Auto parts tax break
5:28 pm
Wed April 25, 2012

Auto parts tax break endorsed by Mo. House

The Missouri House has given first-round approval to legislation that would expand tax breaks for auto parts manufacturers.

Ford and General Motors already have access to the incentives.  State Rep. Chuck Gatschenberger (R, Lake St. Louis), the bill’s sponsor, says it would expand the benefit to smaller auto parts builders.

“What it does is let the company retain the money that they would have for paying for the taxes for the people in their company," Gatschenberger said.  "It depends on if they paid a county-average wage or above a county-average wage, they would get to retain (a) certain amount of monies in their company.”

To qualify, auto parts builders would have to create either five new jobs, or create two new jobs and invest $100,000 on new buildings, equipment or other improvements.  The bill needs one more House vote before moving to the Missouri Senate.