When the legislature goes back to work next week, it will be asked to approve a program encouraging companies to create good new jobs. Missouri’s Quality Jobs law lets employers keep part of the salary withholding taxes on new jobs that pay at least twenty percent more than the county average wage, and keep more if their wages are higher than that. The employers also must offer health insurance and pay at least half of the premium costs.
The law says the state cannot issue more than 12-million dollars in these tax credits. But supporters say the program has been so successful that the tax credit limit was reached quickly and businesses wanting to create well-paying new jobs aren’t doing it until they can get the credits. The proposal raises the tax credit limit to 40-million dollars….
Senator Wes Shoemeyer of Clarence, a member of the senate economic development committee, says this bill, and a stronger jobs training proposal will help Missouri reclaim lost manufacturing jobs. He says it is imperative that the legislature link the Quality Jobs program with the improved Jobs Training program.
The jobs training and quality jobs tax accredit program are part of the economic development bill to be considered in the special session that starts next Monday.