Joseph Newman center one of four in Missouri to receive tax credits

May 06, 2008 08:58 am

— From staff reports
news@joplinglobe.com
JEFFERSON CITY, Mo. — The Missouri Department of Economic Development has approved four technological centers in the state for a total of $350,000 in tax credits through the Small Business Incubator Program.
The Joseph Newman Business and Technology Innovation Center, 405 S. Pennsylvania Ave. in Joplin, was approved for $64,650 in small-business incubator tax credits.
“Many Missouri jobs of the future will have their origin at one of our exceptional business incubators throughout our state,” Gov. Matt Blunt said in making the announcement Monday.
Other recipients of the tax credits for small-business incubators are:
* The Life Sciences Business Incubator Center, Columbia, $100,000.
* The Center for Emerging Technologies, St. Louis, $85,350.
* The Technology Entrepreneur Center, St. Louis, $100,000.
The small-business incubator tax credits are designed to generate private funds to help establish a “protective business environment,” or incubator, in which a number of small businesses can collectively operate, fostering growth and development during a business’ start-up period.
The maximum amount of tax credits that can be authorized under the tax-credit program in Missouri in any one calendar year is $500,000.