U.S. Chamber praises state’s tax structure

Missouri’s commitment to providing a favorable corporate tax structure placed it among the top states in the country when it comes to growing jobs through enterprise-friendly tax and regulatory initiatives, according to a new study from the U.S. Chamber of Commerce.
The Enterprising States study highlights how state and local policies — including those in Missouri — play a vital role in spurring job creation and economic development.
“By embracing many of the strategies at the core of our free enterprise system — competitive tax rates, open trade and commonsense regulation — states are helping to jumpstart our economic recovery and create more jobs,” Thomas J. Donohue, president and CEO of the U.S. Chamber, wrote in a letter to Gov. Jay Nixon.
The Enterprising States study was released as part of a recent U.S. Chamber event at which a group of Republican and Democratic governors discussed the role of the free enterprise system in job creation.
The Enterprising States study highlights six factors that drive job creation: innovation, productivity through investments in workforce development and training, science and technology, infrastructure, exporting and competitive tax rates.
Specifically, the study highlights how Missouri is playing a pivotal role in fostering the conditions for job growth by having one of the lowest corporate tax bills in the nation, supporting small business through the Show Me JOBS initiative and educating Missourians in high-tech fields through the Training for Tomorrow program.
Entrepreneurship and innovation
As part of the Show Me JOBS initiative, the Department of Economic Development will work with the Missouri Development Finance Board to create a pool of funds for low or no-interest direct loans for small businesses to allow them to expand and create jobs.
Workforce development and training
The Training for Tomorrow program is a $12 million initiative to educate Missourians in high-tech fields and get them working in growing industries. The grants will help Missouri community colleges create or expand training programs to serve additional students. Under Training for Tomorrow, member institutions of the Missouri Community College Association will partner with the government of the county to develop or expand programs to train Missourians in technical fields.
Taxes and regulation
An important tax advantage for Missouri businesses is the amount of income considered taxable; only income earned in the state is taxed. Manufacturers’ inventories (raw materials, goods in process and finished goods), as well as goods and wares of retailers, distributors and wholesalers are exempt from property taxes in Missouri.  v
(Link to the study: http://ncf.uschamber.com/enterprising-states)