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Small Business Incubator Tax Credit
PURPOSE
To generate private funds to be used to establish a “protective business environment” (incubator) in which a number of small businesses can collectively operate, fostering growth and development during a business’ start-up period.
AUTHORIZATION
Section 620.495, RSMo
ELIGIBLE AREAS
Statewide.
ELIGIBLE APPLICANTS
Missouri taxpayers who make a contribution to an approved incubator sponsor in Missouri
PROGRAM BENEFITS/ELIGIBLES
This 50% tax credit can be applied to:
- Ch. 143 – Income tax, excluding withholding tax
- Ch. 147 – Corporate franchise tax
- Ch. 148 –
- Bank Tax
- Insurance Premium Tax
- Other Financial Institution Tax
FINDING LIMITS:
The overall maximum amount of tax credits that can be authorized under this program in any one calendar year is $500,000.
APPLICATION/APPROVAL PROCEDURE
SPONSOR -
An incubator sponsor must apply to the Department of Economic Development (DED) for designation as an approved incubator. DED reviews and approves applications based on the following criteria:
- Ability of the sponsor to carry out the provisions of §620.495, RSMo;
- Economic impact of the incubator on the community;
- Conformance with area-wide and local economic development plans, if they exist; and
- Location of the incubator (encouraging geographic distribution of incubators throughout the state).
CONTRIBUTOR
Any taxpayer, including non-for-profit corporations, except those that benefit directly from General Revenue such as public universities, may be a contributor. Applications can be submitted to DED year-round, but decisions will be made on a first-come basis, based on the annual amount of tax credits allocated to an approved incubator.
CONTACT
Missouri Department of Economic Development
Division of Business and Community Services
Finance Management Team
301 West High Street, Room 770
P.O. Box 118
Jefferson City, MO 65102
Phone: 573-751-4539 Fax: 573-522-4322
E-mail: dedfin@ded.mo.gov
Business and Community Services
301 W. High Street, Rooms 720, 770 Jefferson City, Missouri 65102
Tel: 1-866-647-3633 Fax: 1-573-751-7384 Email: missouridevelopment@ded.mo.gov
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