Missouri bill creates tax breaks for business moves, exports
JEFFERSON CITY (AP) — Missouri lawmakers have approved new tax breaks for businesses that export cargo or import jobs into the state.
A bill given final approval Thursday allows businesses to claim a 50 percent tax deduction on their costs or relocating all or part of their business to Missouri. The tax break would be capped at $5 million annually statewide.
The legislation also creates several new tax deductions for businesses that ship cargo through Missouri airports or river ports. One provision grants a tax break to existing businesses that increase their cargo exports by at least 5 percent. Other provisions grant tax breaks to new port facilities and to international trade facilities that add employees.
The legislation now goes to Gov. Jay Nixon.