Sometimes companies choose to move jobs out of Missouri, but later regret that decision.
House Bill 325, which has been passed by the Missouri House, would make it easier for those companies to reverse course and come back to the Show-Me State.
The Bring Jobs Home Act would establish a new income tax deduction for insourcing jobs back to Missouri. The deduction would cover up to 50 percent of the expenses of moving the jobs back to Missouri, with an annual $20 million cap. If fully utilized, the Bring Jobs Home Act would cost the state approximately $1.3 million a year, according to a fiscal review conducted by the House.
The proposal has received bi-partisan support.
“Let’s bring some jobs home,” said bill sponsor Rep. John McCaherty, a Republican from High Ridge, as the House prepared to vote.
The bill passed 140-14, moving to the Missouri Senate for further debate.
For more information about tax and economic development bills, contact Tracy King, Missouri Chamber vice president of governmental affairs, at email@example.com or by phone at 573-634-3511.