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Missouri House considers biotech tax credits

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(UPI file photo)
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By Marshall Griffin, KWMU

Jefferson City, Mo. – Legislation designed to attract biotechnology companies to Missouri has been filed in the State House.

If passed, the bill would provide up to $10 million per year in state tax breaks that recipients could use to cover research and development costs.

It's sponsored by Democrat Rachel Storch of St. Louis.

"Missouri has in the past had a tax credit for research and development on the books, but it has not been funded for several years." Storch said "This tax credit is narrowed to specifically address the need to make an investment by the state into biotechnology."

Storch said she's confident the bill will pass. House Speaker-elect Ron Richard and several other Republicans have signed on as co-sponsors.

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