The Missouri House of Representatives Thursday gave final approval to legislation designed to bring businesses that move out of the state of Missouri “back home.”
House Bill 325, sponsored by Rep. John McCaherty (R-High Ridge) would provide a tax deduction of up to 50 percent of the eligible expenses associated with eliminating a business located outside of the state and reestablishing it in Missouri. The business must stay in the state for at least ten years, or pay back the state the entire amount of the deduction.
Rep. McCaherty says the program is for companies that move out of Missouri either for another state…or another country. He says businesses in his area are bombarded by offers to move facilities to other states or countries all the time. McCaherty and others during legislative hearings sited call centers that have moved from Missouri and relocated in India and other third world countries. McCaherty says this bill will allow the state to have some ammunition in the fight to keep or bring companies “home.”
The bill has been presented to the legislature on several occasions in the past few years. It passed the House Thursday by a margin of 150-1, and now moves to the State Senate.