Sponsor outlines $1 billion investment tax-credit to recruit advanced manufacturing; committee hears broad business support

Representative Oler King introduced House Bill 755, the Advanced Manufacturing Recruitment Act, to the House Committee on Economic Development. The bill would create a performance-based capital investment credit aimed at attracting "mega projects": companies that commit at least $1,000,000,000 in new capital and create at least 500 new jobs, with 150 reserved for full-time Missouri residents. The Department of Economic Development (DED) would evaluate applications and administer credits paid as a 20% capital investment credit distributed across four installments tied to investment milestones. The committee took testimony but did not record a committee vote.

"House Bill 7 55 is a critical piece of legislation designed to strengthen Missouri's economy and ensure that we are competitive in the global manufacturing landscape," Representative Oler King said in opening remarks. Under the bill's terms as presented, credits would vest as companies reach 25%, 50%, 75% and 100% of their committed investment; companies would…