Businesses in MO May See New Incentives Program

3 years 4 months 5 days 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
JEFFERSON CITY - The Missouri Department of Transportation reported Wednesday a rise in pedestrian deaths in Missouri. It said nearly... More >>
1 hour ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 6:57:00 PM CST in Top Stories
SPRINGFIELD (AP) — A southwest Missouri jury has convicted a 41-year-old Springfield man in the 2014 death of a 21-year-old... More >>
1 hour ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 6:55:33 PM CST in News
MILLER COUNTY - A woman died after a rollover crash early Wednesday morning on Route A. Missouri State Highway... More >>
1 hour ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 6:36:00 PM CST in News
JEFFERSON CITY (AP) — Missouri's Republican House Speaker Todd Richardson is calling for an investigation of the state Department of... More >>
2 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 5:23:42 PM CST in News
COLUMBIA - Black women have many beauty products to pick through, but not all products are safe according to a... More >>
3 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 4:47:00 PM CST in News
JEFFERSON CITY – A U.S. district judge sentenced a Columbia man Wednesday for child sex trafficking. Kenyata Miles, 35,... More >>
3 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 4:35:00 PM CST in Top Stories
FULTON- The state's Office of Administration announced $97.2 million in bonds to rebuild the Fulton State Hospital. The hospital is... More >>
4 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 3:49:00 PM CST in Top Stories
EDWARDSVILLE (AP) — A Missouri man has been ordered to spend 40 years in prison after having admitted in court... More >>
4 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 3:36:00 PM CST in News
JEFFERSON CITY (AP) — Opponents are suing to stop a new Missouri constitutional amendment to limit political giving. ... More >>
4 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 3:26:38 PM CST in News
JEFFERSON CITY - The Federal Drug Administration is making moves to help the hearing impaired have easier access to hearing... More >>
4 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 3:26:00 PM CST in News
JEFFERSON CITY (AP) — Missouri Gov. Jay Nixon has begun spending more time at his new home in the St.... More >>
4 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 3:19:00 PM CST in News
ST. LOUIS (AP) — Eight Chicago residents have been indicted by a federal grand jury for the smash-and-grab crime at... More >>
4 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 3:17:31 PM CST in News
COLUMBIA - The University of Missouri released official recommendations on Wednesday for how the institution can proceed in addressing issues... More >>
5 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 3:01:00 PM CST in News
FULTON - It was a special day at the Kingdom of Callaway Historical Society in Fulton. Today marks the 75th... More >>
5 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 2:42:00 PM CST in News
COLUMBIA - The University of Missouri Student Health Center announced Wednesday it has identified 193 confirmed and probable mumps cases... More >>
5 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 2:38:00 PM CST in News
JEFFERSON CITY – Gov. Jay Nixon announced Wednesday he was restricting $51 million in Medicaid and other spending and making... More >>
6 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 1:57:00 PM CST in News
COLUMBIA — Police arrested Elisabeth Trumbower of Columbia Tuesday after she allegedly falsified and fullfilled multiple prescriptions for Adderall. ... More >>
6 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 1:43:00 PM CST in News
HARTVILLE (AP) — The state auditor says an audit shows new possible fraud by a former county collector who recently... More >>
7 hours ago December 07, 2016 Dec 7, 2016 Wednesday, December 07 2016 Wednesday, December 07, 2016 12:52:19 PM CST in News
Columbia, MO
Broken Clouds 28°
8pm 28°
9pm 27°
10pm 26°
11pm 25°

Select a station to view its upcoming schedule:

Coming Up Next

7:00p
Hairspray Live!
9:55p
To Be Announced
10:00p
KOMU 8 News @ 10
8:00p
Frequency
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld

Tonight's Schedule

7:00p
Hairspray Live!
9:55p
To Be Announced
7:00p
Arrow
8:00p
Frequency
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld