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Time runs out for Missouri angel investor tax credit push as legislators close session early
A last-minute effort to pass legislation to boost Missouri entrepreneurs and innovators was thwarted earlier this month when state lawmakers abruptly ended their legislative session, said Jason Wiens, who led advocacy for the creation of a new Show-Me State angel investor tax credit.
Amid “escalating partisan tensions” May 14 — and headline grabbing speculation about how Missouri would use state incentives to keep the Kansas City Chiefs and Royals baseball club — Senate Republicans invoked a rare procedure to end a Democratic filibuster, then both houses quickly adjourned, Wiens explained.
Jason Wiens, Rise Policy, NEXT Missouri
Legislative casualties included several entrepreneurship-focused proposals championed by NEXT Missouri, which Wiens supports through his work as founder of Rise Policy, a social impact-focused government relations firm.
ICYMI: Advocates want a startup-boosting Missouri angel investor tax credit
“Like you, we’re disappointed that more of our priorities didn’t cross the finish line to reach the governor,” he said in a message to supporters of NEXT Missouri, noting failed initiatives included advocacy for the angel investor tax credit and funding for the Missouri Technology Corporation (MTC).
“Entrepreneurship and innovation are nonpartisan issues that can uniquely drive economic growth across Missouri,” Wiens continued. “Policymakers understand this but seem to lack a sense of urgency to act.”
Under the proposed Missouri Angel Investment Incentive Act backed by NEXT Missouri, eligible investors would receive a state income tax credit equal to 40 percent of their investment in qualifying businesses — or 50 percent if the business is located in a rural county. Investors could claim up to $300,000 in credits annually, and no more than $75,000 per business.
How to get engaged
Missouri lawmakers voted May 9 to cut all funding for MTC. Advocates at NEXT Missouri are organizing a stakeholder conversation to discuss reversing the funding decision.
The virtual gathering is planned for 1 p.m. Tuesday, June 10. Click here to register.
“In conversation after conversation this year, we heard legislators express support for getting more private capital to Missouri entrepreneurs,” Wiens recalled, noting that with “good sponsors and enthusiastic engagement” the legislation (HB 235/SB 461) had cleared House and Senate committees with strong bipartisan backing.
“Heading into the final weeks of session, NEXT Missouri secured an agreement to incorporate the angel investor incentive into a Senate-passed bill on a related topic,” he continued. “We were working until the last moment to get that bill on the House floor and passed when session ended early.”
Wiens vowed to continue pushing forward on NEXT Missouri’s legislative priorities.
The organization’s advocacy for the now-defunded MTC resumes early next month as NEXT Missouri rallies stakeholders for a conversation about next steps after the 100-percent cut to MTC.
“While this outcome is deeply troubling, we’re committed to the hard work ahead that’s needed to educate legislators and build support for funding MTC again,” Wiens said.
Click here to register for the 1 p.m. June 10 call about MTC’s future.
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