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Focus on State & Local Taxation: New Missouri Law Changes Economic Incentive Programs

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Legislation has been enacted that provides income and franchise tax credits and training program incentives under the"Missouri Works Program". The legislation also revises the process for designating an enhanced enterprise zone for income tax and property tax incentive purposes, and makes sales, use and transient guest tax changes. The "Missouri Works Program" replaces the Development Tax Credit program, the Rebuilding Communities Tax Credit program, the Enhanced Enterprise Zone Tax Credit program and the Missouri Quality Jobs program.
August 16, 2013

Legislation has been enacted that provides income and franchise tax credits and training program incentives under the"Missouri Works Program". The legislation also revises the process for designating an enhanced enterprise zone for income tax and property tax incentive purposes, and makes sales, use and transient guest tax changes. The "Missouri Works Program" replaces the Development Tax Credit program, the Rebuilding Communities Tax Credit program, the Enhanced Enterprise Zone Tax Credit program and the Missouri Quality Jobs program.

The legislation (HB 196) has been signed by Gov. Jay Nixon and became effective as of July 11, 2013 under an emergency clause.

The link to HB196 can be found here.

Under U.S. Treasury Department guidelines, we hereby inform you that any tax advice contained in this communication is not intended or written to be used, and cannot be used by you for the purpose of avoiding penalties that may be imposed on you by the Internal Revenue Service, or for the purpose of promoting, marketing or recommending to another party any transaction or matter addressed within this tax advice. Further, RubinBrown LLP imposes no limitation on any recipient of this tax advice on the disclosure of the tax treatment or tax strategies or tax structuring described herein.

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