SB 68 renames the Missouri Works Training Program to the “Missouri One Start Program,” which provides flexible funding for a company’s training costs associated with a new facility, expansion or retraining project. Companies may utilize industry training funds to offset training costs for new products, new manufacturing processes, technological innovation, and productivity improvement. Under SB 68, a company is no longer required to retain its current number of employees, instead becoming eligible by maintaining at least one-hundred jobs in the year preceding the application.
Rules promulgated by the Missouri Department of Economic Development (DED) significantly alter Missouri’s Historic Preservation Tax Credit Program (HTC). The emergency rules, which took effect March 30, 2019, implement Senate Bill 590 enacted during the 2018 legislative session. The rules are expected to become final during the second half of 2019.
BB&D’s representation of the Home Builders Association of St. Louis and Eastern Missouri (“STL HBA”) resulted in a regulatory victory that will provide significant savings for homebuilders and homebuyers. With more than 600-member companies, STL HBA members annually invest millions of dollars in water infrastructure donated to water utilities after the completion of a development. […]
BB&D represented Quaker Window Products Co. (Freeburg, MO), a leader in the window and door industry since 1949, in closing real estate transactions and helping coordinate state and local incentives related to its $65 million planned expansion in Eldon, Missouri. The initial phase of the project includes the acquisition of more than 100 acres in […]
Recent legislation reduces the amount of Historic Preservation Tax Credits (HTC) available annually and imposes additional restrictions on developers seeking HTC to support historic rehabilitation projects. Senate Bill 590 and Senate Bill 773, enacted during the 2018 legislative session, reduce the annual aggregate cap on HTC for projects receiving $275,000 or more in tax credits from $140 million to $90 million, with an additional $30 million available for projects on properties located in qualified census tracts.
Beginning in 2017, new tax incentives are available for manufacturers or distributors of manufactured goods shipped through Missouri ports. Senate Bill 861 (2016) enacted three new tax deductions for companies transporting cargo through water ports and airports in Missouri. See Sections 143.2100-.2115, RSMo. The Missouri Department of Economic Development (DED) and the Missouri Department of Revenue (DOR) are charged with jointly administering the new tax deductions. Taxpayers and tax professionals should be aware of these deductions and take steps to determine their eligibility for the 2017 tax year.
BB&D is pleased to announce that Christopher R. (“Chris”) Pieper of Columbia, Missouri, has been named the newest member of the firm. Chris returns to private practice following service at the highest levels of state government, including directing the Missouri Department of Economic Development and serving as Chief of Staff to the Governor. Chris’ practice […]