Businesses in MO May See New Incentives Program

2 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

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
PITTSBURG, Kan. (AP) — Authorities in sou theast Missour i have been searching for a Kansas man who hasn't been... More >>
12 minutes ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 4:42:47 PM CDT in News
BRANSON (AP) — A 77-year-old man who said he robbed a Branson bank to get access to health care has... More >>
33 minutes ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 4:21:00 PM CDT in News
JEFFERSON CITY (AP) — A former system president and a wealthy university donor will help review the University of Missouri... More >>
1 hour ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 3:39:24 PM CDT in News
COLUMBIA - More pets go missing over the 4th of July holiday weekend than any other time of year, according... More >>
2 hours ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 2:26:00 PM CDT in News
COLUMBIA – During drought situations, private ground water wells should be tested, said Bob Broz, University of Missouri Extension water... More >>
2 hours ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 2:03:00 PM CDT in News
MONTGOMERY COUNTY - A manhunt was underway late Wednesday morning after a suspect led troopers on a high speed chase.... More >>
5 hours ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 11:42:00 AM CDT in News
KANSAS CITY, Mo. (AP) — Authorities are investigating after an officer found a man dead in a vehicle while responding... More >>
5 hours ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 11:24:30 AM CDT in News
KINLOCH, Mo. (AP) — An 18-year-old suspect continues to recover after being shot by police in the St. Louis suburb... More >>
5 hours ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 11:02:01 AM CDT in News
JEFFERSON CITY, Mo. (AP) — The Missouri attorney general's office says more must be done to determine how a U.S.... More >>
7 hours ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 9:24:33 AM CDT in News
KENNETT, Mo. (AP) - Charges have been upgraded to first-degree murder in the deaths of two southeast Missouri residents who... More >>
8 hours ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 8:40:59 AM CDT in News
ST. LOUIS (AP) - A 44-year-old St. Louis man is recovering after an unprovoked attack by a group of boys.... More >>
9 hours ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 7:36:00 AM CDT in News
KANSAS CITY, Mo. (AP) - A suburban Kansas City man has pleaded guilty to participating in a series of Craigslist... More >>
9 hours ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 7:29:49 AM CDT in News
KANSAS CITY, Mo. (AP) - Two brothers have been sentenced to 15 years in prison for fatally shooting a 21-year-old... More >>
9 hours ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 7:24:28 AM CDT in News
COLUMBIA - There's a growing popularity and increase of farmers using a plant mixture called 'cover crops' that will help... More >>
13 hours ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 3:13:00 AM CDT in News
FULTON – The City of Fulton agreed with the concept of a mutual aid agreement between Fulton Fire Department (FFD)... More >>
15 hours ago June 29, 2016 Jun 29, 2016 Wednesday, June 29 2016 Wednesday, June 29, 2016 12:59:00 AM CDT in News
Howell - A driver in Howell County received a dangerous surprise Tuesday when a bear ran across the highway and... More >>
18 hours ago June 28, 2016 Jun 28, 2016 Tuesday, June 28 2016 Tuesday, June 28, 2016 10:22:00 PM CDT in News
OSAGE BEACH - With the Fourth of July weekend quickly approaching, Lake of the Ozarks residents are worried regulations are... More >>
18 hours ago June 28, 2016 Jun 28, 2016 Tuesday, June 28 2016 Tuesday, June 28, 2016 10:01:00 PM CDT in News
COLUMBIA - A Columbia business owner pleaded guilty in federal court Tuesday to distributing synthetic marijuana, according to a state... More >>
23 hours ago June 28, 2016 Jun 28, 2016 Tuesday, June 28 2016 Tuesday, June 28, 2016 5:49:00 PM CDT in News
Columbia, MO
Broken Clouds 80°
5pm 83°
6pm 83°
7pm 82°
8pm 80°

Select a station to view its upcoming schedule:

Coming Up Next

4:00p
Dr. Phil
5:00p
KOMU 8 News @ 5
5:30p
NBC Nightly News with Lester Holt
4:30p
The Cleveland Show
5:00p
American Dad!
5:30p
American Dad!

Tonight's Schedule

7:00p
2016 U.S. Summer Olympic Trials
8:00p
The Night Shift
7:00p
Arrow
8:00p
Supernatural
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld