Show-Me State Times

The Missouri Chamber of Commerce and Industry has expressed its support for new legislation aimed at revitalizing vacant downtown office buildings across the state. Senate Bill 35, introduced by Senator Steven Roberts from St. Louis, seeks to establish the Revitalizing Missouri Downtowns and Main Streets Act. This bill proposes tax credits for developers who convert office spaces into residential, retail, or commercial areas. Notably, 25% of the funding is earmarked for projects within qualified Main Street districts.

Senator Roberts highlighted the potential impact of this initiative on both urban and rural communities in Missouri. "The act will provide a state tax credit to fill gaps in the marketplace that have resulted in spaces across our state’s cities and towns lying dormant, thereby reducing the vibrancy in our historic cultural centers," he stated. He added that this legislation aims to unlock private investment opportunities currently untapped.

Cade Tremain, manager of governmental affairs at the Missouri Chamber, presented testimony supporting SB 35 before the Senate Economic and Workforce Development Committee. "The Missouri Chamber strongly supports this legislation, specifically because it will directly, positively impact our economic development efforts, expanding more access to residential and retail space," Tremain said.

Additionally, two companion bills are under consideration: House Bill 900 sponsored by Representative Marty Joe Murray from St. Louis and House Bill 610 sponsored by Representative Travis Wilson from St. Charles.

For further details about these legislative efforts or inquiries related to them, Cade Tremain can be contacted via email at ctremain@mochamber.com or phone at 573-634-3511.