DED announces Small Business Incubator Tax Credits to five incubators
John Fougere, (573) 522-5058
JEFFERSON CITY – The Missouri Department of Economic Development has announced that five Missouri small business incubators have been approved for a total of $360,875 in state tax credits under the Small Business Incubator Tax Credit program. The applicants have committed $721,750 in local investment.
The funds leveraged by these credits must be used for capital and other non-operating expenditures. All contributions must be received by the Incubator between 1/1/2012 and 12/31/2012 in order to qualify for the 2012 tax credits.
Life Sciences Business Incubation Center (LSBIC), Columbia, has been awarded $100,000 in tax credits.
Joseph Newman Business & Technology, Joplin, has been awarded $38,000 in tax credits.
Center for Emerging Technologies (CET), St. Louis, has been awarded $110,375 in tax credits for the year 2011.
Direct Impact Business Education Center, St. Louis, has been awarded $42,500 in tax credits. The funds leveraged by these tax credits must be used for the renovation of the incubator, located in 1520 Flamingo Drive, Florissant, Missouri, as well as other non-operating expenditures. The new facility will help provide needed space for business development and product manufacturing businesses to achieve success in the Missouri area.
Ozarks Small Business Incubator, West Plains, has been awarded $70,000 in tax credits.
The Small Business Incubator Tax Credit is designed 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. It is eligible to Missouri taxpayers who make a contribution to an approved incubator sponsor in the state.
The overall maximum amount of tax credits that can be authorized under this program in any one calendar year is $500,000.