As a means to develop or redevelop areas identified by the port authority board of commissioners, this program establishes the Port Authority AIM Zone Fund consisting of 50% of the state withholding tax from new jobs within the zone after development or redevelopment has begun.
Do I Qualify?
To be eligible for the retention of tax withholdings there must be an increase in the number of full-time employees located at the project facility that exceeds the project facility base employment less any decrease in the number of full-time employees at related facilities below the related facility base employment. No job that was created prior to the date of the notice of intent shall be deemed a new job. An employee that spends less than fifty percent of the employee’s work time at the facility is still considered to be located at a facility if the employee receives his or her directions and control from that facility, is on the facility’s payroll, one hundred percent of the employee’s income from such employment is Missouri income and the employee is paid at or above the state average wage.
A related facility is a facility operated by a company or a related company prior to the establishment of the AIM Zone in question located within any port district, as defined under section 68.015, which is directly related to the operations of the facility within the new AIM Zone.
How Do I Apply?
Port Authority works with the local municipality to form a plan for the AIM Zone.
Municipality proposes a resolution/ordinance to establish the AIM Zone.
Municipality holds a public hearing for the resolution/ordinance.
Municipality establishes the AIM Zone through a passed resolution/ordinance.
Port Authority submits the “Notice of Intent” (NOI) to The Missouri Dept. of Revenue (DOR) & the Missouri Dept. of Economic Development (DED).
Port Authority gets company(s) to locate in the AIM Zone.
Port Authority & company send “Base Employment” info to DOR.
DOR reviews & approves base employment information.
New jobs are created in the AIM Zone by the company.
Company submits the MO-AIM & MO-941 forms to DOR.
DOR reviews and diverts funding to a special AIM Zone fund.
Port Authority requests funding to be disbursed.
Port Authority receives funding.
Port Authority funds projects using AIM Zone funding.
Port Authority sends annual budget for expenses to DED.
DED reviews annual budget.