The Joplin Globe, Joplin, MO

Business

June 26, 2012

Incubator tax credits announced for Joplin, other cities

JOPLIN, Mo. — 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 Joseph Newman Business & Technology, Joplin, has been awarded $38,000 in tax credits.

Funds leveraged by these credits must be used for capital and other non-operating expenditures. All contributions must be received by the Incubator between Jan. 1, 2012, and Dec. 31, 2012, in order to qualify for the 2012 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.

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