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    Monday
    Jul062009

    "Show Me" the Money -- Missouri's Quality Job Tax Credit

    DateMonday, July 6, 2009 at 9:40PM

    Sorry about the sudden drop in postings. I went on vacation, and while I find tax to be SUPER fascinating, I just could not figure out how to blog poolside. Please accept my sincerest apologies.

    To get back into the swing of things, let's take a look at a quality program.

    Missouri's Quality Job Tax Credit

    Missouri offers a tax credit of up to 100% of state tax withholding for newly created jobs to businesses relocating to or expanding within the state. There are a number of ways a business can qualify to participate in this program:

    - Small or Expanding Businesses, they need to create at least 20 jobs in rural areas, or 40 in "non-rural" locations.

    - Technology businesses need to create at least 10 jobs.

    - "High Impact" businesses must create at least 100 jobs (though they get to keep 3% of the newly created payroll)

    Technology and High Impact tax credits are both refundable and sellable.

    The duration of the tax credit depends on the wage of the new jobs--higher wages equal longer terms.

    Interested businesses should apply for the credit through the Missouri Department of Economic Development.

     

    AuthorJennifer Crane | CommentPost a Comment |
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