Tax Credits and Tax Incentives are tools used in economic development to help make business transactions possible.
The recent Missouri Special Legislative Session was called in regard to the Ford plant in Claycomo.
The Missouri Manufacturing Jobs Act (HB 1) will allow Ford to keep up to $100 million dollars in withholding taxes of its employees over 10 years. The legislation would also allow $50 million dollars for Ford Suppliers and other Automotive Companies in Missouri.
I understand a capital investment of at least $75,000.00 per employee and $50,000.00 per retained job within 2 years must be done to be eligible for these incentives.
All tax credit and tax incentive programs need provisions that a business must fulfill designated requirements to receive the benefits of the specific program.
There should be no blank checks to business, and there needs to be claw back provisions for default.

If you look at new development in Saint Robert and Waynesville the use of Tax Increment Financing, Transportation Districts, and Community Improvement Districts have been used as incentives.
These incentives are designed for retail development.

There is an Enhanced Enterprise Zone incentive in Pulaski County that recently allowed Cord Moving and Storage in Dixon to receive tax abatement and tax credits to build a new warehouse and employ more people.
The Quality Jobs Incentive is being considered for another project in Dixon.

The Historic Tax Credit Program is an incentive that has been utilized in several communities.

I had a Venture Capital Company call looking for projects to utilize New Market Tax Credits.

The use of incentives must be determined on individual projects. The success or the failure of projects may be determined by the use of incentives.

Economic Development
Wayne Morgan
Executive Director
137 St. Robert Blvd. Suite B
St. Robert, MO 65584
573-336-2123
573-434-2304 cell
director@pulaskicountymo.com
www.pulaskicountymo.com

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