Govermor Matt Blunt has announced a package of economic development reforms aimed at creating and attracting jobs through incentives. The Missouri Quality Jobs Act would establish a withholding tax incentive arrangement for state and local economic development officials. The initiative is divided into three separate programs: The Small Business and Expanding Business Program; the Technology Business Program; and the High Impact Projects Program. In order to qualify for these programs, employers must offer basic health insurance for new employees in new jobs and pay at least 50 percent of health insurance premiums for all parts of the program. In addition, the new jobs that must be at or above the county average wage. And, employers would retain a portion of withholding taxes paid to employees in new jobs.
