Governor Parson Signs SB 68 into Law
(JEFFERSON CITY, MO) – Today, Governor Mike Parson signed SB 68 into law, a comprehensive economic development strategy for growth across Missouri.
“From day one, workforce development has been a major focus of our administration,” Governor Parson said. “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.”
SB 68 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.
In addition, Governor Parson signed SB 180, which modifies the Missouri Works program by creating an additional tax credit, in lieu of any other tax credit offered under the program, for the creation of military jobs.
Governor Parson also signed five other bills:
SB 230 - Judicial Proceedings
Modifies provisions relating to venue in guardianship and conservatorship proceedings, the ABLE Act, public defenders, and venue for certain corporations in civil proceedings.
SB 54 - Insurance Companies
Enacts provisions relating to insurance companies, including interest rates on voluntary payments and supervision of internationally active groups.
SB 89 - Transportation
Enacts provisions relating to commercial driver's licenses, lease and rental registrations, motor vehicle inspection requirements, and striking a highway worker.
HB 1088 - Office of Administration Omnibus
Modifies laws relating to the Office of Administration and state agencies.
SB 17 - Retirement Systems
Modifies provisions relating to public employee retirement systems, including PSRS and LAGERS.