WEB EXCLUSIVE
New Legislation Will Provide Missouri with Economic Boost
The Quality Jobs Act, plus tort and workers' compensation reform, provides new ways to create and attract jobs while creating a fairer business climate.
Key legislation passed during the recently completed legislative session will have a profound impact on Missouri's economic development efforts for years to come, according to Missouri Department of Economic Development Director Greg Steinhoff.
The final passage of the Quality Jobs Act along with Missouri Gov. Matt Blunt's signing of tort reform and workers' compensation reform into law provides new ways to create and attract jobs while also creating a fairer climate for business.
``Thanks to the leadership of Gov. Blunt and the Legislature's hard work, these major pieces of economic development legislation provide Missouri with significant means to create high paying, high quality, family-supporting jobs throughout the state,'' Steinhoff says. ``Missouri has always been a fair place to do business and with the passage of tort reform and workers' compensation reform the state will be an ever fairer place to do business.''
The Quality Jobs Act offers incentives to companies that attract new jobs to Missouri or retain those that currently exist. The legislation rewards companies that pay higher wages for the jobs created while also ensuring that firms pay at least 50 percent of workers' health care costs. The legislation also allows local voters to determine whether a sales tax for economic development will be beneficial for their area.
Blunt in March signed into law sweeping litigation reforms that exceed those in most other states and will allow Missouri businesses as well as those considering coming to Missouri to flourish without facing the threat of job-killing legal awards. Also signed into law by Blunt was legislation that prevents abuses of the previous workers' compensation system.
``This legislative session was an unqualified success for the workers of this state and for the businesses that create jobs here,'' Steinhoff says. ``The governor's commitment to economic development in Missouri has been steadfast and we believe these new initiatives will help improve our economy for many years to come.''
Other economic development legislation passed by lawmakers includes a bill making it easier for small and mid-size cities to qualify for benefits under the Missouri Downtown Stimulus Act and a bill that authorizes an annual sales tax holiday for certain school items.
