St. Louis Missouri News (stlouismo.com) – “Many Missouri jobs of the future will have their origin at one of our exceptional business incubators throughout our state,” Govenor Matt Blunt said. “These resources will help them continue their work to create more jobs and opportunity for Missourians and I am pleased we are able to play an important role in strengthening Missouri’s economic future.”
Governor Matt Blunt announced today that the Missouri Department of Economic Development (DED) has approved four technological centers to receive $350,000 tax credits through the Small Business Incubator Program.
Life Sciences Business Incubator Center, Columbia, has been approved for $100,000 in small business incubator tax credits. The funds leveraged by these credits will be used for the completion of capital and other non-operating expenditures.
The Center for Emerging Technologies, St. Louis, has been approved for $85,350 in small business incubator tax credits. The funds leveraged by these credits will be used for the completion of capital and other non-operating expenditures.
Joseph Newman Business and Technology Innovation Center, Joplin, has been approved for $64,650 in small business incubator tax credits. The funds leveraged by these credits will be used for the completion of capital and other non-operating expenditures.
Technology Entrepreneur Center, St. Louis, has been approved for $100,000 in small business incubator tax credits. The funds leveraged by these credits will be used for the expansion of the facility and purchases/upgrade.
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.
Govenor Matt Blunt has successfully restored order to a broken state budget. He inherited a devastated state economy in January 2005 that was $1.1 billion in the red and had lost 34,000 jobs in the previous four years. The governor enacted real lawsuit and workers’ compensation reforms within his first months in office and created the Missouri Quality Jobs Act which has helped create more than 22,000 new jobs across Missouri.
The governor’s Lewis and Clark Discovery Initiative is delivering $15 million for the Missouri Technology Corporation, which will work to recognize and utilize innovative research already being conducted in our state and to attract and retain technology based companies.