Missouri state legislature passes Missouri Works incentive and training program| 4 years ago
Jefferson City, Missouri, June 12, 2013 – Yesterday, Missouri Governor Jay Nixon signed the state’s new, innovative approach to economic development incentives, the Missouri Works program, which was passed by the state legislature just before the end of session on May 17th.
This new program will offer benefits that could equal up to 9% of new payroll for a company creating jobs in the state. The new law combines the overwhelming success of previous incentive programs including Missouri Quality Jobs and the Enhanced Enterprise Zone into a streamlined application and approval process that allows companies to access all of Missouri’s incentive and training programs in one application.
Missouri Works will provide a base incentive of refundable tax credits or retained withholdings equal to 3% of payroll per year, for five years, with additional refundable tax credits equal to 6% of payroll pending added project specifications. Companies already in Missouri are eligible for an additional year of benefits.
To qualify for the incentive, companies will need to create 10 new jobs with an average wage of at least 90% the county average wage. For counties within the Springfield region, but outside of Greene County, the new job requirement drops to two new jobs. If the project is located within an Enhanced Enterprise Zone, the requirements are two new jobs and an average wage of 80% of the county average wage.
The Missouri Works incentive program is affective as of August 28, 2013, and will not affect companies already approved under the existing programs.
Click here for more information regarding Missouri Works.