Show-Me State Times

The Missouri Chamber of Commerce and Industry is backing a bill that would help spur economic development and decrease U.S. dependence on foreign microchip and energy production.

"It’s not only needed, but absolutely vital for the future of the United States," said Rep. Aaron McMullen, sponsor of HB 1834, also known as the Missouri Defense and Energy Independence Act. "There are certain critical materials in the U.S. defense effort that are critical to the U.S. economy that are currently being processed and made by foreign, adversarial governments. If these certain countries decide to cut off trade, our economy and our defense production would grind to a halt."

Heidi Geisbuhler Sutherland, director of legislative affairs for the Missouri Chamber, emphasized the importance of the bill in positioning Missouri as a technology and innovation hub. "We have an abundance of geologic resources," she said. "This legislation would help us stop relying so much on foreign countries for certain aspects of the supply chain for high-tech fields, and it would also help grow our own economy."

The bill, if passed, would allow companies to claim up to $6 million in tax credits for converting operations to produce critical minerals and materials used in energy and defense projects. Additionally, it would establish the "Grants for Independence from Foreign Influence Fund," enabling the Department of Economic Development to award grants to businesses for the same purpose.

A companion bill, SB 1360, is sponsored by Sen. Justin Brown, demonstrating bipartisan support for the initiative.

For more information, contact Heidi Geisbuhler Sutherland at hsutherland@mochamber.com or (573) 634-3511.