New incentive program rewards loyal Missouri businesses

Gov. Jay Nixon was in Springfield Tuesday afternoon to announce plans to tweak the state's economic incentive programs for businesses.

Nixon toured American Dehydrated Foods' Springfield facility as part of a statewide effort to tell businesses about the Missouri First program, which rewards Missouri companies that plan to expand their operations or add jobs in the state.

The state's current economic tools make no distinction between Missouri employers and out-of-state companies considering a move to Missouri, according to a news release from Nixon's office.

Missouri First would authorize the Missouri Department of Economic Development to give additional resources to businesses considering in-state expansion, including increasing the incentive cap by 2 percent for every five years the company has been in Missouri, up to 10 percent. The increase would apply to several state incentive programs including Quality Jobs, Enhanced Enterprise Zone, New Job Training, Retained Job Training and Customized Training programs.

"All across our state, our economy is driven by businesses that have employed Missourians for years, if not for generations," Nixon said in the release. "These businesses have been a vital part of Missouri's past, and we must make sure they continue to be an integral part of our future."

Missouri First is the third part of Nixon's comprehensive jobs package for 2010; the Missouri Science and Innovation Reinvestment Act creates a dedicated fund to attract and grow high-tech businesses, while Training for Tomorrow invests $12 million in state community colleges to offer training for in-demand careers.

The Missouri First program would require legislative approval.[[In-content Ad]]