Incentives

Incentives

The State of Missouri and the City of West Plains have implemented several different programs to assist existing businesses and attract new ones. Notable programs include tax credits, grants, exemptions, etc.

Local Incentive Information
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Tax Credits

Missouri Enhanced Enterprise Zone (MO EEZ)

West Plains features Missouri Department of Economic Development’s Missouri Enhanced Enterprise Zone (EEZ). The EEZ incentives are tax credits and local property tax abatements designed to encourage investment and job creation by expanding or new businesses within the region. To know more about the program, click here.

Federal New Market Tax Credits (NMTC)

  • This non-traditional financing incentive is for capital investments made by businesses both for-profit and not-for-profit) as well as for the development of mixed-use, commercial, industrial and housing projects

Historic Tax Credits

  • A 25% state investment tax credit for the “certified rehabilitation” of a “certified historic structure” used for either commercial or residential purposes
  • State historic tax credit may be carried forward for up to ten years
  • Eligible projects might also qualify for 20% federal investment tax credit for up to five years

Missouri Works Program

  • This incentive tool is considered as The State of Missouri’s number one incentive tool for expansion and retention
  • In addition to providing tax credits or access to capital through withholdings, the program also helps businesses purchase equipment to maintain its facility in Missouri

Rebuilding Communities Tax Credit Program

  • Primary aim of this incentive program is to stimulate business activity in Missouri’s “distressed communities” by providing tax credits to qualifying businesses that expand or move into a distressed community
  • For more information click here.

Opportunity Zones

Opportunity Zones are designed to spur economic development by providing tax benefits to investors. First, investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026.   If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain.  If held for more than 7 years, the 10% becomes 15%.  Second, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged.

Tax Abatement

EEZ Local Property Tax Abatement

  • Eligible Businesses in an Enhanced Enterprise Zone
  • Eligible Businesses may receive 50% property tax abatement
  • Current EEZ zoning won’t expire until 2032

Project Financing

BUILD Missouri

The BUILD Missouri Program is an incentive tool targeted at large business projects. It allows Missouri Department of Economic Development and the Missouri Development Finance Board to provide financial incentive to an eligible entity in manufacturing, processing, assembly, research and development, and agricultural processing or services. For more information on the program, click here.

Missouri Customized Training Program

  • Must create new jobs in the state or retrain existing jobs as a result of substantial capital investment
  • Through this program, up to 100% of a company’s classroom training costs can be reimbursed