TAX credits

Missouri Works: Businesses that create at least two full-time jobs with wages between 80% and 140% of the average county wage (depends on project location) may have the ability to retain the state withholding tax of the newly created jobs and, in some cases,  receive a refundable corporate income tax credit equivalent to a percentage of new payroll created.  The actual value of the incentive award will be based on the number of jobs created, project location and payroll.

JOB TRAINING

Missouri Works Training: Missouri’s training programs are designed to be extremely flexible so companies can effectively train their current and future workforce in new or improved processes. Funding can be targeted to include areas such as technical training, quality training, or soft skills training.

TAX EXEMPTIONS & INCENTIVES

Data Center Sales and Utility Tax Exemption: Businesses that create 10 full-time jobs with wages that are at or above 150% of the county average wage and invest $25 million in a new data center facility within a 36-month window may receive a full 15-year exemption of sales and utility taxes.  A 10-year exemption is available for companies that expand an existing data center facility by investing $5 million within 12 months and creating at least 5 full-time jobs with wages that are at or above 150% of the county average wage within 24 months.

Sales Tax Exemption for Manufacturers: Energy, machinery and equipment used or consumed in the manufacturing process is exempt from state sales and use tax. 

Chapter 100 Industrial Revenue Bonds:  Local governments in Missouri can offer real and/or personal property tax abatements to businesses through the issuing of Chapter 100 Industrial Revenue Bonds.  The incentive could potentially also provide a sales tax exemption on tangible personal property purchased through Chapter 100 bonds for non-manufacturing purchases as well as building materials for real property investment. Companies eligible for Chapter 100 bond financing include manufacturing, warehousing, distribution, office, research and development, agricultural processing, and services in interstate commerce.

Income Tax Allocation:  Allows manufacturing and service companies to annually select from either three-factor (property, payroll, and sales) or single sales factor corporate income tax apportionment to effectively reduce their state corporate income tax liability.

 

Last updated:  April 2017

 


 
BIGGINS LACY SHAPIRO & COMPANY
 
PRINCETON
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