Businesses in MO May See New Incentives Program

3 years 10 months 3 weeks ago August 02, 2013 Aug 2, 2013 Friday, August 02 2013 Friday, August 02, 2013 2:51:00 PM CDT in News
By: Yuqing Pan, KOMU 8 Reporter
loading

JEFFERSON CITY - A new comprehensive business incentive program will soon be available in Missouri.

It consolidates four existing programs into one called Missouri Works, which takes effect August 28. Applications and guidelines became available Thursday.

Mike Downing, acting director of the Missouri Department of Economic Development (DED), said the new program would provide a more streamlined incentive for businesses that are adding jobs around the state.

"It will be a simpler process because it provides consistency in definitions, application processes and reporting, so that would be a great benefit we believe to businesses," said Downing.

Missouri Works will be modeled after the current Quality Jobs program, which offers tax breaks to businesses when they add a certain number of jobs at certain wage levels. But the new program will lower the minimum qualification.

Under Missouri works, a company may qualify for tax credit in three separate scenarios:

  • The company creates 10 or more jobs at an average wage of 90 percent or more of the county average wage
  • The company creates two or more new jobs in a rural area at an average wage of 90 percent or more of the county average wage, and the company commits at least $100,000 to new capital investment within two years
  • The company creates two or more jobs in an enhanced enterprise zone with the wage exceeding 80 percent of the country average wage, and a $100,000 capital investment within two years

Under the current Quality Jobs program, businesses in non-rural areas need to add at least 40 jobs to qualify.

The tax credit for Missouri Works will be capped at $106 million during the 2013 fiscal year, that is $22 million less than the current four programs combined.

"That should not be a concern because we have not met the cap on tax credit on these four existing programs, so we don't see that's going to be an issue," Downing said.

A qualified company may retain an amount equal to the withholding tax for new jobs for five years after the jobs are created. And an existing Missouri business can have six years.

"I do believe the new program is good in that it invests in companies that are already here in Missouri, whereas so many times, they are trying to get companies from out of the state, incentives are gone and they move away," said the owner of Gold Crest Distributing, in Mexico, Mo.

Mel Toellner said the DED has already reached out to his company. Recently, the company announced a plan for expansion, which will add about 20 jobs.

"The plan is to add approximately 30,000 square foot to the north side of the existing building." Toellner said.

The expansion would cost about $1.5 million dollars, he said.

"With a little bit help from them, training and some incentives, and help hopefully from the city, that would make this possible to go forward," Toellner said.

Toellner started Gold Crest Distributing in 1995 with one store and the distributing center in his garage. Now the company has about 70 employees.

It distributes products for wild birds and pets, as well as outdoor goods and gifts throughout the U.S. Gold Crest has its own bird supply brand "Songbird Essentials".

The company makes more than 600 of it own products in Missouri and sells them across the U.S., Canada, Europe and the Caribbean, Toellner said.

By expanding his business, he said, he hopes to add more than just distributing jobs.

"We are trying to find more jobs where we make the items, because those type of jobs allows you to continue to pay more," Toellner said.

He said the company had already attracted several college graduates.

"That's our goal, to provide the type of employment to that can let college graduates come back to a small town and that does not often happen," said Toellner.

For more information about Missouri Works, visit the DED website.

More News

Grid
List
CLAYTON (AP) — Police have found a pizza delivery car that an escaped inmate is accused of stealing, but the... More >>
25 minutes ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 3:20:27 PM CDT in News
COLUMBIA - Boone County is heading east. 75 county officials will travel to Maryland this fall to train with... More >>
38 minutes ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 3:08:00 PM CDT in News
COLUMBIA - Boone County sheriff’s detectives arrested a second suspect Wednesday morning in connection with a shooting that wounded two... More >>
56 minutes ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 2:50:00 PM CDT in News
KANSAS CITY (AP) — University of Missouri System officials are no longer counting on state funding to help build an... More >>
1 hour ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 2:35:00 PM CDT in News
KANSAS CITY (AP) — A Missouri man who spent nearly two decades in mental hospitals after entering a disputed plea... More >>
1 hour ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 2:26:15 PM CDT in News
FULTON — A 16-year-old girl is in critical condition after she was hit by a car Wednesday morning. Fulton... More >>
1 hour ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 2:00:00 PM CDT in News
ST. LOUIS — Ryan Ferguson has settled a portion of his lawsuit against police, nearly four years after his 40-year... More >>
3 hours ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 12:44:00 PM CDT in Top Stories
COLUMBIA -Multiple funerals took place on Wednesday at Sen. Roy Blunt's Columbia office. CoMo for Progress, a liberal group,... More >>
4 hours ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 11:30:00 AM CDT in News
KANSAS CITY (AP) — A Kansas City, Missouri , man is jailed on $150,000 bond after being accused of a... More >>
6 hours ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 9:43:53 AM CDT in News
CHARLESTON (AP) — A judge has dismissed an assault charge against a southeastern Missouri sheriff being investigated in the death... More >>
6 hours ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 9:22:00 AM CDT in News
COLUMBIA - As construction continues in the downtown area, workers are finding it difficult to be around. "It's making... More >>
19 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 7:57:00 PM CDT in News
COLUMBIA -The City of Columbia Public Works Department held an informal open house Tuesday, giving people a chance to ask... More >>
20 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 7:38:00 PM CDT in News
BOONE COUNTY - The Boone County Sheriff’s Department is investigating four burglaries this month in the Elm Tree area. Homes... More >>
20 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 7:13:00 PM CDT in News
JEFFERSON CITY (AP) — Th e Missouri Supreme Court says it's constitutional to commit sex offenders to secure confinement after... More >>
22 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 5:23:00 PM CDT in News
BOONE COUNTY - Sheriff's detectives arrested a 20-year-old Jefferson City woman Tuesday in connection with a shooting that wounded two... More >>
22 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 5:04:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri appellate judges are reinstating descriptions of initiative petitions against right to work laws that were... More >>
22 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 4:50:02 PM CDT in News
JEFFERSON CITY - The "21st Century Missouri Transportation System Task Force" will meet for the first time Wednesday afternoon at... More >>
23 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 4:35:00 PM CDT in News
MONETT (AP) — A substitute teacher in southwe st Missouri has been ch arged with having sexual contact with a... More >>
23 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 4:30:41 PM CDT in News
Columbia, MO
Broken Clouds 86°
4pm 87°
5pm 87°
6pm 86°
7pm 85°

Select a station to view its upcoming schedule:

Coming Up Next

3:00p
Dr. Phil
4:00p
Jeopardy!
4:30p
Jeopardy!
3:00p
The Robert Irvine Show
4:00p
Cops Reloaded
4:30p
The Cleveland Show

Tonight's Schedule

7:00p
Little Big Shots: Forever Young
8:00p
The Carmichael Show
8:30p
The Carmichael Show
9:00p
This Is Us
7:00p
Arrow
8:00p
DC's Legends of Tomorrow
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld