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Good News for Jefferson City
Tax Credits will help expand a project for a Jefferson City Business.
By: on 2010-02-25
The Missouri Department of Economic Development (DED) has approved $100,000 in Development Tax Credits for the expansion project of Command Web Offset Co., Inc., in Jefferson City.
The credits will be authorized at the 50 percent level based on a contribution of at least $200,000 in cash to the Jefferson City Area Chamber of Commerce (JCACC). The donation will be used to purchase machinery and equipment to be leased to the company. Approval is contingent upon final execution of a contract with the company, DED and JCACC.
Command Web Offset will provide $20 million in private investment and create 52 full-time jobs, to the project location. This project will have significant economic impact on the Jefferson City area and surrounding region.
"We are pleased that Command Web Offset Company, Inc. will continue to call Missouri home," DED Director David Kerr said. "These resources will facilitate job growth and secure needed equipment to operate an effective organization. This is another tool in our economic tool box that can enhance Jefferson City's economic development efforts.
The Development Tax Credit Program offers state tax credits to tax payers making contributions to a not-for-profit corporation for projects approved by DED. The credits are for 50 percent of the contribution of cash or the value of certain types of property.
The DTC program may be used for the acquisition of land or buildings through the purchase from cash contributions or donations of real estate. The new or used machinery and equipment is also eligible if it is to be placed in an existing building.
The tax credits are issued after the donation is made and other specific guidelines of the project are met.
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