Missouri Senate considers Angel investment tax credits

Another round of economic development legislation was heard in the Missouri Senate Jobs, Economic Development and Local Government Committee this week, gathering the support of the business community.

Senate Bill 698, sponsored by Kansas City Sen. Jolie Justus, would provide tax credits to investors that provide early stage “angel” capital to qualified employers in the state and would be administered by the Missouri Technology Corporation (MTC) with the primary goal of encouraging individuals to provide seed-capital financing for emerging Missouri businesses engaged in the development, implementation, and commercialization of innovative technologies, products, and services. This bill, unlike many tax credit bills, has a ten year sunset provision.

“You can have a great idea, but without a little bit of seed money or a little bit of assistance, you won’t be able to get the idea off the ground,” Tracy King, vice president of governmental affairs for the Missouri Chamber, said. “This is about investing in individuals and ideas and allowing the entrepreneur to create the newest market and the newest product; this is the basis of all economic development.”

The committee took no action on the bill but may vote on the bill next week.

The Missouri Chamber is supportive of Angel investment tax credits and has testified in favor of similar legislation in the House.  For more information about tax issues, please contact Tracy King, vice president of governmental affairs for the Missouri Chamber, at tking@mochamber.com or by phone at 573-634-3511.

Joplin Chamber establishes “Help Moore Business” Fund

It has been two years since the devastating tornado that hit Joplin and Duquesne. Just yesterday, we saw another horrific tornado strike our neighbors in Moore, Okla.

While the initial focus is on helping the residents of that decimated community, as it should be, we know from our own experience that the Chamber plays a key role in maintaining jobs and providing hope by helping businesses recover, providing stability for those who may not have been directly hit but are struggling. In addition, the Chamber acts as a center of information for so many other community organizations.

We were helped in our operations by direct assistance, typically in the form of “joining or membership” by other chambers and businesses from around the region. We were also helped by monetary donations to our Foundation. These donations became the basis for the business stabilization loan funds, as well as assisting this Chamber in its ability to help other business support organizations maintain their efforts even today.

As we well know, even businesses not directly impacted by the tornado were impacted by a loss of business, loss of utilities and the death and injury of employees.

Now, it’s our turn to pay it forward and help Moore.

We have established a “Help Moore Business” fund within the Joplin Chamber Foundation. Contributions to this fund will be given to the Moore Chamber of Commerce to help its efforts to keep businesses and jobs in that hard-hit community. The Joplin Chamber Foundation is a 501c3 charitable organization, and your contributions may be tax deductible.

We encourage you to give generously to help Moore residents in their hour of need. In doing so, remember that our Chamber and business community was helped by others and we need to help Moore’s Chamber as well. Even a small gift has a big impact. You can make your contribution today to the “Help Moore Business” fund by going to this link.

www.joplincc.com/help_moore_business.html<http://www.joplincc.com/help_moore_business.html>

Thank you for helping Moore in its recovery efforts.

Rob O’Brian, CEcD
President
The Joplin Area Chamber of Commerce