The Missouri Department of Economic Development (DED) works to create an environment that encourages economic growth by supporting Missouri's businesses and diverse industries, strengthening our communities, developing a talented and skilled workforce, and maintaining a high quality of life.
The grant program aims to provide financial incentives for the redevelopment of commercial or industrial sites contaminated with hazardous substances. These sites must have been abandoned or underused for at least three years. The program supports remediation efforts by offering tax credits covering up to 100% of remediation costs, with conditions for receiving 75% upfront and the remaining 25% upon clearing. It extends to cover certain demolition costs under specific conditions. The tax credits cater to income tax, corporate franchise tax, and taxes related to financial institutions, with features allowing for a 20-year carry forward and the ability to sell or transfer the credits. The program stipulates that the total cost of the issued tax credits must not exceed the projected state economic benefit from the project, and the issued credits must be the minimum necessary to initiate the project. Additionally, there's a 2.5% issuance fee on the credits. Participation in the Department of Natural Resources' Voluntary Cleanup Program is mandatory for eligibility.