Businesses Can Keep Federal Tax Credits

1 decade 1 year 9 months ago Friday, September 29 2006 Sep 29, 2006 Friday, September 29, 2006 7:47:36 PM CDT September 29, 2006 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
JEFFERSON CITY - Missouri businesses should be able to hold on to $103 million in federal tax credits. State labor officials said Thursday Missouri has tentative federal approval, with final approval expected this November. The state's unemployment compensation system has had financial problems in recent years, so Missouri borrowed from the federal government from 2003-2005 to pay jobless benefits. It still owes $238 million but is paying $103 dollars in coming weeks. If the economy stays strong, state labor officials said Missouri won't have to borrow again and can pay off the rest of its debt next year.

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