Various types of incentives can be used to assist with development in Pike County
Action Fund Loans-are provided when a need can be demonstrated, such as inadequate alternative funding sources, inadequate rate of return with conventional terms and rate, or the cost of a Missouri site exceeds that of an out-of-state location. Limited to a maximum of 30% of the total project; $400,000; or $10,000 per job.
Enhanced Enterprise Zone-Provides tax credits to new or expanding businesses in a Missouri Enhanced Enterprise Zone. The Enhanced Enterprise Zone Program is a discretionary program offering state tax credits, accompanied by local real property tax abatement, to Enhanced Business Enterprises. Tax credits may be provided each year for up to five tax years after the project commences operations. To receive tax credits for any of the years, the facility must create and maintain the minimum:
- New or expanded business facility - 2 new employees and $100,000 new investment;
- Replacement business facility - 2 new employees and $1,000,000 new investment
- Health insurance at all times, of which at least 50% is paid by the employer.
Eligible investment expenditures include the original cost of machinery, equipment, furniture, fixtures, land and building, and/or eight times the annual rental rate paid for the same. Inventory is not eligible.
Local TIFF-The purpose of the Tax Increment Financing (TIF) is to stimulate redevelopment of projects by diverting property and sales tax revenues that result from improvements to eligible redevelopment areas. Any city or county may designate redevelopment projects and adopt TIF by passage of local ordinances. Up to 100 percent of the increased amount of real property taxes and 50 percent of local sales, utility and earnings taxes resulting from improvements in a redevelopment area are paid in lieu of taxes into a special allocation fund for a period of up to 23 years, as approved by the municipality.
Customized Training- The Missouri Customized Training Program helps employers offset training costs by providing funding for the training and retraining of new and existing employees. The program is administered by the Department of Economic Development through the Division of Workforce Development in cooperation with the Department of Elementary and Secondary Education. Employers may apply for on-the-job training and /or classroom training. On-the-job training is for companies creating new jobs in the state and provides a 50 percent wage reimbursement for new employees in selected occupations during their first weeks on the job. Classroom training provides funding for employers training new or existing employees in a classroom setting. Local education agencies, private vendors, or company personnel may provide the training. Funding amounts are approved on an individual basis.
Missouri Quality Jobs-Eligible for profit and non-profit businesses except for gambling, retail trade, food and drinking places, utilities regulated by the Public Service Commission, companies that are delinquent in non-protested taxes or other payments (state, federal or local), or any company that has filed for or has publicly announced it's intention to file for bankruptcy. The average wage of the new jobs must equal or exceed the county average wage (as published by the DED), and the company must offer health insurance and pay at least 50% of the premium. To qualify company must create a minimum number of new jobs and meet other state required criteria.
*Chapter 100 *Chapter 353**CDBG * Energy Assistance *CID*