Case Study 3
James A. Devine
Lee's Summit Economic Development Council
Governor Matt Blunt signed into law the Missouri Quality Jobs Act. The Act created a new performance based incentive for new and expanding companies in Missouri.
To qualify, companies adding the state designated appropriate number of eligible new jobs paying $35,000 or higher plus benefits could retain 100% of the withholding tax on these new jobs and/or up to 6% of their gross payroll for a period of 3 - 5 years. At the same time, the employee continues to receive full credit for all taxes withheld from their pay.
Acting quickly, the staff of the Lee's Summit EDC used existing Synchronist interview data to identify companies with plans to expand as well as those with the potential to expand. Each company was personally contacted to make sure they were aware of the new incentive and the potential benefit to them if they elect to expand in the community. The EDC’s action allowed five local companies to capitalize on the new incentive.
The EDC’s immediate action to alert their clients of the new law ensured Lee’s Summit companies would be at the head of the list to be considered for the incentive. Lee's Summit was especially successful in leveraging these state incentives . . . five companies were deemed eligible for $4,425,000 in state incentive awards as they reach their goals of adding a total of 556 new jobs in the Lee's Summit community.
WIN, WIN, WIN – Company, Community, EDC
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