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Missouri Senate Backs New Tax Break For Businesses

The Missouri Senate has passed legislation that would create a new tax break benefiting businesses.

The legislation approved Monday would allow cities and counties to join together to create special zones where 25% of the state withholding taxes could be diverted to help pay for infrastructure developments for businesses. The new program would be capped at $5 million of tax breaks annually statewide.

The bill describes the districts as “Targeted Industrial Manufacturing Enhancement Zones," or TIME Zones for short. It now goes to the House.

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