Show-Me State Times

The Missouri Chamber of Commerce and Industry is supporting a bill that aims to boost economic development and reduce the country's reliance on foreign sources for microchips and energy production. The proposed legislation, known as the Missouri Defense and Energy Independence Act, is sponsored by Sen. Justin Brown (R-Rolla).

According to Sen. Brown, "This bill provides the business community and entrepreneurs with a critical tool that will facilitate positive economic change in our state."

The bill, designated as SB 1360, would enable companies to receive up to $6 million in tax credits for transitioning their operations to manufacture chemicals, metals, gases, or critical minerals essential for reducing dependency on foreign materials in energy and defense projects. Additionally, the legislation would establish the "Grants for Independence from Foreign Influence Fund," permitting the Department of Economic Development to allocate grants to businesses with similar objectives.

Kara Corches, the vice president of governmental affairs for the Missouri Chamber, emphasized the importance of such incentives in positioning Missouri as a technology and innovation hub. Corches stated, "This will help to keep our standing as a top ten state for technology manufacturing."

The bill primarily targets smaller, unconventional defense contractors involved in microchip or energy production. It is designed to support the manufacture of essential components like semiconductors and ensure a stable supply chain for materials such as cobalt, crucial for computer chip production.

Corches further highlighted the significance of the initiative in maintaining Missouri's competitive edge in technology manufacturing. She underlined the necessity of securing upstream materials essential for semiconductor production.

In addition to SB 1360, a related bill, HB 1834, has been introduced by Rep. Aaron McMullen (R-Independence). Those interested in obtaining further information can reach out to Kara Corches at kcorches@mochamber.com or (573) 634-3511.