Enhanced Enterprise Zone
Provide tax credits and property tax abatement to new or expanding businesses in a Missouri designated Enhanced Enterprise Zone.
What qualifies a business for tax credits
Company is planning to locate or expand within a designated EEZ and is an Eligible business selected by Kearney Board of Aldermen.
Businesses are to be identified by NAICS codes. The company cannot have announced or construction started prior to the approval process. Service industries can be eligible if a majority of their annual revenues will be derived from services provided out of the state. Cannot include educational services (61), religious organizations (8131), public administration (92), retail or gaming and specifically excluded is eating and drinking establishments (722). Approved business clusters include:
What are the state benefits
Tax credits may be provided each year for up to 5 tax years, after the project commences operations.
Duration of the Zone – 25 years – until 2034
What are the local benefits
Within zone, local government must abate at least 50% of taxes on improvements to real property for a period of at least 10 years; in no case can the abatement exceed 25 years.