JEFFERSON CITY, Mo. – Rep. John McCaherty, R-Murphy, praised the House’s passage of SB 861, encouraging investment in Missouri’s ports.
The Senate passed the measure, sponsored by Sen. Paul Wieland, R-Imperial, earlier this week.
“Our ports are such a vital part of our state’s transportation infrastructure and represent such an essential component to our efforts to grow our economy in the future. Our goal is to invest in our ports, and to encourage even more private investment so that they grow toward self-sufficiency,” McCaherty said. “With this bill we have the opportunity to really support our up and coming ports and position them as critical transportation hubs and a key part of our state’s economic engine. It was an honor to be able to work with Sen. Wieland to get this bill across the legislative finish line and I want to thank my colleagues for their support.”
Senate Bill 861 will allow ports to create advanced industrial manufacturing zones for the purpose of establishing a dedicated funding source for port improvement and development. Additionally, the bill creates tax incentives for entities that utilize Missouri port authorities. The deductions would be administered by the Department of Economic Development.
Among the deductions in the bill, ene deduction is designed for existing port users who increase their usage of the facility. A second deduction targets new businesses that build within a port authority’s district. And the third deduction will be for each new job created at an international trade facility.
With the House’s approval, the legislation is truly agreed and finally passed and goes to Gov. Jay Nixon’s desk for final approval.