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Missouri Governor Signs Major Workforce Development Bill

  • July 12, 2019

 

Missouri Governor Mike Parson recently signed workforce development legislation that would grant General Motors up to $50 million in tax credits over 10 years to expand its assembly plant in Wentzville, Missouri. The bill would grant $5 million in tax credits annually for the auto manufacturer with a $500 million investment at the plant for upgrades and retaining workers.

“From day one, workforce development has been a major focus of our administration,” said Governor Parson. “This legislation gives us the tools we need to be more competitive and shows companies everywhere that Missouri is open for business. 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.”

The bill includes four key pieces of workforce and economic development legislation designed to meet employer needs and help Missouri compete for major business expansions across the state:

  • Missouri Fast Track: Fills workforce gaps through financial aid for adult learners pursuing education and training in high demand industries.
  • Missouri One Start: Improves Missouri’s workforce programs that help businesses recruit, onboard, and train large numbers of job applicants during major expansions.
  • Missouri Works – Deal Closing Fund: Gives Missouri a negotiating tool to close deals with companies by granting tax credits earlier in a business expansion and includes a claw back provision.
  • Automotive Economic Development Tools: Helps retain automotive jobs by granting $5 million in tax credits annually to automotive manufacturers that invest $500 million or more in plant upgrades and agree to retain current workers.

The legislation is set to take effect August 28, 2019.

For more information on why Missouri could be a prime location to launch or grow your business, contact Subash Alias, CEO of Missouri Partnership, at 314.932.3973 or via our contact form. We’d be happy to answer any questions you might have, and show you how Missouri Partnership can help with your business expansion, collaboration and investment needs.

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