Missouri lawmakers passed a “regulatory sandbox” law last year, aiming to reduce barriers for innovative businesses to enter the market. However, eight months later, no companies have taken advantage of the program. Budget constraints have hindered the program’s implementation, with the Department of Economic Development lacking the necessary funding for additional staff. The Senate may still approve funding for more employees to promote the sandbox. While outreach efforts have not been launched yet, similar programs in other states have taken about a year to gain traction.
In contrast to the regulatory sandbox, Senator Kurtis Gregory is proposing a tax credit for those who invest in innovative Missouri businesses, especially focusing on rural areas. The tax credit would be 40% of the investment up to $300,000 per year, with a total program cap of $6 million annually. Eligible businesses will be determined by the Missouri Technology Corporation, with provisions to remove businesses or initiate clawback measures if needed.
Overall, Missouri is looking for ways to support and incentivize innovation and business growth in the state. The efforts to reduce regulatory burden and encourage investment in high-tech startups show a commitment to fostering economic development and job creation in Missouri. The legislation allowing for more tech investment is Senate Bill 461.
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