New or existing Missouri companies looking to embark on locating or expanding their headquarters in the state may be able to access incentives based on the number of news jobs and investment associated with the project.
Do I Qualify?
Pursuant to HB 191 (2009), “headquarters” that commence operations and “headquarters” of certain “employee-owned” businesses that commence or expand operations on or before December 31, 2024 may be eligible for the program. Eligible businesses must be classified as SIC 8711, 8712, or 8721, and must have been headquartered in Missouri for more than 50 years.
To receive credits in any of the ten years, the “headquarters” facility must create at least 25 new jobs and make $1,000,000 in investment in that year as compared to the base year (the year prior to the commencement of operations at the facility), and maintain total new business facility investment of at least $20 million and total employment of at least 500 new business facility employees.
The investment credits are based on the original cost of machinery, equipment, furniture, fixtures, land and building, and/or eight times the annual rental rate paid for the same. Inventory is not eligible.
How Do I Apply?
The business must submit a form letter of intent (preapplication) to the Department of Economic Development (DED) at least 15 days prior to the commencement of facility operations. Failure to meet this requirement precludes participation in the program for the base year sought.
The business must file an application for tax credits for its first year of operations by the end of the tax year immediately following the tax year during which operations were commenced. Failure to timely file the application for credits for the first year of operations will result in a denial of the application and precludes participation in the program for the base year sought.