Missouri Minute: Layoffs in March hit two-year high; St. Louis earnings tax refund process advances

Good morning, MBA readers,  

Bank stocks have suffered since the collapse of First Republic Bank early Monday, and Missouri's biggest banks have not been immune. California-based First Republic became the third American bank to fail since March, sending a ripple through the stock market. Share prices of some of Missouri's biggest banks, including UMB Bank, Commerce and First Bank, are now off double-digit percentages since the day before the first of those collapses. Tuesday brought a new snapshot of the job market from the Labor Department, and layoffs in March hit their highest level since 2020. Job openings also fell, for a third straight month. And, with just more than a week left in the state's legislative session, the Missouri House has approved an extension of postpartum Medicaid coverage and a measure aimed at altering St. Louis' earnings tax refund process. Those stories and more are below.

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Layoffs hit two-year high nationwide

U.S. job openings also fell for the third straight month in March, according to a Labor Department report Tuesday. (Reuters) 

State bill targeting St. Louis earning tax advances

The Missouri House approved legislation that would require the city to create a new process for requesting a refund of the tax for work done remotely. (St. Louis Post-Dispatch)

House approves postpartum Medicaid extension

The legislation would extend Medicaid benefits to postpartum women for as long as 12 months after pregnancy. (Columbia Missourian)

Off-price retailer Tuesday Morning closing all stores

The store is the second national retailer in recent days to announce it's shuttering, following Bed Bath & Beyond last week. (Kansas City Star)

Cardinals consider taking campaign to legalize betting to voters

Team president Bill DeWitt III said the Cardinals are considering supporting a ballot initiative to legalize sports gambling after legislative inaction on the issue. (St. Louis Post-Dispatch)  

Say that again

"Different states have different rules, and sometimes that can make a big difference on where you locate your research personnel.”

That’s Cedar Robinson, co-owner of Kansas City speciality tax consulting firm Warner Robinson. A Missouri law passed last year allows businesses to subtract a percentage of research and development costs from their state taxes beginning with the 2023 tax year. Other states, like Kansas and Illinois, have tax credits on research costs, and Robinson said Missouri reviving the tax credit will make the state more competitive with its neighbors.

Go figure

7.5%

Shares of Missouri's largest banks dropped after the failure of First Republic Bank. As of market close Tuesday, shares of Kansas City-based UMB Bank, the state's largest bank by assets, were down 7.5% from their Friday close. Commerce Bancshares stock tumbled 4% over the same stretch. Regulators closed San Francisco-based First Republic on Monday, and JPMorgan Chase Bank agreed to buy it. First Republic's collapse marks the third in six weeks by a U.S. bank following the failures of Silicon Valley Bank and Signature Bank in March.

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Kansas City’s Negro Leagues Baseball Museum announced Tuesday it's launching a $25 million campaign for a new 30,000-square-foot facility. The museum envisions a larger space near its current home in Kansas City's historic 18th & Vine District to house new technology, collections and artifacts, KCUR reports. The museum kicked off a capital campaign with a $1 million grant from Bank of America, and officials said the timeline for completion will depend on fundraising efforts. 

Hello, my name is

Raven Space Systems

This Kansas City-area startup is working to transform space travel for humanity. The company builds 3D-printed reentry capsules for returning to Earth from space, Startland News reports. The company aims to create capsules that can reduce costs and speed up production for any mission. The business recently was selected as one of 14 startups for the 2023 AWS Space Accelerator, a business development and mentorship program for space startups

It’s been a pleasure doing business with you this morning.