GM bill with closing fund and fast track training grants passes after record filibuster
May 14, 2019 – After filibustering for more than 27 hours, Senate Republicans allowed Senate Bill 68, sponsored by Sen. Lincoln Hough, to come to a vote this evening. The bill passed by a vote of 25-8. The bill was handled in the House by Speaker Pro Tem John Wiemann.
The bill contains Governor Mike Parson’s deal closing fund, which was a source of contention during the filibuster. That provision allows tax incentives to be paid in advance and recovered if a company fails to uphold their end of the contract.
The governor’s Fast Track legislation that provides funding for training workers is included in the bill.
The bill also contains language that would modify the Business Facility Tax Credit to allow software expenses to be counted toward that credit the same as the purchase of physical equipment, a provision supported by AIM.
But the centerpiece of the bill that acted as a catalyst to push the entire package across the finish line is an incentive for auto manufacturers that invest at least $500 million in infrastructure, with an additional benefit if an additional $250 million is invested within the first five years. That provision was included to try to attract an additional investment at the Wentzville General Motors plant. An amendment was added that requires a good faith effort to award contracts to racial minority contractors.
Associated Industries of Missouri applauds passage of the comprehensive economic development bill. Governor Mike Parson released the following statement on the final passage of SB 68, a comprehensive economic development strategy for growth across Missouri:
“Today’s final vote is a complete victory for Missourians and jobs in every corner of the state. We are sending a powerful message to the nation that we are ready to compete with every state for more jobs,” said Governor Parson. “From day one, I’ve talked about the importance of workforce development and infrastructure – and thanks to House and Senate Leadership, State Representatives Kathy Swan and Nick Schroer, and State Senator Lincoln Hough, we now have the necessary economic development tools to make an important investment in the skills of Missouri workers. We are now on track to be one of the most pro-growth, pro-jobs administrations in Missouri’s history.”