Wright County receives state Enterprise Zone
The Missouri Department of Economic Development and the Wright County Industrial Development Authority announced on September 15, 2003, the designation and activation of the Wright County Enterprise Zone. The Enterprise Zone is a geographical area that allows for state and local tax incentives to a new or expanding business that lies within it.
Wright County has been designated as the 70th enterprise zone by the Missouri Department of Economic Development. The approximate 275 square miles of the zone includes Grovespring, Hartville, Mansfield, Mountain Grove, Norwood, all six Wright County industrial parks, most of US Highway 60, and parts of Missouri Highways 5, 38, 95.
For a business or industry to qualify for the enterprise zone it must meet designated SIC or NAICS codes as established by the Missouri Department of Economic Development. State income tax credits are provided to a business based on the number of new jobs and amount of new investment created at the qualifying facility. The business may earn credits based on the facility's new jobs and investment, the number of zone residents and "special" employees hired, and amount of training invested for the facility. There is a possible income tax exemption, partial tax credit refund, and property tax abatement on improvements to real property provided certain requirements are met.
After coming up short in 2001, the Wright County Enterprise Zone was approved by the Missouri Legislature on August 28, 2002. This announcement comes after numerous community meetings and discussions between the citizens of Wright County, our local representatives, and Department of Economic Development officials. The determined and combined efforts of all parties involved have brought a new tool for economic growth and prosperity to Wright County.
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