State Incentives
Missouri offers a variety of state incentives programs to new and expanding businesses across a variety of industries. The St. Louis Economic Development Partnership works directly with representatives from the Missouri Department of Economic Development. Due to this collaboration, joint proposals that provide cost savings to companies looking to expand are created.
Missouri Works
Retention of state withholding taxes on new jobs and/or refundable, salable or transferable state tax credits. While these program benefits are based on the percentage of new payroll, wage levels and project impact, they can range from 3 to 9 percent of new payroll for a period of 5 to 6 years.
Sales Tax Exemption
Machinery and equipment used to establish a new or expand an existing manufacturing facility are exempt from local and state sales/use tax. Especially provided such materials are used directly to manufacture a product ultimately intended for sale.
Brownfield Program
Provides financial incentives for the redevelopment of commercial/industrial sites that are contaminated with hazardous substances. The site must have also been abandoned or underutilized for at least three years.
Tax Credit for Contribution Program
Grants a tax credit equal to 50 percent of any moneys contributed by any taxpayer. The contribution must be made to one of three “funds” established by the board’s statutes. This includes either the Industrial Development and Reserve Fund, Infrastructure Development Fund or Export Finance Fund. However, contributions to the Industrial Development Guarantee Fund are not eligible to receive a credit.
Missouri BUILD
Provides marketable and refundable tax credits to some large projects. Basic requirements are for manufacturing projects at least $15 million invested over a period of time and minimum of 100 employed; and for qualified non-manufacturing, at least $10 million invested and a minimum of 500 employees, except for “distressed” areas where only 250 need be employed.
Missouri Training Financial Assistance
The State of Missouri offers a variety of incentive programs related to workforce training. The St. Louis Economic Development Partnership works directly with representatives from the Missouri Department of Economic Development to create joint proposals that provide cost savings to companies looking to expand.
Customized Training Program
The Customized Training Program provides training assistance for employers in the midst of hiring and training workers for newly-created jobs or retraining workers as a result of new capital investment. It can assist with specific training needs.
New Jobs Training Program
The New Jobs Training Program provides training assistance for employers with a sound credit rating in the midst of creating a substantial number of new jobs. Local community colleges initially finance training through the sale of certificates. The certificates are repaid by using tax credits from the employer’s regular withholding that is based on a percentage of the gross wages paid to employees in the new jobs.