Viewpoint: Budget surplus, tax incentives may have positive impact on Missouri business

As the 94th General Assembly of the Missouri House of Representatives begins, a myriad of bills have been filed addressing a wide-ranging number of issues that ultimately could affect businesses across Missouri.

Unlike past years, when the legislature was forced to cut spending to balance the State's budget, this year legislators may have the luxury of a budget surplus. Most estimates indicate that the State's surplus could be between $300 million to $400 million. However, the legislature must take a cautious approach as to how the surplus is spent, because the rising costs for mandatory programs continue to threaten Missouri's fiscal balance.

Nonetheless, some tax relief and spending increases may be possible. I intend to fully support the elimination of taxes on Social Security benefits. Missouri is one of only fifteen states that still tax those benefits. If this is accomplished, I am optimistic that we will see more and more people choose Missouri as their home, which can only help our businesses continue to grow.

Another focus should be on providing incentives to Missouri businesses to keep them in our state. The Missouri Quality Jobs Act has been a success, but the tax credits offered through that program are anticipated to be maxed out by mid-year. We must take a hard look at expanding this important program.

Finally, the MOHELA plan will be addressed early in the session. I expect the legislature to approve some version of the plan, which will allow for various capital improvement projects across Missouri. The projects will not only create jobs in the short-term, but will also provide additional opportunities for our students that are entering the workforce.

Overall, the overwhelming theme for the 94th General Assembly should be to provide fairness to Missouri businesses and help them thrive whether they be large or small.