Gov. Blunt Signs Premier Economic Development Bill, Positions State to Build on Job Growth Legislation; Increases Resources for Most Popular Economic Development ToolBELTON - Gov. Matt Blunt today signed legislation that will benefit Missouri workers and employers by enhancing entrepreneurship and economic growth opportunities in Missouri. The governor signed the legislation at Quik ’n Tasty, highlighting the success of his Quality Jobs initiative.
“As governor, I have worked to cultivate economic growth and make Missouri a state of opportunity by enacting pro-jobs, pro-growth initiatives. By changing our state’s business climate, we have encouraged Missouri entrepreneurs, small businesses, and large employers to create new jobs in our state for Missouri workers,” Gov. Blunt said. “With the dedication of Missouri’s working men and women, together we are letting businesses know that Missouri is open for business. Our changes are working and Missouri’s families are benefiting from sustained economic growth at the state level.”
"Economic development and job creation has been one of Governor Blunt's top priorities. This bill expands the Quality Jobs Act and proves once again that Missouri is open for business and taking proactive steps to bring jobs to Missouri,” stated Rep. Brian Baker. “The bill received 140+ votes showing tremendous bi-partisan support. It is fitting that Cass County, one of the fastest growing counties in the state, becomes the backdrop for this law."
Expanding Successful Economic Development Tools - Quality Jobs
The legislation increases the annual cap on Gov. Blunt’s successful Quality Jobs Tax Credit Program from $40 million to $60 million. Quality Jobs has been heralded as the most popular economic development incentive in Missouri, working to attract high paying jobs that also provide health care. Companies qualify if they pay at least average county wages and provide health coverage to their employees. Since 2005, the Quality Jobs Act has helped create nearly 22,000 new jobs and retain 2,379 others.
Quik ’n Tasty was approved for the Quality Jobs Program in 2007 and anticipates the creation of at least 200 jobs over the next 5 years. As the Quik ‘n Tasty illustrates, the Quality Jobs Program boasts vast potential to increase the number of family-supporting jobs for Missouri’s working men and women.
Building on Programs with Proven Success - Enhanced Enterprise Zone
The legislation increases the amount of tax credits the Missouri Department of Economic Development may authorize for the Enhanced Enterprise Zone Program, from $14 million to $24 million. The Enhanced Enterprise Zone program was implemented in 2004. Enhanced enterprise zones are specified geographic areas designated by local governments and certified by the Department of Economic Development. Zone designation is based on certain demographic criteria, the potential to create sustainable jobs in a targeted industry and a demonstrated impact on local cluster development.
Ensuring Accountability to Missouri Taxpayers
The legislation creates greater openness and transparency in state government by requiring that every state agency make public the name of tax credit recipients and the amount of the tax credit.
This provision builds on the governor’s actions to increase transparency with the Missouri Accountability Portal (MAP). The governor’s MAP Internet site provides state government spending and tax credit information in an easy to use format. As one of the first comprehensive databases of financial records based on real-time data in the nation the site, http://mapyourtaxes.mo.gov/, has established Missouri as the national pace-setter in government accountability and has been heralded as an example for other states to follow.
Gov. Blunt has successfully restored order to a broken state budget without raising taxes. He inherited a devastated state economy in January 2005 that was $1.1 billion in the red and had lost 34,000 jobs in the previous four years. Overall, Gov. Blunt’s pro-jobs, pro-growth initiatives have helped Missourians create more than 80,000 new jobs since January 2005.
