Missouri Senate, to advance many pieces of legislation.
The bill increases the overall limit for the linked deposit program, called MOBUCKS, that is administered by the Missouri State Treasurer, from the current $800 million to $1.2 billion. The money is used to make lower interest loans to eligible small businesses, farmers, agribusinesses, and others through local banks. The bill changes amounts earmarked in the bill from dollar amounts to percentages of the total amount allowed under the program.
Associated Industries of Missouri supports the bill.