Bill > SB1553

This bill, titled the "Missouri Defense and Energy Independence Act," aims to incentivize the domestic production of critical materials and pharmaceuticals by offering tax credits and grants. Critical materials are defined as metals or metal complexes essential for key technologies like energy and defense, which face a high risk of supply chain disruption. Critical pharmaceuticals include active ingredients, starting materials, or finished drugs vital for national security or public health, also facing supply chain risks. The bill establishes that qualified companies, defined as non-traditional defense contractors registered in Missouri, can receive tax credits for "qualified project costs" – expenses related to building, expanding, or converting facilities and acquiring equipment for producing these critical items. The tax credit amount varies based on the investment, ranging from 20% for investments between $5 million and $15 million, to 25% for investments of $15 million or more. These credits are non-refundable but can be carried forward for ten years and are transferable. There's an annual cap of $40 million on the total tax credits that can be awarded. To access these incentives, companies must submit a notice of intent and enter into an agreement with the Department of Economic Development, detailing the types and amounts of critical materials or pharmaceuticals to be produced, projected investments, and job creation. Additionally, the bill creates a "Grants for Independence from Foreign Influence Fund" to provide grants, administered by the Missouri Development Finance Board (MDFB), for qualified project costs, with a limit of $500,000 per grant. The program is set to automatically sunset on December 31, 2036, unless reauthorized by the General Assembly.

Labor and Employment

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=746301