Establishes the "Missouri Defense and Energy Independence Act"

HB 1511 creates a state tax credit program for Missouri-based defense contractors converting to produce critical materials like chemicals, metals, and rare earth minerals. It directly affects nontraditional defense contractors (as defined under federal law) that incur costs to shift production toward reducing reliance on foreign-sourced materials for energy or defense projects. The bill allows these companies to claim tax credits equal to 15% of their qualified conversion costs over four years, capped at $40 million annually across all taxpayers. Funds for the program are supported by a new $10 million "Grants for Independence from Foreign Influence Fund," which also enables grants up to $500,000 per company for conversion costs. The program expires automatically six years after implementation unless renewed by the legislature.