The State of Missouri is committed to a strong, growing automobile industry. Below are local incentive programs that are of interest to Advanced Manufacturing companies like those in the automotive suppliers industry:
Property Tax Abatement Programs
Cities and counties have the ability to provide partial property tax abatement for supplier expansion projects through several different methods, including Chapter 100, Enhanced Enterprise Zone, and Land Clearance for Redevelopment Authorities.
Tax-Exempt Industrial Revenue Bonds
Cities, counties, industrial development authorities, and certain other entities may issue revenue bonds for the purpose of financing real property improvements and new machinery and equipment for manufacturing suppliers. The bonds are sold on the basis of the company’s credit. “Tax-exempt bonds” means the interest paid to the bondholders is exempt from state and local income tax, therefore, the interest rate is lower than “taxable” bonds.