Provided by Dale Wright
Capitol Report
Governor Mike Parson, First Lady Teresa Parson, and members of the Missouri General Assembly embarked on an international Trade Mission to Japan this month, marking the first time a Missouri Governor has made the trip in 26 years.
Japan had been a significant contributor to Missouri’s economy, with exports exceeding $455 million in 2022, making it a vital trade partner and source of foreign direct investment. The Trade Mission is part of Missouri’s focus on infrastructure and economic development, with an objective of building connections with influential international figures to promote Missouri’s thriving trade capabilities. Japanese companies already operating in Missouri have played a crucial role in boosting the state’s economy and job creation. Hitachi has a large plant in Jefferson City, while Kawasaki has a plant in mid-Missouri’s Boonville.
The mission aimed to reinforce Missouri’s status as a prime business destination and foster continued investment and success. The itinerary included visits to Tokyo and Nagano Prefecture, Missouri’s sister state. The delegation toured Nagano Prefecture University, a collaborative partner with the University of Missouri, and held meetings with Shuichi Abe, Governor of Nagano Prefecture, and the Mayor of Suwa, St. Louis’ sister city.
The delegation from Missouri engaged with government officials, diplomats, and business leaders, positioning Missouri as an attractive hub for business investment and expansion.
Scheduled meetings encompassed discussions with company representatives already linked to Missouri, expressing gratitude for their investments, and dialogues with companies yet to establish a presence in the state, urging them to consider Missouri for future investments. The $455 million worth of goods exported to Japan in 2022 underscored the vital role of international trade in driving Missouri’s economic prosperity, with processed foods, chemicals, and electronic products in high demand.
The Missouri delegation actively engaged in meetings with top executives from leading companies, including Hitachi, Kawasaki, Mitsubishi Heavy Industries, Nidec, Panasonic,
Toyoda Gosei (TG Missouri), and ZEN-NOH. Further discussions with prominent Japanese business organizations, such as the Japan External Trade Organization (JETRO), took place.
Governor Parson also met with U.S. Ambassador to Japan Rahm Emanuel and participated in an agri-business dinner. The Trade Mission received financial backing from the Hawthorn Foundation, a Missouri nonprofit organization.
Special Committee on Earnings Tax Expanded to Evaluate Personal Property Tax Policies
The Missouri House of Representatives’ newly established the Special Interim Committee on the Earnings Tax was originally tasked with reviewing earnings taxes in the state but has been given an additional responsibility: the evaluation of Missouri’s policies concerning personal property taxes.
Reducing the tax burden on Missouri’s citizens has remained a top priority for the Missouri Legislature. This year, the Missouri General Assembly took steps to alleviate this burden for the state’s senior citizens by passing SB 190, a tax relief measure aimed at eliminating state income tax on social security benefits and freezing property taxes for seniors. By lightening the state’s tax load on our citizens, Missouri can enhance our competitiveness in workforce recruitment, support business growth, stimulate local economies, and create expanded opportunities for all residents.
We must acknowledge that the reduction of tax burdens extends beyond economic policy; they reflect our dedication to individual liberty and economic empowerment. By relieving our citizens of undue tax burdens, we unlock their potential to innovate, invest, and foster opportunities for themselves and their communities. It is time to enable our people to retain more of their earnings, as doing so will lead to a more robust, dynamic, and resilient Missouri for all its residents.
An Update on Missouri General Revenue Collections
The net general revenue collections in the state for September of this year decreased by 4.2 percent compared to the same month in 2022, dropping from $1.26 billion to $1.21 billion. For the fiscal year 2024 up to September, net general revenue collections decreased by 2.9 percent compared to the same period in 2022, falling from $3.24 billion to $3.14 billion.
When looking at the breakdown of tax types:
- Individual income tax collections declined by 8.8 percent for the year, going from $2.18 billion to $1.99 billion. They also decreased by 6.3 percent for the month.
- Sales and use tax collections increased by 15.4 percent for the year, rising from $768 million to $886.2 million. This marked an 11.1 percent increase for the month.
- Corporate income and corporate franchise tax collections dropped by 8.9 percent for the year, decreasing from $259.7 million to $236.7 million.
- Refunds increased by 14.9 percent for the year, going from $166.3 million to $191 million, showing a substantial 28.8 percent increase for the month.
Expanding Broadband: How to Take Advantage of Federal Programs
- The Missouri Office of Broadband Development within the Department of Economic Development has thrown its support behind the Missouri ACP Act Now initiative, led by the national nonprofit EducationSuperHighway (ESH). The primary goal of this initiative is to raise awareness about the Affordable Connectivity Program (ACP), a federal program designed to assist eligible households in covering the costs of high-speed internet.
- The ACP could be a significant resource for Missouri households, especially as the state continues to expand broadband access. The ACP, funded at $14.2 billion through the Infrastructure Investment and Jobs Act (IIJA), provides monthly discounts of up to $30 (or up to $75 for households on qualifying Tribal lands) and a one-time $100 discount toward a laptop, desktop computer, or tablet. Despite more than 1 million eligible Missourians, only 33 percent have enrolled in the program.
- EducationSuperHighway’s efforts in promoting the Affordable Connectivity Program were recognized as a valuable contribution to connecting all residents of Missouri. The
- Missouri ACP Act Now initiative brings together a diverse coalition of partner cities, counties, community-based organizations, and trusted institutions in collaboration with ESH to address the broadband affordability gap. These partners will gain access to resources such as email marketing templates, social media campaigns, and a pre-enrollment tool available at GetACP.org/Missouri. These tools will help community leaders promote the ACP and assist eligible families in the enrollment process, particularly in under-resourced communities where awareness, trust, and enrollment barriers may be more pronounced.