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BUSINESS AND ECONOMIC INCENTIVE PROGRAMS Missouri Quality Jobs Program Missouri Enhanced Enterprise Zone Missouri Business Use Incentives for Large-Scale Development Missouri Development Tax Credit Community Development Block Grant Missouri Quality Jobs Program Common Name: MO Quality Jobs Statutory Citation: §§ 620.1875-620.1890 RSMO Type of Benefits: State withholding tax and tax credits. Description of Benefits: Small/Expanding Businesses - Business retention of the state withholding tax of the new jobs. Technology and High Impact Businesses - (a) the retention of the state withholding tax of the new jobs; and (b) state tax credits, which are refundable and/or sellable. The program benefits are based on a percentage of the payroll of the new jobs. Allowed Uses of Benefits: This tax credit can be applied to Chapter 143 (state income tax, excluding withholding tax) and Chapter 148 (financial institutions tax). Tax credits can only be applied to tax liability for the year in which they were earned. Any unused balance is refundable. The credits may also be transferred, sold or assigned. Eligible Business Types: For-profit and non-profit businesses except for gambling, retail trade, food and drinking places, companies regulated by the Public Service Commission, companies that are delinquent in non-protested taxes or other payments (State, federal or local), or any company that has filed for or has publicly announced its intention to file for bankruptcy. Links: Missouri Enhanced Enterprise Zone Common Name: Enhanced Enterprise Zone Statutory Citation: §§135.950-135.973 RSMO Type of Benefits: Tax Credits and real property tax abatement. Description of Benefits: Tax credits and real property tax abatement of at least 50% for ten years. Allowed Uses of Benefits: Tax credits may be transferred, sold or assigned. The sale price cannot be less than 75% of the par value of such tax credits. Eligible Business Types: An eligible business must be located in a Missouri Enhanced Enterprise Zone (EEZ). Based on creation of sustainable jobs in a targeted industry or demonstrated impact on local industry cluster development. Service industries can be eligible if a majority of their annual revenues will be derived from services provided out of the state. Headquarters or administrative offices of an otherwise excluded business may qualify if the offices serve a multi-state territory. The company cannot have been announced or construction started prior to the approval process. See application for complete information. Available Zone Maps: Links: Missouri Business Use Incentives for Large-Scale Development Common Name: MO BUILD or BUILD Bonds Statutory Citation: §§ 100.700-100.850 RSMO Type of Benefits: Tax Credits. Description of Benefits: Bonds backed by an “assessment.” The assessments paid may not exceed 5% of the total gross wages in each year of all employees whose jobs were created as a result of the project (10% if the project is located within a distressed community). Borrowers are entitled to a tax credit equal to the total assessments paid in each year. Allowed Uses of Benefits: BUILD Tax Credits are Refundable. Eligible Business Types: A Missouri business engaged in interstate or intrastate commerce for the purpose of manufacturing, processing or assembling products, conducting research and development, or providing services in interstate commerce, office industries, or agricultural processing. Eligible industries exclude those providing retail, health or professional services, or which close or substantially reduce their operation at one location in the State and relocate substantially the same operation to another location in the State. Links: Missouri Development Tax Credit Common Name: Development Tax Credit Program Statutory Citation: §§100.286(6) of the RSMO Type of Benefits: Tax Credits Description of Benefits: State tax credits equal to 50% of cash contribution or the value of certain types of property. Allowed Uses of Benefits: Generally, manufacturing, processing or assembly business projects that propose wages above the average for the area and provide health benefits are prioritized. Eligible Business Types: Applications by nonprofit corporations will be approved based on compliance with all program criteria, the need for tax credits to make a project feasible, a positive economic impact on the State and the availability of tax credits. The company cannot make a public announcement of the project before the Department's contingent approval of an application. Links: Community Development Block Grant Common Name: Community Development Block Grant (CDBG) Statutory Citation: The Housing and Community Development Act of 1974 (Public Law 93-383), as amended. CDBG is a"pass through" funding program from the US Department of Housing and Urban Development. Authorization for the program is set forth in 42 U.S.C.§5301, et seq.; 24 CFR Part 570; and Missouri's "Consolidated Plan" submitted to the U.S. Department of Housing and Urban Development. Type of Benefits: Grants and Financing Loans. The Community Development Block Grant Program offers grants to Missouri communities to improve local facilities, address health and safety concerns and develop a greater capacity for growth. Description of Benefits: Benefits may include grants awarded to communities to offset the cost of public infrastructure or loans for private companies for job creation. Refer to specific CDBG categories for specific benefits available. Allowed Uses of Benefits: Various benefits are available depending on the type of CDBG application submitted. Examples of allowed uses include assistance through grant funds for public facility improvements or infrastructure such as roads, water and wastewater improvements. Loans may also be awarded for the creation of jobs. Please refer to the CDBG categories for specific benefits available. Eligible Business Types: Community Development Block Grant funds are only available to cities or counties in non-entitlement areas (incorporated municipalities with a population under 50,000 and counties with a population under 200,000). Links: |
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