STATUTORY CITATION: §§ 178.892-178.896 RSMo
TYPE OF BENEFITS: Provides training assistance to companies creating a substantial number of new jobs in Missouri.
DESCRIPTION OF BENEFITS: Funds for the training project are generated by diverting from the employer’s regular withholding taxes paid for the employees in the newly created jobs. The amount paid is based on a percentage of the gross wages that have been paid to the employees. The tax withholding is equal to 2.5% of gross wages for the first 100 jobs, and 1.5% for the remaining jobs in the project. The tax withholding credits for the project are claimed for an average of 4-5 years to pay for project costs.
ELIGIBLE BUSINESS TYPES: Businesses currently located in or locating to Missouri engaged in interstate or intrastate commerce for the purpose of manufacturing, processing, or assembling products are eligible. Companies that conduct research and development or provide services in interstate commerce are also eligible.