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Missouri Lawmaker Proposes Incentives for Manufacturers

By MarksNelson on January 16, 2017 in Articles, Manufacturing Distribution, Tax

A Missouri lawmaker introduced legislation on January 5th, designed to give incentives to manufacturing companies in the state. Representative T.J. Berry of Kearney sponsored H.B. 146 which establishes the Manufacturing Infrastructure Investment Act. Under the proposed legislation, certain companies would be allowed to retain withholding taxes.

Highlights of H.B. 146 include:

  • Rewards manufacturers for creating jobs, introducing new products or expanding production of goods
  • Participating companies would be able to retain some or all of withholding taxes on certain full-time jobs.
  • Program caps at $10 million per qualified company ($15 million for all qualified companies per year)
  • Sunsets after 6 years

Lawmakers have yet to take action on H.B. 146. If passed into law, the Manufacturing Infrastructure Investment Act could begin as early as January 2018.

Click here to read H.B. 146

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MarksNelson LLC works with clients to help safeguard and grow their businesses. Our ultimate goal is to help our clients to Move Forward. The firm provides Assurance, Accounting Services and Business Advisory, Business Valuation, Consulting, Cost Segregation, Employee Benefit Plan Audits, Litigation Support, Forensic Accounting, International Tax, State and Local Tax and Tax planning, advisory and compliance services. MarksNelson is a member of The Leading Edge Alliance, the second-largest international professional association of independently owned accounting and consulting firms, serving clients who need additional resources on a national or international level. MarksNelson has significant accounting and business advisory experience in the auto dealership, construction, insurance, manufacturing, distribution and real estate sectors. The firm was named among the 2014 Best Accounting Firms for Leadership Equity by the 2014 Accounting MOVE Project for its dedication to gender equity.