Real Estate and Construction Newsletter July 2016
Benefit from Real Estate and Construction Industry Growth with Economic Incentives
As discussed in our last newsletter, many local real estate and construction companies are in growth mode. As this economic turnaround continues to take shape, it’s important for business owners to take full advantage of economic incentives offered by the various state and local municipalities in which they operate.
Governments offer a variety of economic incentives to attract new business, retain existing business, create jobs and promote economic growth. Incentives are customized according to the needs of each business and can include tax abatements, payroll tax credits and tax refund credits just to name a few. Each program is different, but they all have fairly strict eligibility criteria which include statutory and, in some cases, discretionary components, so it’s important to understand the process and apply early.
The Missouri Works Program offered through the Department of Economic Development is one such incentive program that our State and Local Tax group is helping our clients utilize.