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MO Governor signs gas tax legislation

Missouri Governor Mike Parson has signed Senate Bill 262 which increases the state’s gas tax. The legislation phases in a gas tax increase of 2.5 cents per year over five years. A release from Parson’s office says the tax will invest $500 million per year in transportation funding for state, county and city projects.

The release points to a study that estimates the tax increase will create a $1.8 billion impact on Missouri’s economy and lead to 17,000 more jobs.

The Association of Equipment Manufacturers applauds the move saying now is the time to commit to fixing and modernizing infrastructure.