Gov. Jay Nixon has signed into law a bill designed to reclaim businesses that have left Missouri.
The “Bring Jobs Home Act,” sponsored by Rep. John McCaherty, R-High Ridge, and handled by Sen. Paul Wieland, R-Imperial, would allow up to a 50 percent tax deduction on relocation costs for businesses that have left the state to move back to Missouri. Nixon, a Democrat, signed the bill into law on Tuesday.
The deduction would be contingent on the company staying for at least 10 years. If a company were to leave again, they may have to reimburse the state for the full cost of the tax deduction. The deduction is capped at $5 million.
“I know we have seen many businesses relocate out of the state because of better offers. I believe the ‘Bring Jobs Home Act’ will give us a powerful tool to help attract some of these businesses to come back with the family-supporting jobs they provide,” McCaherty said in a statement.
Read more: Missouri Times