INCENTIVES
| TAX CREDITS | TRAINING ASSISTANCE
FUNDS | LOCAL DEVELOPMENT ORGANIZATIONS | DEVELOPMENT
ASSISTANCE PROGRAMS | LABOR SUPPLY | MAJOR
EMPLOYERS
Industrial Park
Size: 50.4 acres with a option on adjoining acres.
Lot Prices: REDUCED to qualified industry.
Developed: Paved road with full utilities with 10" water
and 8" sewer lines
Location: In city limits
Highway Access: Missouri Highway 17 - only ¾ mile
from US 63
Zoned: Industrial - Industrial covenants to protect lot
owners.
30,000 Sq Ft. Speculative Building in the Industrial Park
Important Contacts
Ron Reed, Director Of Economic Development
601 S. Grand Ave.
Houston, Missouri 65483
Telephone : (417) 967-3348
Fax : (417) 967-4252
Cell (417) 260-0033
It's Our Incentives!
1. Official State Enhanced Enterprises Zone -
Because we're in the state's largest designated enterprise zone, your
company can either drastically reduce or eliminate Missouri income taxes
for ten years. All you have to do is create at least two new jobs and
either invest at least $100,000 in a new business or 25% of your original
investment in an expansion.
• Income Tax Exemption: Half of your
Missouri taxable income is exempt from state income taxes. Missouri
is also one of the only five states allowing you to deduct federal income
taxes before figuring Missouri taxes.
• Investment Tax Credits: The first $10,000
if investment in land, buildings and equipment is allowed a 10% credit.
This credit decreases 5% for the next $90,000 and 2% of all remaining
investment.
• Employee Tax Credits: Each new employee entitles
you to a tax credit of $400. If an employee lives within the 555 square
mile zone, another $400 credit is added. Each new employee who is
considered difficult to employ, has exhausted unemployment benefits
or is eligible for general relief programs entitles you to another
$400 credit.
• Training Credit: If you spend money to train
an employee who resides in the zone or is considered difficult to
employ, you can receive a $400 "one-time" credit to help cover training
expenses.
• Real Estate Tax Abatements: Improvements to
real property receive a 75% property tax abatement for the first 10
years.
• Refunds: If your zone credits exceed you tax
liability, the state will pay half of the excess - up to $50,000 for
the first year and a quarter of the excess; up to $25,000 for the
second year of your operation.
3. Reduced Utility Costs - Our
utility rates are already much lower than most other communities in
Missouri. However, utility connection charges have been eliminated;
electricity is connected to your building at no charge for transformers;
and, water/sewer lines are run within five feet of the building.
4. Land Grants - Building lots in our fully-developed
industrial park will be provided at reduced cost to firms approved by
the Houston Development Corporation and Industrial Development Authority.
5. Low Interest Rate Financing - You'll find a
local banking community anxious to finance healthy projects. In addition,
Houston has access to a number of special business financing programs
that carry interest rates below prime.
6. Special Business Assistance - Our unique program
will help you find new markets, prepare business plans, research &
develop products and locate affordable financing.
Our Enhanced Enterprise Zone Is Worth It!
To estimate the worth of our enterprise zone to you,
insert your numbers into the parentheses () on this form. We've already
figured credits for a business earning$2,000,000 anually in taxable
income; investing $400,000 in land and building and $250,000 in equipment;
and hiring 60 people (40 of which are residents of the zone, 15 which
are "difficult to employ" and 20 which are trained without special subsidies).
| Income Tax Exemption: 40% of |
$2,000,000 (
) = |
(
) $1,000,000 |
|
(earned income in zone after
deducting federal income tax) |
(non-exempt income)
|
Investment Tax Credit
(land/building/equipment): |
10% of the first $10,000
= |
(
) $1,000 |
| |
5% of the next $90,000 = |
(
) $4,500 |
| |
2% of all over $100,000 = |
(
) $11,000 |
| |
TOTAL |
(
) $16,500 |
If renting, multiply annual lease by 8 to determine investment
entry for land and buildings.
| New Job Credits: |
60(
)employees x $400 = |
(
) $24,000 |
|
40( )employees
x $400 = |
(
) $16,000 |
| |
15( )employees
x $400 = |
(
) $6,000 |
| |
TOTAL |
(
) $46,000 |
| |
|
|
| "One-Time" Training Credit: |
20( )employees
x $400 = |
(
) $8,000 |
| |
|
|
| Real Estate Tax Abatement: |
$400,000(
) x .32 = |
(
) $8,000 |
| |
(land and building)
|
(property tax assessment) |
| |
$128,000(
) x .353 = |
(
) $4,518 |
| |
(assessment)
|
(re-abatement tax) |
| |
$4,518(
) x .10 = |
(
) $452 |
| |
(formula for 12-year abatement)
|
(real estate taxes) |
| |
$4,518(
) x .25 = |
(
) $1,130 |
| |
(formula for additional 12-year abatement of real
estate taxes)
|
|
| |
|
|
| Missouri Income Tax Before
Credits: |
$1,000,000 (
) x .05 = |
(
) $50,000 |
| |
(non-exempt income)
|
( taxes before credits) |
| Subtract total of investment tax credits
and job credits |
(
) $62,500 |
| TOTAL STATE INCOME TAX |
(
)- $12,500 |
| Refund if credits exceed MO income
tax: |
$12,500 (
) x .50 = |
(
) $6,250 |
| |
( excess credits)
|
( first year refund) |
| |
$12,500 (
) x .25 = |
(
) $3,125 |
| |
( excess credits)
|
( second year refund) |
ANNUAL VALUE OF ALL CREDITS
| 50% MO income tax exemption (before
tax credits) |
(
) $50,000 |
| Total investment tax credits and new
job credits |
(
) $62,500 |
| 90% real estate tax abatement |
(
) $4,066 |
| |
|
| TEN YEAR VALUE: $116,566 (
) x 10 = |
(
) $165,660 |
| Total ten year value after adding training
credit and refunds |
(
) $1,183,035 |
| GRAND TOTAL PROGRAM VALUE: |
|
| (add 12 year total of additional 75%
real estate tax abatement) |
(
) $1,223,697 |
Training Assistance Funds
Businesses and industries locating in Texas County can
receive funding to help alleviate training costs. This is done through
the Federal Job Training Partnership Act and the Missouri Customized
Training Program. Program assistance will pay for up to half an employee's
wages during training. Instructor fees, training equipment, textbooks
and other specialized training costs can be subsidized under the customized
training programs.
Big Things are Happening in Houston, Missouri.
If you're going to be a success in your personal and
professional life, it helps to have a solid foundation - and to live
in an area focused on the future. That's what Houston, Missouri is all
about - the personal and professional success of our community members.
We've studied what makes a community thrive, and we've found the answer:
People want to live where they can raise a family and enjoy life to
the fullest.
We realize that along with a good plan, it takes hard
work and determination, and that's what makes our area so unique - our
commitment to our community's prosperity. And, with our desire to grow
stronger, we don't take for granted how inviting it is to live in a
safe place. Houston is still one of those treasured communities that
have the small town touch - where your kids can walk to the local store
and play outdoors without fear. Houston, Missouri - it's got the small
town touch, but big things are in our future, and yours.
Local Development Organizations
The City of Houston
Contact: Ron Reed, Economic Developer
601 S. Grand Ave.
Houston, Missouri 65483
(417) 967-3348
ronreed@houstonmissouri.org
Houston Development Company
Contact: Mike Manier, Chairman
100 N. Grand Ave.
Houston, Missouri 65483
(417) 967-2777
Houston Area Chamber of Commerce
Contact: Executive Director
111 W. Main
Houston, Missouri 65483
(417) 967-2220
Development Assistance Programs
Enhanced Enterprise Zone Benefits*
State Income Tax Credit
Income Tax Exemption
Partial Tax Credit Refund
* For eligible projects
State Incentive Programs*
Certified Capital Companies
Research Expense Tax Credit Program
Interim Financing Loan Program
Missouri "Build" Program
Business Facility Tax Credit Program
50% Community Bank Tax Credit
Development Tax Credit
* For eligible projects
City of Houston Industrial General Obligation Bonds*
*City Approved Projects
Labor
Supply
| |
Missouri |
Texas County |
Surrounding Counties |
| Civilian Labor Force |
|
9,607 |
|
| Total Employment |
|
8,953 |
|
| Unemployed |
|
654 |
|
| Unemployment Rate |
|
5.4% |
|
| Manufacturing Average Weekly Wage |
|
$314.12 |
|
| Non-manufacturing Average Weekly Wage |
|
$395.16 |
|
Major
Employers
| Name |
Product |
Employment |
Collective Bargaining Unit |
| Texas County Memorial Hospital |
Health Care |
330 |
no |
| Houston R-I School District |
Public School |
220 |
no |
| Wal-Mart |
Retail Sales |
200 |
no |
| Evan's Sporting Inc. |
Hunting Accessories |
35 |
no |
| The Durham Company |
Electrical Boxes |
185 |
no |
| Houston House |
Nursing Care |
90 |
no |
| McDonalds of Houston |
Food |
50 |
no |
| Texas County |
County Government |
46 |
no |
| Opportunities Industries |
Sheltered Workshop |
45 |
no |
| Romine's Motor Company |
Car Dealer |
43 |
no |
| Town & Country Supermarket |
Grocery Store |
31 |
no |
| Division of Family Services |
Government Services |
32 |
no |
| The City of Houston |
Government |
27 |
no |
| Houston Sportswear |
Screen Printing |
70 |
no |
| |
|
|
|
