The City of Independence has an incentive policy in place that gives guidelines for the amount of public assistance which is available for eligible projects. Oversight on the policy and recommendations to the Council are provided by a committee made up of various taxing districts as well as citizen members. Under this policy, public participation is capped at 20%.
This chart shows the potential level of abatement and term of abatement based on the factors of capital investment and job creation. Minimum abatement length is 10 years unless otherwise noted in the chart below.
|
Investment (in Millions) |
Jobs Created |
|||||||
| 5-9 | 10-14 | 15-25 | 25-49 | 50-99 | 100-249 | 250-300 | 300+ | |
| $5-$6 | 55% | 57% | 60% | 65% | 70% | 75% | 80% | 75%/11 |
| $6-10 | 57% | 60% | 65% | 70% | 75% | 80% | 75%/11 | 75%/12 |
| $10-$25 | 60% | 65% | 70% | 75% | 80% | 75%/11 | 75%/12 | 75%/13 |
| $25-$50 | 65% | 70% | 75% | 80% | 75%/11 | 75%/12 | 75%/13 | 85%/12 |
| $50-$60 | 70% | 75% | 80% | 75%/11 | 75%/12 | 75%/13 | 85%/12 | 85%/15 |
| $60-$75 | 75% | 80% | 75%/11 | 75%/12 | 75%/13 | 85%/12 | 85%/15 | 85%/17 |
| $75+ | 80% | 75%/11 | 75%/12 | 75%/13 | 85%/12 | 85%/15 | 85%/17 |
TBD |
Download the complete incentive policy document
STATE PROGRAMS
Provides for the retention of state withholding tax of new jobs and/or state tax credits, which are refundable, transferable and/or saleable.
Chapter 100 Sales Tax Exemption:
Provides a sales tax exemption on tangible personal property purchased through Chapter 100 bonds for non-manufacturing purchases.
Provides a sales tax exemption on tangible personal property purchased through Chapter 100 bonds for non-manufacturing purchases.
Brownfield Redevelopment Tax Credits:
Provides financial incentives for the redevelopment of commercial/industrial sites that are contaminated with hazardous substances and have been abandoned or underutilized for at least 3 years.
Facilitate the funding of an expansion project that would be unlikely to occur with the Grow Missouri Loan in order to create or retain full time jobs for targeted businesses.
Sales Tax Exemption for Manufacturers:
Provides an exemption to the state sales tax to qualifying Missouri companies.
Provides a financial incentive for the location or expansion of large business projects. The incentives are designed to reduce necessary infrastructure and equipment expenses.
Provides a financial incentive for the location or expansion of large business projects. The incentives are designed to reduce necessary infrastructure and equipment expenses.
An incentive that can be utilized by cities to encourage the redevelopment of blighted areas by providing real property tax abatements.