Missouri Legislature Passes Fuel Tax Increase
The Missouri legislature did something this year they haven’t done since 1996.
That is correct. It has been a quarter of a century since the state of Missouri passed and implemented a fuel tax increase. Senate Bill 262 changed history as it passed both the House and the Senate and Governor Parson is touring the state this week to officially sign the bill into law. The Missouri Chamber of Commerce and Industry calls this a historic win for our transportation system and economic growth.
Fuel tax in Missouri will increase two and a half cents per gallon per year for the next five years – a total of 12.5 cents per gallon. This will allow the state to spend an additional $500 million dollars annually on road and bridge improvements. Projections show with full implementation, this will create 17,000 jobs, increase earnings across the state by $722 million dollars, and have a $1.8 billion-dollar positive impact on our economy.
This effort united Democrats, Republicans, business, labor, and both rural and urban parts of the state. In today’s world, that is no easy task. Both Senator Dave Schatz and Representative Becky Ruth deserve a lot of credit for passage.
Timing is everything. As federal legislators look to advance a national infrastructure bill, the state of Missouri is moving forward and is well positioned for future partnership opportunities.