Bill > SB1406

This bill establishes the Missouri Defense and Energy Independence Act, which creates a tax credit and grant program to support companies converting their production capabilities to reduce reliance on foreign-produced materials for energy and defense projects. Specifically, the bill allows qualified companies (defined as non-traditional defense contractors registered in Missouri) to claim tax credits for conversion costs, with a total annual cap of $40 million. Companies can receive tax credits up to 15% of their qualified conversion costs, distributed over four years. The bill also creates a "Grants for Independence from Foreign Influence Fund" with at least $10 million, from which the Missouri Department of Economic Development can award grants up to $500,000 per qualified company to support their conversion efforts. Tax credits are non-refundable and cannot be carried forward to subsequent tax years, but can be transferred or sold. The program will automatically sunset after six years unless reauthorized, and is specifically designed to help Missouri businesses reduce dependence on foreign-produced chemicals, metals, gases, and rare earth minerals used in energy and defense projects.

Business and Industry

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=703