A Guide to Tax Credits and Incentives for Missouri Businesses
Federal and state tax credits and incentives can help fund new business ventures and offset project expenses, saving…
Read Full ArticleTax Credits and Incentives
Discover new ways to expand your business with the help of federal and state funding and guidance from Anders.
Uncover Valuable Tax Credits to Make Business Dreams a Reality
Federal and state tax credits and incentives can help fund new business ventures and offset project expenses. Whether your company is adding jobs, investing in new technology or expanding its footprint to additional locations, there are credits designed to help fund these projects. The Anders team will help identify relevant credits and incentives that can work for your business.
Saved Manufacturer Over $350,000 Through R&D Study
Our manufacturing client had utilized the Research & Experimentation (R&D) tax credit in the past, but our team questioned if they were getting the maximum benefit from their current method of capturing research wages and related costs. By completing a full R&D study, we identified additional wages and supplies that could be included to bolster the client’s R&D credit opportunities for each year of the study. By amending the prior three years of tax returns, our team discovered over $350,000 in additional savings.
Tax Reform Corporate AMT Repeal Saved Client $50,000 in R&D Tax Credits
Under the old tax code, our client was subject to alternative minimum tax (AMT) and could not receive a benefit of research and development (R&D) credits. Once that rule was lifted, we suggested that the client take advantage of R&D credits. We have been able to claim Federal tax credits of nearly $50,000 for the company so far in years one and two.
Procured Over $3 Million in Economic Incentives for Facility Expansion
A St. Peter’s based manufacturer had a facility expansion that called for the creation of 125 additional jobs, new equipment needs and an ongoing training initiative. We negotiated with the Missouri Department of Economic Development to procure nearly $2,600,000 in benefits from the Missouri Works program, $680,000 in property tax abatement and $100,000 in training grants.
Identified $60,000 in R&D Tax Credits for Manufacturer of Custom Tools and Dies
An R&D Tax Credit study was performed for a client specializing in rapid turnaround and high volume engineering and manufacturing of custom tools and dies. The study identified $1,150,000 of Qualified Research Expenses (QREs) for the tax year 2015, resulting in a federal benefit of approximately $60,000 in tax credits.
Assisted Missouri Manufacturer in Securing $3.5 Million in Tax Incentives
Due to our familiarity with the Missouri Works program and the Chapter 100 Bond process, we assisted a Missouri-based manufacturer contemplating systematic plant expansion, equipment purchases and job additions in the procurement of state, city and local tax incentives in excess of $3.5 million.
Secured $2.5 Million in Economic Incentives
Assisted a client with plans of adding jobs, purchasing equipment and expanding their manufacturing facility secure over $2.5 million in economic incentives from state, county and local governments through the Missouri Works program and the Chapter 100 bond process.
Credits and Incentives Insights
Learn more about the latest credits and incentives trends from Anders leading professionals.
