Missouri R&D Tax Credits
Find out if you qualify for R&D tax credits in Missouri and recharge your business
Missouri New Enterprise Creation Act Credit
Missouri currently does not have an R&D tax credit that mirrors IRC § 41. However, there is a new Enterprise Creation Credit (Mo. Rev. Stat. § 620.650) allowing corporations that make qualified contributions for certain technology investments to receive a credit against the corporation income tax for the full amount of the contribution.
A “qualified contribution” is a cash contribution to a qualified fund under the terms of a contract between the qualified fund and a qualified economic development organization authorized by the Missouri Technology Corporation ("MTC") to enter into such contracts.
In order to obtain the credit, organizations must be established under Missouri law and approved by the MTC in order for the fund to be eligible for the credit. The contributor must apply to the Department of Economic Development for the credit using a prescribed form.