JEFFERSON CITY, Mo. – State Rep. John McCaherty has again filed legislation to bring businesses that have moved out of the state back home to Missouri. Known as the Bring Jobs Home Act, HB 1617 would authorize a tax deduction for out-of-state businesses that relocate to Missouri. The bill is identical to HB 325 that was approved by the Missouri House but failed to receive final Senate approval before the 2015 legislative session concluded.
Specifically, the bill would provide a tax deduction of up to 50 percent of the eligible expenses associated with eliminating a business located outside of the state and reestablishing it in Missouri. Under the bill, the business would have to stay in the state for at least ten years, or pay back the state the entire amount of the deduction.
“The competition for businesses is fierce and Missouri needs more tools in its toolbox in order to keep companies, and to entice them to return home. I know we have seen many businesses relocate out of the state because of better offers. My hope is that this will help us attract some of these businesses to come back with the family-supporting jobs they provide,” said McCaherty, R-Murphy.
McCaherty noted the previous version of the bill received overwhelming approval in the House during the 2015 legislative session. He said he is hopeful this year’s legislation will receive similar support in both the House and Senate.
