Missouri is already recognized as a best state for manufacturing by Supply Chain Digest. And now, after Missouri Governor Mike Parson signed Senate Bill 68 into law, Missouri has made itself one of the most attractive states for automotive manufacturing investment.
The new automotive incentives grant up to $25 million in tax credits to automotive manufacturers that invest $500 million in plant upgrades, while agreeing to retain current workers, and then an additional $25 million in tax credits if they invest another $250 million.
The last time Missouri had automotive manufacturing incentives in place, automotive companies invested more than $2 billion in the state.
“This legislation gives us the tools we need to be more competitive and shows companies everywhere that Missouri is open for business,” Governor Parson said. “We’re excited about this great step forward and will continue to invest in Missouri workers, help companies grow, and keep quality jobs here in our state.”
Missouri already builds more than 776,000 trucks and vans each year and is home to major Ford and GM production facilities. And the facilities are strategically located on the North American Automotive Alley that stretches from Toronto to Mexico City. Additionally, the Kansas City, Missouri, region is the second largest automotive trade hub behind Detroit according to the Brookings Institute.
Combine this with our business-supporting regulatory environment, our ability to get goods efficiently anywhere in the world via rail, river, road, air or sea, our 4 percent corporate tax rate, and the fact that we can provide amazing customized training for your workforce that puts us at the top state for workforce development (sorry Alabama, Tennessee, Louisiana and Georgia), and your success as an automotive manufacturer is looking good in Missouri.