Taxes and Incentives

Businesses in Greater St. Louis enjoy a favorable tax climate. They also benefit from an array of programs designed to lessen location and operating costs in the early years of a firm’s operations. While we customize plans and proposals to fit each company’s individual needs, here is a quick overview of some of the benefits of doing business throughout Greater St. Louis related to taxes and incentives:

• Corporate, sales, and property taxes are all among the lowest in the country in Missouri. The nonpartisan Tax Foundation ranks Missouri’s business tax climate 16th and Illinois' 23rd among the 50 states. The Tax Foundation also ranks Missouri with the fifth-best Corporate Income Tax Index (1).   Greater St. Louis offers one of the most tax-friendly regions in the U.S. for doing business, even before additional incentives are taken into account.

• KPMG's 2010 Competitive Alternatives study found that Greater St. Louis was the 6th least expensive U.S. metro in which to do business amongst large international cities.  The study included a range of business costs including taxes.

• Both Missouri and Illinois enacted comprehensive reforms of their workers’ compensation systems in 2005, reducing costs for business. Missouri also enacted one of the most sweeping tort reform laws in the country and was recognized by the US Chamber of Commerce on March 28, 2006 when it was announced that Missouri gained national recognition for its tort reform in a survey of 1,400 attorneys nationwide.

• In addition, the Missouri Quality Jobs Act of 2005 provides incentives for businesses to create and attract family-supporting jobs, complementing the highly successful Illinois EDGE program.

• Both Missouri and Illinois offer a variety of tax incentive programs to help lower operating costs for startups and expanding businesses. These include enterprise zones, work force training programs, and competitive tax credit programs, as well as property tax abatements, and work force training grants. Utility providers in both states may also offer significant rate discounts for large projects.

For information specific to your company’s needs, please contact us. We can quickly and confidentially assemble a proposal for your review.

SECTION LINKS  Greater St. Louis Taxes  Illinois Taxes  Missouri Taxes  Illinois Incentive Programs  Missouri Incentive Programs