Wednesday, June 13, 2007
Contact: Jessica Robinson, 573-751-0290
Blunt Signs Legislation Providing Tax Relief for Missouri Manufacturing and Research
WARRENTON– Gov. Matt Blunt today visited SAF Holland USA where he signed legislation to provide tax relief for Missouri manufacturing that will help the state retain and attract manufacturing jobs as well as research and development positions.
“Manufacturing is a vital part of our diverse economy, and this legislation will help level the playing field for Missouri manufacturers,” Gov. Blunt said. “Missourians have created more than 90,000 jobs since January 2005. With this legislation we will be even more competitive in the fields of manufacturing and research and development. This legislation will help Missourians create even greater economic growth.”
Senate Bill 30, sponsored by Sen. Gary Nodler, among other things authorizes a state sales tax exemption for the cost of all utilities, chemicals, machinery, equipment, and materials used in the manufacturing, processing, compounding, mining, or production of a product, and research and development related to manufacturing.
The legislation expands the sales tax exemption for personal property used directly for research and development of prescription pharmaceuticals to include exemption of utilities, and allows the exemption to be used for agricultural/biotechnology and plant genomics products.
The governor signed the legislation at SAF Holland USA where they manufacture motor vehicle parts and accessories. In September 2006 SAF Holland USA was able to retain $96,000 of withholding taxes through the Quality Jobs Act, which statewide has helped to secure the creation of 14,917 new jobs and has helped retain 2,379 jobs that pay above the average county wage and provide health care benefits. Through SAF Holland USA, the state incentive leveraged 24 new jobs and $1.9 million in new investment.
Since January 2005, Missourians have created more than 90,000 jobs. Gov. Blunt has made helping employers and entrepreneurs create good, family-supporting jobs a top priority. Legislative changes he has championed such as real lawsuit and workers' compensation reform combined with innovative new proposals like his Quality Jobs Act have been cited by job creators as reasons for expanding or relocating to the Show-Me State.