NEOSHO, Mo. (March 2, 2006) — The new program will give the city and county broader access and greater flexibility in offering tax incentives to attract businesses and create sustainable jobs in targeted industry clusters it has identified for future growth.

The Missouri Department of Economic Development has approved enhanced enterprise zone status for portions of the city of Neosho and Newton County to help create jobs and spur private investment in the area.

The new program will help support economic development efforts and create jobs by providing state and local benefits to companies that expand or locate in the zone. The new zone’s boundaries will include areas within the northeastern and southern half of Neosho, including unincorporated areas along the east, south and southwest parts of the city. The zone will also support development within Neosho’s Industrial Park and an anchor for the northeast part of town called The Underground.

The Neosho/Newton County enhanced enterprise zone will have a 25-year lifespan. Eligible businesses that locate in the new zone can receive state tax credits based on job creation and investment for up to 10 years. The tax credits must be used in the tax year issued or the business has the option of selling the tax credits or receiving a refund for the unused balance.

Neosho initially received enterprise zone status on November 1, 1990, under the former program which began to sunset after December 31, 2004. Facilities already in the former program will continue to receive state tax incentives as provided by the former law. However, the new program will give the city and county broader access and greater flexibility in offering tax incentives to attract businesses and create sustainable jobs in targeted industry clusters it has identified for future growth.

The Neosho Department of Economic Development will be responsible for administering and marketing the new incentive program.

The Enhanced Enterprise Zone Program was implemented upon the passage of SB 1155 in 2004. Enhanced enterprise zones are specified geographic areas designated by local governments and certified by DED. Zone designation is based on certain demographic criteria, the potential to create sustainable jobs in a targeted industry and a demonstrated impact on local industry cluster development.

Read the original story at the Expansion Management Online website.