At Missouri Partnership, we work closely with your company to determine what you need to reach your long-term business goals. We collaborate with your team to identify unique incentives that can help your business flourish in a new market. Missouri offers benefits designed to improve your workforce, adjust to a new market, and put you in the best possible position to achieve your goals.
Missouri Works is an economic development program designed to support companies considering Missouri as a place to locate and/or grow their business. The program offers a mix of automatic and discretionary benefits in the form of 100% retention of state withholding tax, and/or refundable, transferable, sellable tax credits for qualified companies that choose Missouri as a place to invest and create jobs. To qualify for any of the Missouri Works categories, a company must offer health insurance and pay at least 50% of the premium for all full-time employees. Incentive awards are partially subject to available funding and customary due diligence procedures.
As the state’s principal workforce development program, Missouri One Start provides businesses with $42 million of comprehensive pre-employment and customized training solutions to help them ramp up faster during an expansion. Missouri One Start’s colleges and training facilities have the resources to meet each business’s unique needs by delivering tailored pre-employment screening, employment marketing, and job specific training to make businesses more competitive.
Major projects that meet certain investment and job creation requirements may receive assistance through the Missouri BUILD (Business Use Incentive for Large-scale Development) program. BUILD is a selective and competitive program reserved for use with large projects that bring significant investment and jobs that benefit the community and state economies. The program uses bond financing for public or private infrastructure or new capital improvements of the business at the project location.
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Missouri is the perfect place to grow your business.
The Data Center Sales Tax Exemption Program incentivizes the location and expansion of data centers in the state of Missouri by providing an exemption of the sales and utility taxes associated with a variety of activities necessary to build a new facility or expand an existing facility. Benefits of the program include state and local sales tax exemption on construction or rehab materials, machinery and equipment purchases, and utility costs. The benefit period and minimum qualification thresholds depend on if the facility is new to Missouri, or an existing facility expanding in the state.
Missouri manufacturing companies are exempt from state tax and local use tax, but not local sales tax. Section 144.054 RSMo, exempts purchase of machinery, equipment, materials and chemicals used or consumed in manufacturing, processing, compounding, mining, or producing any product or used in research and development related to manufacturing, processing, compounding, mining, or producing any product from state tax and local use tax, but not local sales tax.
Chapter 100 authorizes cities and counties to issue industrial development bonds to finance a wide variety of commercial facilities and equipment, and to offer real and/or personal property tax abatement, sales tax exemption on construction materials and sales tax exemption on tangible personal property.
The Chapter 353 abatement is an incentive that can be utilized by cities to encourage the redevelopment of blighted areas by providing real property tax abatements.
Manufacturers’ inventories (raw materials, goods in process and finished goods) are exempt from inventory taxes.
An important tax advantage for Missouri businesses is the amount of income considered taxable as only income earned in Missouri is taxed. And, in 2020, Missouri’s corporate income tax rate will drop to 4 percent, giving us one of the lowest rates in the U.S.
In addition, it is important to note that Missouri has not adopted worldwide or nationwide unitary tax assessment in computing multinational corporate income tax liability.
The Tax Cuts and Jobs Act (TCJA) of 2017 created Opportunity Zones to spur investment in distressed communities throughout the country by granting investors preferential tax treatment. Missouri has 161 Opportunity Zones. Such investments must be made through Opportunity Funds, which are specially created investment vehicles invested in Opportunity Zones.
The preferential tax treatment offered under the Opportunity Zone program is threefold: (1) Investors can defer tax on capital gains invested into Opportunity Zones until no later than December 31, 2026; (2) Investors that hold the Opportunity Fund investment for five or seven years can receive a 10% or 15% reduction on their deferred capital gains tax bill; and (3) Investors that hold the Opportunity Fund investment for at least 10 years can receive the added benefit of paying no tax on any realized appreciation in the Opportunity Fund investment.
The state of Missouri submitted 161 Opportunity Zones to the federal government for inclusion in the program.
The reality of business relocation is that states like Missouri that want to provide a new home for your business are more than willing to help you make the transition. Our programs are the resources your business needs to expand into new markets, get a firm grasp on new opportunities, and make Missouri your new home. Call us today and we will find the best fit for your business and get you on the road to new horizons and future profits.
Kansas City is the ideal location for our punched grid manufacturing center of excellence given its proximity to key Exide customers and our existing manufacturing facilities as well as access to an experienced local workforce.— Exide Technologies / Vic Koelsch
The new production facility in Joplin will drastically scale up production to several thousand batteries per month, enabling us to keep pace with growing demand while also refining manufacturing processes and accelerating development efforts. The end result will be a turnkey engineering package we can deliver to manufacturers with customer demand already built into the equation.— ZAF Energy Systems Inc. / Randy Moore
This move to Missouri is a well thought through strategy where all the benefits for all counterparts are optimized. The local authorities have been very easy to work with to help develop this project.— Nammo AS / Raimo Helasmäki
For manufacturing, overall costs of labor, utilities, cost of land and buildings and the skilled labor pool, Missouri is one of the best values in the country.— Leinco Technologies / Patrick Leinert