As we’ve mentioned before, our Georgia clients frequently ask us to investigate potential credits and incentives in other states where they have operations, potential acquisitions or strong relationships with customers or vendors. In addition, private equity groups ask us about potential $$ for their portfolio companies.
We were recently asked about credits and incentives in Missouri
, and their state economic development professionals gave us some details (mo.gov
incentives site click here
Missouri offers a middling selection of credits and incentives for new and existing businesses called Missouri Works. CNBC ranked Missouri #31 in their 2016 America’s Top States for Business survey (Georgia was #8 in the same survey).
Incentives and Credits include:
— Tax credit programs called Zone Works, Rural Works, Statewide Works, and Mega Works. Complex process
, pre-approval is always required
Missouri Works Training — provide funding assistance when companies need to upgrade worker skills due to:
- New products or processes.
- New Technologies.
- Competition driving quality or productivity improvement.
- Relocation or expansion.
Other Incentives — Emphasis on industrial bond and other financing programs.
Compared to Georgia, Missouri has:
- Slightly higher corporate and same personal income tax rates.
- Higher combined state and local tax burden
- A far narrower range of incentives.
- Pre-approval required for all incentives
To summarize, Missouri is below average for business tax incentives, not much else to say!