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 have three years to reach at least 25% of their commitment and five years to complete the full project. The bill also includes a $200,000,000 annual program cap and clawback provisions for companies that fail to meet their obligations, the sponsor said.

The bill defines a qualified manufacturing company to include NAICS sectors 31–33, Representative Oler King said. He also told the committee the measure prioritizes U.S.-domiciled companies reshoring manufacturing from countries considered adversarial by fast-tracking their applications. "This bill focuses on incentivizing manufacturing companies that are ready to make a substantial commitment to Missouri," he said.

Business and regional economic development groups provided extensive support. Maggie Kost, chief business attraction officer at Greater St. Louis Inc., said Greater St. Louis is aware of more than a dozen $1 billion-plus projects it lost to other states in the last four years and urged passage. "If we do not create an incentive targeted at these types of projects, we will continue to lose out on these opportunities," Kost said. Testimony in support also came from the Missouri Chamber of Commerce and Industry, the Missouri Economic Development Council, the Greater Kansas City Chamber, associate industries of Missouri and multiple regional economic development organizations.

Questions from committee members focused on program administration, eligibility and safeguards. Representative Fernetti asked who would evaluate qualified capital investment; Oler King replied DED would monitor applications and agreements. Representatives asked if projects already in progress could qualify; the sponsor said the bill, as written, is not intended to be retroactive and cited past debate that framed such measures as targeted to future deals. Representative Dean pressed for potential worker protections in the bill; Oler King said he was open to conversations. Representative Haruza asked whether the prioritization for repatriating companies covered changes in ownership; the sponsor said the provision is aimed at reshoring operations rather than ownership structures.

Fiscal and policy context: the sponsor cited a national projection—presented to the committee in testimony—that megaproject investment could rise to $350 billion by the end of the decade from $50 billion in 2019. The bill includes a $200 million annual cap on credits. Witnesses and committee members discussed existing regional site-development and attraction tools and said the program is intended to be a "tool in the toolbox" to make Missouri competitive with states that have used similar incentives.

Provenance: the bill was introduced on the record at the committee hearing ("Next, we will hear house bill 7 55. Sponsored by representative Oler King") and the committee adjourned after receiving testimony and questions; no committee vote was recorded.

Next steps: Committee members and industry witnesses indicated interest in additional conversations about wages, benefits and infrastructure readiness; the committee did not take a vote at this hearing.